<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001485894</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-22903</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000073853</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000064872</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000045406</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000069191</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000081237</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000061995</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000074054</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000076158</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000069185</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000071185</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000046874</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000061993</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000079746</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000059314</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000068165</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000055014</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000079611</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000061994</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000076157</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000059313</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000045407</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000061992</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000059315</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000081238</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000068407</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000081816</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000076156</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000053745</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000067203</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2023-10-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>J.P. Morgan Exchange-Traded Fund Trust</registrantFullName>
      <investmentCompFileNo>811-22903</investmentCompFileNo>
      <registrantCik>0001485894</registrantCik>
      <registrantLei>5493001E1K1DVWDV2464</registrantLei>
      <registrantstreet1>277 Park Avenue</registrantstreet1>
      <registrantcity>New York</registrantcity>
      <registrantzipCode>10172</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>844-457-6383</registrantphoneNumber>
      <websites>
        <website webpage="www.jpmorganfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>JPMorgan Chase Bank, N.A.</officeName>
          <officeAddress1>383 Madison Avenue</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10179</officeRecordsZipCode>
          <officePhone>212-270-6000</officePhone>
          <booksRecordsDesc>Records relating to its functions as sub-administrator, fund accounting agent and transfer agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>J.P. Morgan Investment Management Inc.</officeName>
          <officeAddress1>383 Madison Avenue</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10179</officeRecordsZipCode>
          <officePhone>800-343-1113</officePhone>
          <booksRecordsDesc>Records relating to its functions as investment adviser and administrator</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>JPMorgan Chase Bank, N.A.</officeName>
          <officeAddress1>4 Chase Metrotech Center</officeAddress1>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>11245</officeRecordsZipCode>
          <officePhone>718-242-0609</officePhone>
          <booksRecordsDesc>Records relating to its function as custodian</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>JPMorgan Distribution Services, Inc.</officeName>
          <officeAddress1>1111 Polaris Parkway</officeAddress1>
          <officeCity>Columbus</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>43240</officeRecordsZipCode>
          <officePhone>201-595-1958</officePhone>
          <booksRecordsDesc>Records relating to its function as distributor</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="JPMorgan Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>63</totalSeries>
      <terminatedSeries>
        <terminatedSeriesInfo seriesName="JPMorgan ActiveBuilders International Equity ETF" seriesId="S000072167" terminationDate="10/2023"/>
      </terminatedSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Robert J. Grassi</directorName>
          <crdNumber>006093150</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Raymond Kanner</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-08437"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Kathleen M. Gallagher</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Frankie D. Hughes</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-08189"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Gary L. French</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Stephen P. Fisher</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08189"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Dr. Robert A. Oden, Jr.</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-04236"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>John F. Finn</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08189"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Marilyn McCoy</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08189"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Marian U. Pardo</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-21295"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mary E. Martinez</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-05526"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Nina O. Shenker</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-04236"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Lawrence R. Maffia</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-23117"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Robert F. Deutsch</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-05526"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Thomas P. Lemke</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-23091"/>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-04236"/>
            <fileNumberInfo fileNumber="811-22920"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Emily A. Youssouf</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-23117"/>
            <fileNumberInfo fileNumber="811-08189"/>
            <fileNumberInfo fileNumber="811-21295"/>
            <fileNumberInfo fileNumber="811-21638"/>
            <fileNumberInfo fileNumber="811-05526"/>
            <fileNumberInfo fileNumber="811-08437"/>
            <fileNumberInfo fileNumber="811-04236"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Stephen M. Ungerman</ccoName>
          <crdNumber>002315698</crdNumber>
          <ccoStreet1>277 Park Avenue</ccoStreet1>
          <ccoCity>New York</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NY"/>
          <ccoZipCode>10172</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-28230"/>
        <releaseNumberInfo releaseNumber="IC-34180"/>
        <releaseNumberInfo releaseNumber="IC-34767"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>JPMorgan Distribution Services, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-52700</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000104234</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-OH"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>PricewaterhouseCoopers LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-NY"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Climate Change Solutions ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000073853</mgmtInvSeriesId>
        <mgmtInvLei>549300RLEMRI5APJYP32</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>68411.12000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>663.55000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Optiver V.O.F.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>7245009KRYSAYB2QCC29</brokerLei>
            <brokerCountry>NL</brokerCountry>
            <grossCommission>200.81000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>201.41000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>347.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>235.71000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>395.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>465.95000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>410.05000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>283.09000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Mizuho Securities USA LLC</brokerName>
            <brokerFileNo>8-37710</brokerFileNo>
            <brokerCrdNo>000019647</brokerCrdNo>
            <brokerLei>7TK5RJIZDFROZCA6XF66</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>198.49000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>337.09000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>4095.83000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>21267088.48000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders U.S. Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000064872</mgmtInvSeriesId>
        <mgmtInvLei>549300EJQ3KEG14OJS33</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.01000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.03000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00103594</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00103594</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>20936793.29000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>94676.86000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>BofA Securities, Inc.</custodianName>
            <custodianLei>549300HN4UKV1E2R3U73</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>501.07000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>33.51000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>700.29000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>108.57000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>57.25000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>149.50000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CastleOak Securities, L.P.</brokerName>
            <brokerFileNo>8-65786</brokerFileNo>
            <brokerCrdNo>000125334</brokerCrdNo>
            <brokerLei>549300MXL7C60HZ59S65</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>67.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>557.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1696.27000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CIBC World Markets Corp.</brokerName>
            <brokerFileNo>8-18333</brokerFileNo>
            <brokerCrdNo>000000630</brokerCrdNo>
            <brokerLei>549300445CON3DBMU275</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2769.71000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>6651.01000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CIBC World Markets Corp.</principalName>
            <principalFileNo>8-18333</principalFileNo>
            <principalCrdNo>000000630</principalCrdNo>
            <principalLei>549300445CON3DBMU275</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1324201.71000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Virtu Americas LLC</principalName>
            <principalFileNo>8-68193</principalFileNo>
            <principalCrdNo>000149823</principalCrdNo>
            <principalLei>549300RA02N3BNSWBV74</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3238.58000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>28497305.27000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Securities LLC</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1860568.59000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>31685314.14999999</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1690796979.46000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Diversified Return International Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000045406</mgmtInvSeriesId>
        <mgmtInvLei>549300BY2GOTBGN1XN59</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.77000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.34000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.08526640</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.08530935</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>10399493.37000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>147405.84000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w. Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>696.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3376.37000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>624.14000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7206.57000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9759.90000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9382.33000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6033.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>821.54000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7658.21000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>18604.54000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>66539.95000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>613211681.79000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="4109674.61" interfundBorrowingDaysOutstanding="1"/>
        </interfundBorrowingDetails>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Carbon Transition U.S. Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000069191</mgmtInvSeriesId>
        <mgmtInvLei>549300VHO9GXCKX6VN89</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.03000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.14000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00131203</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00129943</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>31.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7.95000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CIBC World Markets Corp.</brokerName>
            <brokerFileNo>8-18333</brokerFileNo>
            <brokerCrdNo>000000630</brokerCrdNo>
            <brokerLei>549300445CON3DBMU275</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>215.35000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Mizuho Securities USA LLC</brokerName>
            <brokerFileNo>8-37710</brokerFileNo>
            <brokerCrdNo>000019647</brokerCrdNo>
            <brokerLei>7TK5RJIZDFROZCA6XF66</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>25.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>187.19000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>20.42000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>29.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>151.89000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>77.92000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>796.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>56.93000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>56.93000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>21284002.78000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Global Select Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000081237</mgmtInvSeriesId>
        <mgmtInvLei>5493000IA63JXH4YO068</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>796.72000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>205.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>172.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1265.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2342.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4500.88000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2181.31000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>283.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>385.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>723.25000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>13605.86000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>284043665.43000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders Japan ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061995</mgmtInvSeriesId>
        <mgmtInvLei>54930031HWFFLQV7A679</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>1.91000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>1.68000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.13398100</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.13397814</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>82688014.54000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>358875.48000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>30184.74000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6156.65000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22720.39000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9671.86000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4739.50000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7.72000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12564.39000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>35669.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5027.24000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11286.24000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>138032.25000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>7775167927.56000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan International Research Enhanced Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000074054</mgmtInvSeriesId>
        <mgmtInvLei>549300O57YNNVO2LZJ82</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>59209353.82000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>884632.25000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Numis Securities Inc.</brokerName>
            <brokerFileNo>8-66139</brokerFileNo>
            <brokerCrdNo>000128471</brokerCrdNo>
            <brokerLei>213800GW3YZJDBPALN37</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17860.22000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>36748.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>429618.32000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>45350.37000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>46858.42000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>55632.33000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>23670.72000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24106.35000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Mizuho Securities USA LLC</brokerName>
            <brokerFileNo>8-37710</brokerFileNo>
            <brokerCrdNo>000019647</brokerCrdNo>
            <brokerLei>7TK5RJIZDFROZCA6XF66</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>21061.86000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17971.44000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>869692.61000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17.99000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>17.99000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>5341199639.34000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Sustainable Infrastructure ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000076158</mgmtInvSeriesId>
        <mgmtInvLei>549300KUK3FKL6OSJL82</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Santander Chile</custodianName>
            <custodianLei>3YJP8HORPAEXJ80D6368</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Argentina S.A.</custodianName>
            <custodianLei>549300K52NF2S4SQDO82</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Evercore Group L.L.C.</brokerName>
            <brokerFileNo>8-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1310.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>250.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>921.77000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Optiver V.O.F.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>7245009KRYSAYB2QCC29</brokerLei>
            <brokerCountry>NL</brokerCountry>
            <grossCommission>522.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>259.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1211.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Korea Investment &amp; Securities America, Inc.</brokerName>
            <brokerFileNo>8-52615</brokerFileNo>
            <brokerCrdNo>000104158</brokerCrdNo>
            <brokerLei>254900BQWCLQ4WNPW537</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>222.55000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>513.21000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>393.78000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>463.39000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>7154.46000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6.65000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>6.65000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>15249137.07000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders U.S. Small Cap Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000069185</mgmtInvSeriesId>
        <mgmtInvLei>549300LKK9I7ORHNOS29</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.11000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.03000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00133948</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00135276</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>99906615.65000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>1283948.50000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BofA Securities, Inc.</custodianName>
            <custodianLei>549300HN4UKV1E2R3U73</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>30437.09000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>160.91000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citadel Securities LLC</brokerName>
            <brokerFileNo>8-53574</brokerFileNo>
            <brokerCrdNo>000116797</brokerCrdNo>
            <brokerLei>12UUJYTN7D3SW8KCSG25</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>93876.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3412.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>167.19000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1043.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>331.71000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4493.21000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>165.91000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11747.79000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>146211.34000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>UBS Securities LLC</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3940587.41000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5284.49000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citadel Securities LLC</principalName>
            <principalFileNo>8-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>787342.82000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2406469.99000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>20643.11000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1061240.02000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10233.90000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CIBC World Markets Corp.</principalName>
            <principalFileNo>8-18333</principalFileNo>
            <principalCrdNo>000000630</principalCrdNo>
            <principalLei>549300445CON3DBMU275</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8364659.28000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Macquarie Capital (USA) Inc.</principalName>
            <principalFileNo>8-47198</principalFileNo>
            <principalCrdNo>000036368</principalCrdNo>
            <principalLei>549300670K07JRB5UQ40</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>66176.42999999</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>16662637.44999999</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>656313881.70000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan ActiveBuilders Emerging Markets Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000071185</mgmtInvSeriesId>
        <mgmtInvLei>549300YT4VMRJKDB1P44</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>7070.98000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>184.79000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S.A.</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w. Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Pakistan) Limited</custodianName>
            <custodianLei>549300YTOMKUNPUTB551</custodianLei>
            <custodianCountry>PK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Saudi Arabia Company</custodianName>
            <custodianLei>549300HST49806XTCK29</custodianLei>
            <custodianCountry>SA</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>KW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Societe Generale Marocaine de Banques</custodianName>
            <custodianLei>549300WHIMVBNIDQWK21</custodianLei>
            <custodianCountry>MA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>MU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Santander Chile</custodianName>
            <custodianLei>3YJP8HORPAEXJ80D6368</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>QA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>LK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>RO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (Vietnam) Ltd.</custodianName>
            <custodianLei>213800H95OG9OHRT4Y78</custodianLei>
            <custodianCountry>VN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Kenya Limited</custodianName>
            <custodianLei>549300RBHWW5EJIRG629</custodianLei>
            <custodianCountry>KE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Czech Republic and Slovakia, a.s.</custodianName>
            <custodianLei>KR6LSKV3BTSJRD41IF75</custodianLei>
            <custodianCountry>CZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank International (Limited Liability Company)**</custodianName>
            <custodianLei>549300B831LSRSI6RA15</custodianLei>
            <custodianCountry>RU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic IBTC Bank Plc</custodianName>
            <custodianLei>029200098C3K8BI2D551</custodianLei>
            <custodianCountry>NG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Privredna banka Zagreb d.d.</custodianName>
            <custodianLei>549300ZHFZ4CSK7VS460</custodianLei>
            <custodianCountry>HR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Macquarie Capital (USA) Inc.</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19824.31000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22284.14000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10250.05000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>41174.18000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>58734.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>90064.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>FBG</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>969500RO5YYHTISSGB74</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>13492.70000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>25802.28000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>57287.65000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15202.96000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>408990.99000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4737437.14000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>4737437.14000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>971214023.57000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="1601922.23" interfundBorrowingDaysOutstanding="1"/>
          <interfundBorrowing interfundBorrowingLoanAverage="3054564.84" interfundBorrowingDaysOutstanding="1"/>
        </interfundBorrowingDetails>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Diversified Return U.S. Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000046874</mgmtInvSeriesId>
        <mgmtInvLei>549300Q8S3VLN4G8B490</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.01000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.17000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00085237</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00087444</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>10664493.27000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>10245.21000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4826.28000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11371.51000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>126.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1791.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1545.63000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citadel Securities LLC</brokerName>
            <brokerFileNo>8-53574</brokerFileNo>
            <brokerCrdNo>000116797</brokerCrdNo>
            <brokerLei>12UUJYTN7D3SW8KCSG25</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>168.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>111.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CIBC World Markets Corp.</brokerName>
            <brokerFileNo>8-18333</brokerFileNo>
            <brokerCrdNo>000000630</brokerCrdNo>
            <brokerLei>549300445CON3DBMU275</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4538.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Siebert Williams Shank &amp; Co., LLC</brokerName>
            <brokerFileNo>8-49877</brokerFileNo>
            <brokerCrdNo>000042568</brokerCrdNo>
            <brokerLei>254900VTARX8RAY9QK77</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2794.98000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8171.25000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>35793.08000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>485343505.70000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061993</mgmtInvSeriesId>
        <mgmtInvLei>549300NC6A68VFVMNP62</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.40000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.20000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.13461777</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.13463916</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>7340155.82000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>35597.72000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13401.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>44916.08000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15900.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Group Limited</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ACMHD8HWFMFUIQQ8Y590</brokerLei>
            <brokerCountry>AU</brokerCountry>
            <grossCommission>238.73000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5661.66000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>38806.61000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13685.41000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>32956.25000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>4738.80000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6492.55000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>176798.68000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>4162599410.80000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="21009222.43" interfundBorrowingDaysOutstanding="3"/>
        </interfundBorrowingDetails>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Active China ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000079746</mgmtInvSeriesId>
        <mgmtInvLei>549300ETDXEDE96YIJ73</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>66.68000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1857.86000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>592.59000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>647.42000000</grossCommission>
          </broker>
          <broker>
            <brokerName>HSBC Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>CYYGQCGNHMHPSMRL3R97</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>55.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>121.58000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>69.47000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>316.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1604.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Liquidnet, Inc.</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>150.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>5588.22000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>10475790.80000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan U.S. Value Factor ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000059314</mgmtInvSeriesId>
        <mgmtInvLei>549300HRHRZ4Q1FYHW79</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.07000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.06000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00188089</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00188784</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>28056325.97000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>93680.84000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10573.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2781.45000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>934.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2785.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2231.01000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4568.49000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>841.19000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CIBC World Markets Corp.</brokerName>
            <brokerFileNo>8-18333</brokerFileNo>
            <brokerCrdNo>000000630</brokerCrdNo>
            <brokerLei>549300445CON3DBMU275</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4624.30000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jane Street Capital, LLC</brokerName>
            <brokerFileNo>8-52275</brokerFileNo>
            <brokerCrdNo>000103782</brokerCrdNo>
            <brokerLei>549300ZM16HMPEPNV857</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8410.51000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1455.93000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>43059.61000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CIBC World Markets Corp.</principalName>
            <principalFileNo>8-18333</principalFileNo>
            <principalCrdNo>000000630</principalCrdNo>
            <principalLei>549300445CON3DBMU275</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1294652.28000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1294652.28000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>619163742.50000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="1533837.5" interfundBorrowingDaysOutstanding="3"/>
        </interfundBorrowingDetails>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders U.S. Mid Cap Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000068165</mgmtInvSeriesId>
        <mgmtInvLei>549300S2VYDS8QJGW220</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.12000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.05000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00106140</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00107776</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>165808113.40000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>1820533.02000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>BofA Securities, Inc.</custodianName>
            <custodianLei>549300HN4UKV1E2R3U73</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>638.97000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>277.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citadel Securities LLC</brokerName>
            <brokerFileNo>8-53574</brokerFileNo>
            <brokerCrdNo>000116797</brokerCrdNo>
            <brokerLei>12UUJYTN7D3SW8KCSG25</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>872.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>769.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3772.84000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>32493.61000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1260.89000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1434.78000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CastleOak Securities, L.P.</brokerName>
            <brokerFileNo>8-65786</brokerFileNo>
            <brokerCrdNo>000125334</brokerCrdNo>
            <brokerLei>549300MXL7C60HZ59S65</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>233.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7341.27000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>50109.51000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>361874.10000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>399.52000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>443532808.05000001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CIBC World Markets Corp.</principalName>
            <principalFileNo>8-18333</principalFileNo>
            <principalCrdNo>000000630</principalCrdNo>
            <principalLei>549300445CON3DBMU275</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16617123.97000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17053378.60000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Securities LLC</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4274101.61000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1974578.14000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>483814263.99000001</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1511563213.64000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Diversified Return U.S. Small Cap Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000055014</mgmtInvSeriesId>
        <mgmtInvLei>549300HLWRCF2DOPWP77</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.08000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.20000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00165623</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00161596</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>40423840.12000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>231723.03000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>279.11000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>295.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>460.30000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>579.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen and Company</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>188.19000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>8-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>224.09000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>728.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>29627.50000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>21511.12000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10480.92000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>65042.61000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>UBS Securities LLC</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>43064.90000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>559613.12000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>26077.45000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>111316.92000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>740072.39000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>365460392.19000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders Emerging Markets Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000079611</mgmtInvSeriesId>
        <mgmtInvLei>549300WEJ5UQZ8KRFS08</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.13000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.20000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.080857288</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.080836053</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>4078.96000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>595.54000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Saudi Arabia Company</custodianName>
            <custodianLei>549300HST49806XTCK29</custodianLei>
            <custodianCountry>SA</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Czech Republic and Slovakia, a.s.</custodianName>
            <custodianLei>KR6LSKV3BTSJRD41IF75</custodianLei>
            <custodianCountry>CZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Pakistan) Limited</custodianName>
            <custodianLei>549300YTOMKUNPUTB551</custodianLei>
            <custodianCountry>PK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BofA Securities, Inc.</custodianName>
            <custodianLei>549300HN4UKV1E2R3U73</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S.A.</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Santander Chile</custodianName>
            <custodianLei>3YJP8HORPAEXJ80D6368</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>QA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>KW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1113.13000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>135720.47000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1104.11000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Scotia Capital (USA) Inc.</brokerName>
            <brokerFileNo>8-03716</brokerFileNo>
            <brokerCrdNo>000002739</brokerCrdNo>
            <brokerLei>549300BLWPABP1VNME36</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>168.26</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4871.41000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>43291.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Nomura Securities International, Inc.</brokerName>
            <brokerFileNo>8-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>228.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5667.46000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5975.79000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4052.49000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>202324.13000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>369216346.56000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders Europe ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061994</mgmtInvSeriesId>
        <mgmtInvLei>549300JYD28ABFNSPC78</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.92000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.82000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.16433864</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.16431749</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>156549670.29000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2195871.67000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w. Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>585.87000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>48321.30000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4296.68000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7172.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5358.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Exane, Inc.</brokerName>
            <brokerFileNo>8-49569</brokerFileNo>
            <brokerCrdNo>000041784</brokerCrdNo>
            <brokerLei>6SDWK6FV8H98XAGSYS75</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>295.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>50265.58000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>444.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>636.63000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>251.36000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>118041.43000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>6462662549.83000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Sustainable Consumption ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000076157</mgmtInvSeriesId>
        <mgmtInvLei>549300OH5S9KB9FCKS30</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Santander Chile</custodianName>
            <custodianLei>3YJP8HORPAEXJ80D6368</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Argentina S.A.</custodianName>
            <custodianLei>549300K52NF2S4SQDO82</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>57.18000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen and Company</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>68.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>57.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>314.79000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>210.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>73.30000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>162.41000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Optiver V.O.F.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>7245009KRYSAYB2QCC29</brokerLei>
            <brokerCountry>NL</brokerCountry>
            <grossCommission>172.49000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>150.92000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>127.38000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1608.81000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>11368124.50000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan U.S. Momentum Factor ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000059313</mgmtInvSeriesId>
        <mgmtInvLei>549300TB3RJ6CUB5CE17</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.02000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.11000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00173173</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00174722</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1482444.37000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>29442.13000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>613.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1575.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3763.16000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jane Street Capital, LLC</brokerName>
            <brokerFileNo>8-52275</brokerFileNo>
            <brokerCrdNo>000103782</brokerCrdNo>
            <brokerLei>549300ZM16HMPEPNV857</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3501.51000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>39.98000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CastleOak Securities, L.P.</brokerName>
            <brokerFileNo>8-65786</brokerFileNo>
            <brokerCrdNo>000125334</brokerCrdNo>
            <brokerLei>549300MXL7C60HZ59S65</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>62.90000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>145.76000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>31.88000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CIBC World Markets Corp.</brokerName>
            <brokerFileNo>8-18333</brokerFileNo>
            <brokerCrdNo>000000630</brokerCrdNo>
            <brokerLei>549300445CON3DBMU275</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4745.81000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>84.19000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>14631.34000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CIBC World Markets Corp.</principalName>
            <principalFileNo>8-18333</principalFileNo>
            <principalCrdNo>000000630</principalCrdNo>
            <principalLei>549300445CON3DBMU275</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>36440.26000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>36440.26000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>256673754.04000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Diversified Return Emerging Markets Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000045407</mgmtInvSeriesId>
        <mgmtInvLei>549300NS45W7QLW1VU64</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>-0.24000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.72000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.05315166</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.05322317</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>68316.66000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>723.25000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Bank Handlowy w. Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S.A.</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Saudi Arabia Company</custodianName>
            <custodianLei>549300HST49806XTCK29</custodianLei>
            <custodianCountry>SA</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Pakistan) Limited</custodianName>
            <custodianLei>549300YTOMKUNPUTB551</custodianLei>
            <custodianCountry>PK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Santander Chile</custodianName>
            <custodianLei>3YJP8HORPAEXJ80D6368</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Czech Republic and Slovakia, a.s.</custodianName>
            <custodianLei>KR6LSKV3BTSJRD41IF75</custodianLei>
            <custodianCountry>CZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>KW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank International (Limited Liability Company)**</custodianName>
            <custodianLei>549300B831LSRSI6RA15</custodianLei>
            <custodianCountry>RU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>QA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4853.78000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1575.22000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12918.84000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17387.08000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5737.41000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Scotia Capital (USA) Inc.</brokerName>
            <brokerFileNo>8-03716</brokerFileNo>
            <brokerCrdNo>000002739</brokerCrdNo>
            <brokerLei>549300BLWPABP1VNME36</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>692.87000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9412.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Capital (USA) Inc.</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>561.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7972.31000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>33090.44000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>95627.41000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>263393321.44000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="5345359.21" interfundBorrowingDaysOutstanding="1"/>
        </interfundBorrowingDetails>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders Canada ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061992</mgmtInvSeriesId>
        <mgmtInvLei>5493001KDPNCCHEX2345</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.26000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.07000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.04400182</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.04399449</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>500387936.70000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2909792.66000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>974.23000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1097.88000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3356.71000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3550.67000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1423.17000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1426.49000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19464.56000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Nesbitt Burns Securities Ltd.</brokerName>
            <brokerFileNo>8-50538</brokerFileNo>
            <brokerCrdNo>000044057</brokerCrdNo>
            <brokerLei>M3LKFDNSJGJ7TMLH6Z15</brokerLei>
            <brokerCountry>CA</brokerCountry>
            <grossCommission>14312.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19083.32000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BMO Capital Markets Corp.</brokerName>
            <brokerFileNo>8-34344</brokerFileNo>
            <brokerCrdNo>000016686</brokerCrdNo>
            <brokerLei>RUC0QBLBRPRCU4W1NE59</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2727.61000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>68584.07000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CIBC World Markets Corp.</principalName>
            <principalFileNo>8-18333</principalFileNo>
            <principalCrdNo>000000630</principalCrdNo>
            <principalLei>549300445CON3DBMU275</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>179773558.11000001</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>179773558.11000001</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>5939931429.43000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan U.S. Quality Factor ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000059315</mgmtInvSeriesId>
        <mgmtInvLei>549300QBO0QYTGWOSW82</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.05000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.09000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00167409</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00167667</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>57237685.10000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>356681.05000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>119.12000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>297.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jane Street Capital, LLC</brokerName>
            <brokerFileNo>8-52275</brokerFileNo>
            <brokerCrdNo>000103782</brokerCrdNo>
            <brokerLei>549300ZM16HMPEPNV857</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13906.57000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5696.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9360.97000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>850.83000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>220.43000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4507.07000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6658.14000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>796.38000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>42490.22000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1340503954.06000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan International Value ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000081238</mgmtInvSeriesId>
        <mgmtInvLei>5493000HC5NKHJ0R6K40</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>211.35000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>74.80000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>459.30000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>42.67000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>189.11000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>433.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>105.50000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>52.74000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>335.48000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Nomura Securities International, Inc.</brokerName>
            <brokerFileNo>8-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24.89000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>2031.92000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>8610472.99000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan International Growth ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000068407</mgmtInvSeriesId>
        <mgmtInvLei>54930013TIUW8G0FGF89</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>334340.27000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>1330.44000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w. Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Societe Generale</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>O2RNE8IBXP4R0TD8PU41</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>1812.39000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1552.97000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2195.25000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3011.35000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2341.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1235.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2726.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Optiver V.O.F.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>7245009KRYSAYB2QCC29</brokerLei>
            <brokerCountry>NL</brokerCountry>
            <grossCommission>1632.53000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1376.55000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1130.30000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>28077.48000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>80975586.79000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Hedged Equity Laddered Overlay ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000081816</mgmtInvSeriesId>
        <mgmtInvLei>5493000MOGITBTHUCD89</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BofA Securities, Inc.</custodianName>
            <custodianLei>549300HN4UKV1E2R3U73</custodianLei>
            <custodianStateCountry custodianState="US-DE" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>55.04000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>40.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>40.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>150.86000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>200.05000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>25.38000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>84.13000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15211.39000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Evercore Group L.L.C.</brokerName>
            <brokerFileNo>8-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>58.92000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>136.04000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>16156.56000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>37178707.82000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Social Advancement ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000076156</mgmtInvSeriesId>
        <mgmtInvLei>549300IRETAWBGTPYW54</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Korea Limited</custodianName>
            <custodianLei>NUXTG47HHHM1K2L0SG39</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A.</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan S.A. DTVM</custodianName>
            <custodianLei>5493001LS7J56NZZ3G07</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Santander Chile</custodianName>
            <custodianLei>3YJP8HORPAEXJ80D6368</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Bank HSBC Indonesia</custodianName>
            <custodianLei>213800HW5IDIRLWH1203</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP PARIBAS</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Argentina S.A.</custodianName>
            <custodianLei>549300K52NF2S4SQDO82</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>104.77000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>56.33000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>54.79000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>87.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>68.79000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>105.78000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Optiver V.O.F.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>7245009KRYSAYB2QCC29</brokerLei>
            <brokerCountry>NL</brokerCountry>
            <grossCommission>54.42000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Intermonte Sim S.P.A.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>YMUU1WGHJKORF9E36I98</brokerLei>
            <brokerCountry>IT</brokerCountry>
            <grossCommission>48.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>240.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Nomura Securities International, Inc.</brokerName>
            <brokerFileNo>8-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>52.55000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1038.38000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>11769882.06000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan Diversified Return U.S. Mid Cap Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000053745</mgmtInvSeriesId>
        <mgmtInvLei>549300RGWB0T30E6VO11</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>Y</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.02000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.21000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.00091090</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.00091386</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>8478232.35000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>7889.52000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>49.55000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>84.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>208.66000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9019.22000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3721.68000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jane Street Capital, LLC</brokerName>
            <brokerFileNo>8-52275</brokerFileNo>
            <brokerCrdNo>000103782</brokerCrdNo>
            <brokerLei>549300ZM16HMPEPNV857</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3862.13000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital Markets, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>544.14000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3864.57000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>160.14000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>164.02000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>21862.58000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>322729307.93000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>JPMorgan BetaBuilders International Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000067203</mgmtInvSeriesId>
        <mgmtInvLei>549300BU8GZGI7U5FB20</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>1.11000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>1.03000000</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.09208737</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.09208996</indexFundReturnDailyStdevAfterExpense>
          </indexFundInfo>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank N.A.</securitiesAgentName>
            <securitiesAgentLei>E57ODZWZ7FF32TWEFA76</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="J.P. Morgan Investment Management, Inc." collateralManagerLei="549300W78QHV4XMM6K69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>43135698.57000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>587169.84000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>J.P. Morgan Investment Management Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-21011</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107038</investmentAdviserCrdNo>
            <investmentAdviserLei>549300W78QHV4XMM6K69</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>JPMorgan Chase Bank, N.A.</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>7H6GLXDRUGQFU57RNE97</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv Global Markets Inc.</pricingServiceName>
            <pricingServiceLei>000109120</pricingServiceLei>
            <pricingServiceIdNumberDesc>CRD</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Leumi le-Israel B.M.</custodianName>
            <custodianLei>7JDSZWRGUQY2DSTWCR57</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>JPMorgan Chase Bank, N.A.</custodianName>
            <custodianLei>7H6GLXDRUGQFU57RNE97</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB FINLAND</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank Spain, S.A.U.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w. Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>J.P. Morgan Bank Luxembourg S.A.</custodianName>
            <custodianLei>549300ZK53CNGEEI6A29</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>J.P. Morgan Investment Management Inc.</adminName>
            <adminLei>549300W78QHV4XMM6K69</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7031.45000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5254.46000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1447.21000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>632.92000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22434.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1406.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1074.80000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Agricole Securities (USA) Inc.</brokerName>
            <brokerFileNo>8-13753</brokerFileNo>
            <brokerCrdNo>000000190</brokerCrdNo>
            <brokerLei>549300WO2DKF0Q3YMV43</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3426.52000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6477.90000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Inc.</brokerName>
            <brokerFileNo>8-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11761.22000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>61092.56000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3359538051.87000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="JPMorgan Chase Bank, N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan Trust II" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Trust I" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="J.P. Morgan Exchange-Traded Fund Trust " secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Trust IV" secFileNo="811-23117"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>1500000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="The Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="JPMorgan Equity Focus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Index Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth &amp; Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Global Allocation Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Infrastructure ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Sustainable Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Market Expansion Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Value Advantage Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Climate Change Solutions ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMORGAN BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Unconstrained Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan High Yield Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Return International Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Aggregate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="J.P. Morgan Mutual Fund Investment Trust" secFileNo="811-05526"/>
                <creditUser fundName="JPMorgan Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Europe ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Institutional Trust" secFileNo="811-21638"/>
                <creditUser fundName="JPMorgan California Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Emerging Markets Debt Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active China ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 2 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan International Focus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SMID Cap Equity Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Diversified Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Bond Opportunities ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mortgage-Backed Securities Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Investor Balanced Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Total Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="J.P. Morgan Fleming Mutual Fund Group, Inc." secFileNo="811-08189"/>
                <creditUser fundName="JPMorgan Access Growth Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Mid Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Small Cap Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Access Balanced Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Short Duration Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2065 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Nasdaq Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Preferred and Income Securities Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2030 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Floating Rate Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Social Advancement ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Corporate Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Quality Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2040 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Small Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Research Market Neutral Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan USD Emerging Markets Sovereign Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2050 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Blend Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Developed International Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMORGAN BETABUILDERS U.S. EQUITY ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Income Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Core Plus Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan BetaBuilders USD High Yield Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Equity Premium Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders Japan ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Tax Free Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan High Yield Municipal ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2045 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Large Cap Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Government Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Research Enhanced Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Active Value ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Small Cap Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Large Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan U.S. GARP Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Realty Income ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Ultra-Short Municipal Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Tax Aware Equity Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Hedged Equity 3 Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Diversified Return U.S. Mid Cap Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Small Company Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Equity Premium Income Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Managed Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Strategic Income Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Research Enhanced Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Investor Conservative Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement 2035 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Carbon Transition U.S. Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short Duration Core Plus Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Momentum Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan BetaBuilders MSCI US REIT ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan U.S. Applied Data Science Value Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Sustainable Leaders Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan International Hedged Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan SmartRetirement 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan ActiveBuilders Emerging Markets Equity ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan National Municipal Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Small Cap Value Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Ultra-Short Income ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Limited Duration Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Emerging Markets Research Enhanced Equity Fund" secFileNo="811-23117"/>
                <creditUser fundName="JPMorgan Tax Aware Real Return Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Sustainable Consumption ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Short-Intermediate Municipal Bond Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Small Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2055 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan U.S. Value Factor ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend Income Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan New York Tax Free Bond Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Europe Dynamic Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Mid Cap Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan Investor Growth Fund" secFileNo="811-04236"/>
                <creditUser fundName="JPMorgan SmartRetirement Blend 2060 Fund" secFileNo="811-21295"/>
                <creditUser fundName="Undiscovered Managers Funds" secFileNo="811-08437"/>
                <creditUser fundName="JPMorgan BetaBuilders Canada ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Inflation Managed Bond ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Active Growth ETF" secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan SmartRetirement 2025 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan SmartRetirement 2020 Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Global Bond Opportunities Fund" secFileNo="811-21295"/>
                <creditUser fundName="JPMorgan Core Plus Bond ETF " secFileNo="811-22903"/>
                <creditUser fundName="JPMorgan Income Builder Fund" secFileNo="811-21295"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>JPMorgan Climate Change Solutions ETF</fundName>
        <etfSeriesId>S000073853</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="TEMP"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc." authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc." authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00000000</averagePercentagePurchased>
        <standardDeviationPurchased>0.00000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00000000</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders U.S. Equity ETF</fundName>
        <etfSeriesId>S000064872</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBUS"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="61446105.54599999" authorizedParticipantRedeemValue="43200972.04349999"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="303835900.36799997" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="7109039.17499999"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="31457217.32150000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="315020656.58499998" authorizedParticipantRedeemValue="68862982.98849999"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="84951060.42949999" authorizedParticipantRedeemValue="22142486.94000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="198467288.27550000" authorizedParticipantRedeemValue="46731124.96000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.89645472</averagePercentagePurchased>
        <standardDeviationPurchased>0.23367</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.10354528</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.23367</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>12.35364703</averagePercentageRedeemed>
        <percentSDRedeemed>11.98739</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>87.64635300</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>11.98739</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>1700.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>1700.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1700.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>1700.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Diversified Return International Equity ETF</fundName>
        <etfSeriesId>S000045406</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JPIN"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="37302349.63"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="14770456.75500000" authorizedParticipantRedeemValue="42758410.30600000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="10421016.17400000" authorizedParticipantRedeemValue="372133600.25399995"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="10748366.01200000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>10.96566683</averagePercentagePurchased>
        <standardDeviationPurchased>2.64401</standardDeviationPurchased>
        <creationUnitPurchasedInKind>89.03433300</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>2.64401</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>8.75259492</averagePercentageRedeemed>
        <percentSDRedeemed>1.17105</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>91.24740506</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>1.17105</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>7266.66666667</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>7266.66666667</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>6841.17647059</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>6841.17647059</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Carbon Transition U.S. Equity ETF</fundName>
        <etfSeriesId>S000069191</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JCTR"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="2702370.22750000" authorizedParticipantRedeemValue="2603030.97800000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="1475425.83749999" authorizedParticipantRedeemValue="18729250.97050000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>1.61362960</averagePercentagePurchased>
        <standardDeviationPurchased>1.38805</standardDeviationPurchased>
        <creationUnitPurchasedInKind>98.38637050</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>1.38805</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>7.70270387</averagePercentageRedeemed>
        <percentSDRedeemed>5.89205</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>92.29729600</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>5.89205</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>366.66666667</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>366.66666667</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Global Select Equity ETF</fundName>
        <etfSeriesId>S000081237</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="NASD" fundsTickerSymbol="JGLO"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="836427109.40625000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="9600000.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>75.77750340</averagePercentagePurchased>
        <standardDeviationPurchased>48.44499</standardDeviationPurchased>
        <creationUnitPurchasedInKind>24.22249650</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>48.44499</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>175.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>175.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders Japan ETF</fundName>
        <etfSeriesId>S000061995</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBJP"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="286354216.48199999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="478588189.12099999" authorizedParticipantRedeemValue="179705601.20700002"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="739583971.39599979" authorizedParticipantRedeemValue="27566965.28599999"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="271910681.17500001" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="33989104.91099999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>1.29730764</averagePercentagePurchased>
        <standardDeviationPurchased>0.63121</standardDeviationPurchased>
        <creationUnitPurchasedInKind>98.70269236</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.63121</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.88187240</averagePercentageRedeemed>
        <percentSDRedeemed>0.80474</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>99.11812786</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.80474</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>2677.67857143</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>2677.67857143</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>2828.57142857</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>2828.57142857</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan International Research Enhanced Equity ETF</fundName>
        <etfSeriesId>S000074054</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JIRE"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="25587826.25999999"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="41824542.82500000" authorizedParticipantRedeemValue="266502302.04100001"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="298426784.75150001" authorizedParticipantRedeemValue="746743370.31950009"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="285910392.53299999" authorizedParticipantRedeemValue="220163545.04500002"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>5.51409988</averagePercentagePurchased>
        <standardDeviationPurchased>2.034399</standardDeviationPurchased>
        <creationUnitPurchasedInKind>94.48590013</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>2.034399</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>4.51157655</averagePercentageRedeemed>
        <percentSDRedeemed>1.345370</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>95.48842341</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>1.345370</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>3126.66666667</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>3126.66666667</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>3233.33333333</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>3233.33333333</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Sustainable Infrastructure ETF</fundName>
        <etfSeriesId>S000076158</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="NASD" fundsTickerSymbol="BLLD"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="13998567.59699999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>9.23929105</averagePercentagePurchased>
        <standardDeviationPurchased>1.169653</standardDeviationPurchased>
        <creationUnitPurchasedInKind>90.76070900</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>1.169653</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>950.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>950.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders U.S. Small Cap Equity ETF</fundName>
        <etfSeriesId>S000069185</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="BBSC"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="32694176.13600000" authorizedParticipantRedeemValue="24919861.86124999"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="82410706.12024998" authorizedParticipantRedeemValue="6636237.49375000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="9650244.22749999" authorizedParticipantRedeemValue="5179381.47400000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="47314757.22749999" authorizedParticipantRedeemValue="45868356.42374999"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="306512997.60775006" authorizedParticipantRedeemValue="194450276.17549998"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>1.32155146</averagePercentagePurchased>
        <standardDeviationPurchased>0.72325</standardDeviationPurchased>
        <creationUnitPurchasedInKind>98.67844854</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.72325</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>9.19231265</averagePercentageRedeemed>
        <percentSDRedeemed>12.73286</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>90.80768750</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>12.73286</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>2154.16666667</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>2154.16666667</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1880.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>1880.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan ActiveBuilders Emerging Markets Equity ETF</fundName>
        <etfSeriesId>S000071185</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="JEMA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="91389189.48399999" authorizedParticipantRedeemValue="134556109.98600000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="59647437.62999999"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="91063480.70999999" authorizedParticipantRedeemValue="80439493.84600000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>79.60449632</averagePercentagePurchased>
        <standardDeviationPurchased>5.58442</standardDeviationPurchased>
        <creationUnitPurchasedInKind>20.39550377</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>5.584419</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>60.26979096</averagePercentageRedeemed>
        <percentSDRedeemed>1.68197</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>39.73020900</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>1.68197</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>14200.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>14200.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>14200.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>14200.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Diversified Return U.S. Equity ETF</fundName>
        <etfSeriesId>S000046874</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JPUS"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="27595882.27200000" authorizedParticipantRedeemValue="27484390.21200000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="2401327.04575000" authorizedParticipantRedeemValue="21534156.39050000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="14653751.24850000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="19776909.82400000" authorizedParticipantRedeemValue="9892330.68700000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="38333849.48799999" authorizedParticipantRedeemValue="90603388.50675000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.74327223</averagePercentagePurchased>
        <standardDeviationPurchased>0.32710</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.25672775</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.32710</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>2.40832719</averagePercentageRedeemed>
        <percentSDRedeemed>4.12083</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>97.59167270</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>4.12083</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>575.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>575.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1005.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>1005.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF</fundName>
        <etfSeriesId>S000061993</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBAX"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="102209797.91499999" authorizedParticipantRedeemValue="151713065.67300001"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="14720737.35899999"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="9957470.00799999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="70105507.77099999" authorizedParticipantRedeemValue="19662771.02400000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="417429906.50500000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>16.45236934</averagePercentagePurchased>
        <standardDeviationPurchased>9.88798</standardDeviationPurchased>
        <creationUnitPurchasedInKind>83.54763071</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>9.88798</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>11.81501928</averagePercentageRedeemed>
        <percentSDRedeemed>11.54069</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>88.18498083</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>11.54069</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>3517.64705882</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>3517.64705882</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>3200.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>3200.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Active China ETF</fundName>
        <etfSeriesId>S000079746</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JCHI"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="9600000.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="2978427.06900000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>5000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>100.00000000</averagePercentagePurchased>
        <standardDeviationPurchased>0.00000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00000000</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>800.00</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>800.00</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan U.S. Value Factor ETF</fundName>
        <etfSeriesId>S000059314</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JVAL"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="17560429.38199999" authorizedParticipantRedeemValue="13806035.68899999"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="29603747.11300000" authorizedParticipantRedeemValue="43579916.40300000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="321445188.35350001" authorizedParticipantRedeemValue="225558687.51400000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="193375420.03800002" authorizedParticipantRedeemValue="32170156.94750000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="91877763.43250000" authorizedParticipantRedeemValue="85168727.67749999"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="32562675.98999999" authorizedParticipantRedeemValue="32486174.76000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>1.44451308</averagePercentagePurchased>
        <standardDeviationPurchased>0.5076</standardDeviationPurchased>
        <creationUnitPurchasedInKind>98.55548693</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.5076</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>6.56243927</averagePercentageRedeemed>
        <percentSDRedeemed>12.1911</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>93.43756073</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>12.1911</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>964.28571429</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>964.28571429</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>954.54545455</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>954.54545455</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders U.S. Mid Cap Equity ETF</fundName>
        <etfSeriesId>S000068165</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="BBMC"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="247864133.66874999" authorizedParticipantRedeemValue="195802921.50325000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="68789022.63600000" authorizedParticipantRedeemValue="2057563.51700000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="75477309.65000000" authorizedParticipantRedeemValue="72970133.15999999"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="133807742.79825000" authorizedParticipantRedeemValue="144529765.00824997"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="23597529.52050000" authorizedParticipantRedeemValue="49394773.35999999"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>1.35102213</averagePercentagePurchased>
        <standardDeviationPurchased>0.31024</standardDeviationPurchased>
        <creationUnitPurchasedInKind>98.64897796</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.31024</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>6.83000962</averagePercentageRedeemed>
        <percentSDRedeemed>10.37473</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>93.16999043</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>10.37473</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>1581.25000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>1581.25000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1571.42857143</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>1571.42857143</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Diversified Return U.S. Small Cap Equity ETF</fundName>
        <etfSeriesId>S000055014</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JPSE"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="113944382.34400000" authorizedParticipantRedeemValue="61102806.87150000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="24179507.30849999" authorizedParticipantRedeemValue="14869327.29450000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="44149402.15849999" authorizedParticipantRedeemValue="9907001.83750000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="19234744.12000000" authorizedParticipantRedeemValue="19025706.32499999"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="3955814.88150000" authorizedParticipantRedeemValue="5750717.47200000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="14108448.22100000" authorizedParticipantRedeemValue="13640093.72250000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="44702799.74300000" authorizedParticipantRedeemValue="12209663.49600000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.95272242</averagePercentagePurchased>
        <standardDeviationPurchased>0.270628</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.04727754</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.270628</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>3.43428900</averagePercentageRedeemed>
        <percentSDRedeemed>7.878115</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>96.56571108</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>7.878115</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>1587.50000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>1587.50000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1245.83333333</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>1245.83333333</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders Emerging Markets Equity ETF</fundName>
        <etfSeriesId>S000079611</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBEM"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="309202879.09600002" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="9533795.26999999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="202385221.42200002" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>200000.0000000</creationUnitNumOfShares>
        <averagePercentagePurchased>93.18208177</averagePercentagePurchased>
        <standardDeviationPurchased>6.38110</standardDeviationPurchased>
        <creationUnitPurchasedInKind>6.81791843</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>6.38110</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>14400.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>14400.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders Europe ETF</fundName>
        <etfSeriesId>S000061994</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBEU"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="2961355976.43600030" authorizedParticipantRedeemValue="1165783355.88550020"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="9669920.46000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="243540505.72800002" authorizedParticipantRedeemValue="927174258.89800012"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="2551027918.31100030" authorizedParticipantRedeemValue="2416220744.75000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>1.08816789</averagePercentagePurchased>
        <standardDeviationPurchased>0.257253</standardDeviationPurchased>
        <creationUnitPurchasedInKind>98.91183215</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.25723</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>1.55636580</averagePercentageRedeemed>
        <percentSDRedeemed>0.35411</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>98.44363423</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.35411</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>9332.50000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>9332.50000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>8827.27272727</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>8827.27272727</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Sustainable Consumption ETF</fundName>
        <etfSeriesId>S000076157</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="NASD" fundsTickerSymbol="CIRC"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc." authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc." authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00000000</averagePercentagePurchased>
        <standardDeviationPurchased>0.00000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00000000</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan U.S. Momentum Factor ETF</fundName>
        <etfSeriesId>S000059313</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JMOM"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="62218263.66799999" authorizedParticipantRedeemValue="3938302.27799999"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="1957293.60299999"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="2081108.21099999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="8283065.09999999" authorizedParticipantRedeemValue="1946784.88000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.41683545</averagePercentagePurchased>
        <standardDeviationPurchased>0.237455</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.58316447</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.237455</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>8.41984963</averagePercentageRedeemed>
        <percentSDRedeemed>16.136747</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>91.58015050</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>16.136747</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>900.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>900.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>900.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>900.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Diversified Return Emerging Markets Equity ETF</fundName>
        <etfSeriesId>S000045407</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JPEM"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Credit Suisse Securities (USA) LLC" authorizedParticipantFileNo="8-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="29665731.48799999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="5118864.63200000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="54533203.94000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="35570971.77899999" authorizedParticipantRedeemValue="14387662.66499999"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>100000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>67.10977375</averagePercentagePurchased>
        <standardDeviationPurchased>6.44536</standardDeviationPurchased>
        <creationUnitPurchasedInKind>32.89022623</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>6.44536</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>65.02852725</averagePercentageRedeemed>
        <percentSDRedeemed>7.99260</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>34.97147300</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>7.99260</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>19176.92307692</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>19176.92307692</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>18900.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>18900.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders Canada ETF</fundName>
        <etfSeriesId>S000061992</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBCA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="146431717.12050000" authorizedParticipantRedeemValue="184124675.57499999"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse Securities (USA) LLC" authorizedParticipantFileNo="8-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="9326234.84999999" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="77126189.47349998" authorizedParticipantRedeemValue="137825131.69599998"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="143146496.54599997" authorizedParticipantRedeemValue="109651997.39950000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="68605027.32850000" authorizedParticipantRedeemValue="36024120.98600000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="23601890.91600000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="261726986.80800000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.67448904</averagePercentagePurchased>
        <standardDeviationPurchased>0.295059</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.32551107</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.295059</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>1.05851773</averagePercentageRedeemed>
        <percentSDRedeemed>0.375766</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>98.94148235</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.375766</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>1195.23809524</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>1195.23809524</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>1350.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>1350.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan U.S. Quality Factor ETF</fundName>
        <etfSeriesId>S000059315</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JQUA"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="34294688.13199999" authorizedParticipantRedeemValue="33168414.96099999"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="2057045.59950000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="68105968.56599998" authorizedParticipantRedeemValue="21225479.51150000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="43053688.38099999" authorizedParticipantRedeemValue="43291960.54699999"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="289362730.03849995" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="467443864.80599999" authorizedParticipantRedeemValue="50809036.81099999"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="908609717.74599993" authorizedParticipantRedeemValue="166701698.10400000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="278464409.78499997" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.61345864</averagePercentagePurchased>
        <standardDeviationPurchased>0.5446</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.38654139</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.5446</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>10.04679431</averagePercentageRedeemed>
        <percentSDRedeemed>9.1149</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>89.95320570</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>9.1149</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>883.71040724</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>883.71040724</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>540.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>540.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan International Value ETF</fundName>
        <etfSeriesId>S000081238</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="NASD" fundsTickerSymbol="JIVE"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="9600000.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="2430265.62250000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>50000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>59.13815690</averagePercentagePurchased>
        <standardDeviationPurchased>57.787373</standardDeviationPurchased>
        <creationUnitPurchasedInKind>40.86184300</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>57.787373</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan International Growth ETF</fundName>
        <etfSeriesId>S000068407</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JIG"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="1379504.64975000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="19534703.25600000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Credit Suisse Securities (USA) LLC" authorizedParticipantFileNo="8-00422" authorizedParticipantCrdNo="000000816" authorizedParticipantLei="1V8Y6QCX6YMJ2OELII46" authorizedParticipantPurchaseValue="2599801.11950000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>12.27576132</averagePercentagePurchased>
        <standardDeviationPurchased>3.740957</standardDeviationPurchased>
        <creationUnitPurchasedInKind>87.72423878</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>3.740957</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>1255.55555556</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>1255.55555556</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Hedged Equity Laddered Overlay ETF</fundName>
        <etfSeriesId>S000081816</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="HELO"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="21163401.34250000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="41085241.01800000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>31.86265608</averagePercentagePurchased>
        <standardDeviationPurchased>47.284697</standardDeviationPurchased>
        <creationUnitPurchasedInKind>68.13734392</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>47.284697</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>467.30769231</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>467.30769231</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Social Advancement ETF</fundName>
        <etfSeriesId>S000076156</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="NASD" fundsTickerSymbol="UPWD"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc." authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc." authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.00000000</averagePercentagePurchased>
        <standardDeviationPurchased>0.00000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.00000000</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.00000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0.00000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.00000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0.00000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>0.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>0.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan Diversified Return U.S. Mid Cap Equity ETF</fundName>
        <etfSeriesId>S000053745</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="JPME"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="ABN AMRO Clearing Chicago LLC" authorizedParticipantFileNo="8-34354" authorizedParticipantCrdNo="000014020" authorizedParticipantLei="549300U16G4LU3V6C598" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="RBC Capital Markets, LLC" authorizedParticipantFileNo="8-45411" authorizedParticipantCrdNo="000031194" authorizedParticipantLei="549300LCO2FLSSVFFR64" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citadel Securities LLC" authorizedParticipantFileNo="8-53574" authorizedParticipantCrdNo="000116797" authorizedParticipantLei="12UUJYTN7D3SW8KCSG25" authorizedParticipantPurchaseValue="34502123.29524999" authorizedParticipantRedeemValue="12931738.52375000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="16456150.57599999" authorizedParticipantRedeemValue="16362222.98200000"/>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Wells Fargo Securities, LLC" authorizedParticipantFileNo="8-65876" authorizedParticipantCrdNo="000126292" authorizedParticipantLei="VYVVCKR63DVZZN70PB21" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Barclays Capital Inc." authorizedParticipantFileNo="8-41342" authorizedParticipantCrdNo="000019714" authorizedParticipantLei="AC28XWWI3WIBK2824319" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="8016779.38800000"/>
          <authorizedParticipant authorizedParticipantName="Jefferies LLC" authorizedParticipantFileNo="8-15074" authorizedParticipantCrdNo="000002347" authorizedParticipantLei="58PU97L1C0WSRCWADL48" authorizedParticipantPurchaseValue="8715242.57699999" authorizedParticipantRedeemValue="8445487.86199999"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="36115290.85199999" authorizedParticipantRedeemValue="18591271.10550000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing" authorizedParticipantFileNo="8-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="83759435.56049999" authorizedParticipantRedeemValue="58164599.50875000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.91951285</averagePercentagePurchased>
        <standardDeviationPurchased>0.35619</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.08048711</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0.35619</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>2.06024547</averagePercentageRedeemed>
        <percentSDRedeemed>2.03631</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>97.93975450</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>2.03631</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>907.89473684</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>907.89473684</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>766.66666667</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>766.66666667</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>JPMorgan BetaBuilders International Equity ETF</fundName>
        <etfSeriesId>S000067203</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="CBSX" fundsTickerSymbol="BBIN"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Morgan Stanley &amp; Co. LLC" authorizedParticipantFileNo="8-15869" authorizedParticipantCrdNo="000008209" authorizedParticipantLei="9R7GPTSO7KV3UQJZQ078" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BofA Securities, Inc." authorizedParticipantFileNo="8-69787" authorizedParticipantCrdNo="000283942" authorizedParticipantLei="549300HN4UKV1E2R3U73" authorizedParticipantPurchaseValue="569712572.86399996" authorizedParticipantRedeemValue="83965633.89599999"/>
          <authorizedParticipant authorizedParticipantName="Jane Street Capital LLC" authorizedParticipantFileNo="8-52275" authorizedParticipantCrdNo="000103782" authorizedParticipantLei="549300ZM16HMPEPNV857" authorizedParticipantPurchaseValue="238098030.28999999" authorizedParticipantRedeemValue="151844103.41999999"/>
          <authorizedParticipant authorizedParticipantName="Mizuho Securities USA LLC" authorizedParticipantFileNo="8-37710" authorizedParticipantCrdNo="000019647" authorizedParticipantLei="7TK5RJIZDFROZCA6XF66" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Citigroup Global Markets Inc." authorizedParticipantFileNo="8-08177" authorizedParticipantCrdNo="000007059" authorizedParticipantLei="MBNUM2BPBDO7JBLYG310" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="SG Americas Securities, LLC" authorizedParticipantFileNo="8-66125" authorizedParticipantCrdNo="000128351" authorizedParticipantLei="549300F35UE0BOM1WJ55" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Mirae Asset Securities (USA) Inc" authorizedParticipantFileNo="8-45034" authorizedParticipantCrdNo="000030679" authorizedParticipantLei="25490087B4GFZLJZE912" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNP Paribas Securities Corp" authorizedParticipantFileNo="8-32682" authorizedParticipantCrdNo="000015794" authorizedParticipantLei="RCNB6OTYUAMMP879YW96" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="Virtu Americas LLC" authorizedParticipantFileNo="8-68193" authorizedParticipantCrdNo="000149823" authorizedParticipantLei="549300RA02N3BNSWBV74" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="UBS Securities LLC" authorizedParticipantFileNo="8-22651" authorizedParticipantCrdNo="000007654" authorizedParticipantLei="T6FIZBDPKLYJKFCRVK44" authorizedParticipantPurchaseValue="21804523.02000000" authorizedParticipantRedeemValue="43514032.03999999"/>
          <authorizedParticipant authorizedParticipantName="Macquarie Capital (USA) Inc" authorizedParticipantFileNo="8-47198" authorizedParticipantCrdNo="000036368" authorizedParticipantLei="549300670K07JRB5UQ40" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
          <authorizedParticipant authorizedParticipantName="BNY Mellon Capital Markets LLC" authorizedParticipantFileNo="8-35255" authorizedParticipantCrdNo="000017454" authorizedParticipantLei="VJW2DOOHGDT6PR0ZRO63" authorizedParticipantPurchaseValue="0.00000000" authorizedParticipantRedeemValue="0.00000000"/>
        </authorizedParticipants>
        <isCollateralRequired>Y</isCollateralRequired>
        <creationUnitNumOfShares>200000.00000000</creationUnitNumOfShares>
        <averagePercentagePurchased>3.79771986</averagePercentagePurchased>
        <standardDeviationPurchased>1.201266</standardDeviationPurchased>
        <creationUnitPurchasedInKind>96.20228024</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>1.201266</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>2.45163668</averagePercentageRedeemed>
        <percentSDRedeemed>0.259593</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>97.54836350</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.259593</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>14970.58823529</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>14970.58823529</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>15500.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>15500.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>true</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="J.P. Morgan Exchange-Traded Fund Trust" signedDate="2024-01-09" signature="Timothy J. Clemens" title="Treasurer and Principal Financial Officer"/>
  </formData>
</edgarSubmission>
