JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Bahrain — 0.1% |
| |||||||
Ahli United Bank BSC | 258,354 | 209,166 | ||||||
|
| |||||||
Brazil — 10.7% |
| |||||||
Alpargatas SA (Preference)* | 34,887 | 343,628 | ||||||
Ambev SA | 183,890 | 588,575 | ||||||
B3 SA - Brasil Bolsa Balcao | 271,203 | 797,740 | ||||||
Banco Bradesco SA (Preference)* | 131,384 | 613,499 | ||||||
Banco BTG Pactual SA* | 80,192 | 448,826 | ||||||
Banco do Brasil SA | 49,319 | 298,949 | ||||||
Banco Santander Brasil SA | 30,136 | 234,110 | ||||||
BB Seguridade Participacoes SA | 25,934 | 106,360 | ||||||
Bradespar SA (Preference) | 20,456 | 292,254 | ||||||
BRF SA* | 21,983 | 107,884 | ||||||
CCR SA | 111,288 | 276,711 | ||||||
Centrais Eletricas Brasileiras SA | 44,801 | 340,808 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 32,565 | 220,904 | ||||||
Cia de Saneamento do Parana* | 139 | 521 | ||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference) | 67,892 | 316,371 | ||||||
Cia Energetica de Minas Gerais (Preference) | 157,093 | 360,742 | ||||||
Cia Energetica de Sao Paulo (Preference), Class B | 37,466 | 168,258 | ||||||
Cia Paranaense de Energia (Preference) | 295,155 | 345,691 | ||||||
Cia Siderurgica Nacional SA | 16,565 | 148,499 | ||||||
CPFL Energia SA | 33,246 | 161,690 | ||||||
Duratex SA | 83,373 | 351,053 | ||||||
EDP - Energias do Brasil SA | 65,834 | 217,414 | ||||||
Energisa SA | 24,617 | 200,972 | ||||||
Eneva SA* | 89,997 | 284,251 | ||||||
Engie Brasil Energia SA | 22,127 | 161,144 | ||||||
Equatorial Energia SA | 67,919 | 315,584 | ||||||
Gerdau SA (Preference) | 27,473 | 163,258 | ||||||
Grendene SA | 85,612 | 180,651 | ||||||
Hapvida Participacoes e Investimentos SA(a) | 101,643 | 277,709 | ||||||
Hypera SA* | 41,062 | 281,223 | ||||||
Itau Unibanco Holding SA (Preference) | 112,900 | 655,083 | ||||||
Itausa SA (Preference) | 131,370 | 281,998 | ||||||
Locaweb Servicos de Internet SA*(a) | 41,141 | 197,559 | ||||||
M Dias Branco SA* | 19,776 | 119,379 | ||||||
Marfrig Global Foods SA | 45,607 | 172,069 | ||||||
Natura & Co. Holding SA* | 21,187 | 217,311 | ||||||
Neoenergia SA | 46,400 | 155,105 | ||||||
Petroleo Brasileiro SA (Preference) | 147,430 | 762,591 | ||||||
Porto Seguro SA | 2,855 | 28,099 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 31,029 | 153,112 | ||||||
Sao Martinho SA | 52,233 | 324,435 | ||||||
Telefonica Brasil SA | 39,164 | 309,357 | ||||||
TIM SA* | 87,452 | 190,411 | ||||||
TOTVS SA | 55,850 | 377,784 | ||||||
Transmissora Alianca de Energia Eletrica SA | 45,548 | 332,586 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A | 42,147 | 166,055 | ||||||
Vale SA | 139,977 | 2,948,299 | ||||||
WEG SA | 100,807 | 692,918 | ||||||
|
| |||||||
16,689,430 | ||||||||
|
| |||||||
Chile — 1.3% |
| |||||||
AES Andes SA | 1,166,711 | 149,897 | ||||||
Cencosud SA | 213,341 | 386,939 | ||||||
Cia Cervecerias Unidas SA | 19,083 | 206,173 | ||||||
Cia Sud Americana de Vapores SA | 4,200,756 | 329,801 | ||||||
Colbun SA | 1,544,572 | 225,920 | ||||||
Embotelladora Andina SA (Preference), Class B | 68,011 | 162,660 | ||||||
Enel Americas SA | 2,152,887 | 299,209 | ||||||
Enel Chile SA | 1,233,264 | 64,013 | ||||||
Engie Energia Chile SA | 108,528 | 84,933 | ||||||
Falabella SA | 34,191 | 132,910 | ||||||
|
| |||||||
2,042,455 | ||||||||
|
| |||||||
China — 23.8% |
| |||||||
Agile Group Holdings Ltd. | 62,000 | 67,831 | ||||||
An Hui Wenergy Co. Ltd., Class A | 155,300 | 86,983 | ||||||
Angang Steel Co. Ltd., Class H(b) | 313,800 | 214,536 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 96,000 | 459,159 | ||||||
Anhui Expressway Co. Ltd., Class A | 79,700 | 69,213 | ||||||
ANTA Sports Products Ltd. | 18,000 | 391,885 | ||||||
BAIC Motor Corp. Ltd., Class H(a) | 129,000 | 46,053 | ||||||
Bank of China Ltd., Class H | 2,606,000 | 905,560 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 120,800 | 226,410 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 222,800 | 272,799 | ||||||
Beijing Enterprises Holdings Ltd. | 21,500 | 66,876 | ||||||
BGI Genomics Co. Ltd., Class A | 8,900 | 154,946 | ||||||
Blue Sail Medical Co. Ltd., Class A | 51,600 | 164,794 | ||||||
Bluestar Adisseo Co., Class A | 97,500 | 162,228 | ||||||
Bosideng International Holdings Ltd. | 138,000 | 86,404 | ||||||
BYD Electronic International Co. Ltd. | 53,000 | 269,249 | ||||||
CGN Power Co. Ltd., Class H(a) | 1,169,000 | 252,688 | ||||||
China CITIC Bank Corp. Ltd., Class H(b) | 203,000 | 90,847 | ||||||
China Coal Energy Co. Ltd., Class H | 68,000 | 40,890 | ||||||
China Communications Services Corp. Ltd., Class H | 344,000 | 147,576 | ||||||
China Construction Bank Corp., Class H | 619,000 | 431,161 | ||||||
China Everbright Bank Co. Ltd., Class H | 70,000 | 23,863 | ||||||
China Feihe Ltd.(a) | 177,000 | 340,284 | ||||||
China Hongqiao Group Ltd. | 242,000 | 320,854 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 142,400 | 345,458 | ||||||
China Lesso Group Holdings Ltd. | 108,000 | 225,515 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 149,000 | 279,027 | ||||||
China Medical System Holdings Ltd. | 169,000 | 343,206 | ||||||
China Merchants Bank Co. Ltd., Class H | 87,500 | 665,661 | ||||||
China Merchants Port Holdings Co. Ltd. | 52,000 | 72,456 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 155,800 | 63,381 | ||||||
China National Building Material Co. Ltd., Class H | 330,250 | 357,694 | ||||||
China National Nuclear Power Co. Ltd., Class A | 237,800 | 176,908 | ||||||
China Petroleum & Chemical Corp., Class H | 880,000 | 402,398 | ||||||
China Resources Cement Holdings Ltd. | 192,000 | 158,619 | ||||||
China Resources Gas Group Ltd. | 68,000 | 419,140 | ||||||
China Resources Land Ltd. | 70,000 | 233,930 | ||||||
China Resources Pharmaceutical Group Ltd.(a) | 145,000 | 77,664 | ||||||
China Resources Power Holdings Co. Ltd. | 160,000 | 275,831 | ||||||
China Shenhua Energy Co. Ltd., Class H | 244,500 | 462,648 | ||||||
China Vanke Co. Ltd., Class H | 37,700 | 98,211 | ||||||
China Yangtze Power Co. Ltd., Class A | 135,300 | 397,955 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 83,000 | 138,241 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 68,000 | 25,380 | ||||||
CITIC Ltd. | 222,000 | 239,780 | ||||||
Citic Pacific Special Steel Group Co. Ltd., Class A | 73,276 | 249,344 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 68,000 | 25,635 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H*(b) | 331,850 | 500,599 | ||||||
COSCO SHIPPING Ports Ltd. | 134,000 | 95,630 | ||||||
Country Garden Services Holdings Co. Ltd. | 33,000 | 267,956 | ||||||
Daan Gene Co. Ltd., Class A | 55,860 | 189,130 | ||||||
Dali Foods Group Co. Ltd.(a) | 317,000 | 171,734 | ||||||
Datang International Power Generation Co. Ltd., Class H | 144,000 | 22,041 | ||||||
Dongguan Development Holdings Co. Ltd., Class A | 90,300 | 146,975 | ||||||
ENN Energy Holdings Ltd. | 47,300 | 987,071 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 17,126 | 304,156 | ||||||
Fosun International Ltd. | 84,576 | 111,964 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 39,300 | 113,478 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 2,200 | 150,297 | ||||||
Great Wall Motor Co. Ltd., Class H | 212,000 | 1,024,290 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 291,700 | 232,154 | ||||||
Guangdong Investment Ltd. | 254,000 | 355,418 | ||||||
Guangxi Guiguan Electric Power Co. Ltd., Class A | 217,300 | 165,312 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 18,000 | 48,667 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 70,800 | 62,128 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 15,000 | 257,765 | ||||||
Haitian International Holdings Ltd. | 69,000 | 252,607 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 98,400 | 226,634 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 26,800 | 106,619 | ||||||
Huabao Flavours & Fragrances Co. Ltd., Class A | 27,000 | 178,969 | ||||||
Huadian Power International Corp. Ltd., Class H(b) | 6,000 | 1,659 | ||||||
Huadong Medicine Co. Ltd., Class A | 34,900 | 192,442 | ||||||
Huaibei Mining Holdings Co. Ltd., Class A | 85,800 | 154,024 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 212,200 | 177,384 | ||||||
Huaxin Cement Co. Ltd., Class B | 116,600 | 180,760 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 168,900 | 200,668 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 122,916 | 197,399 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,876,000 | 1,041,730 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 428,300 | 153,955 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 34,200 | 23,765 | ||||||
Intco Medical Technology Co. Ltd., Class A | 13,400 | 242,453 | ||||||
Jiangsu Expressway Co. Ltd., Class A | 31,100 | 41,434 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 20,856 | 316,659 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 35,600 | 187,938 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 141,900 | 100,256 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 100,600 | 118,358 | ||||||
Jiangxi Copper Co. Ltd., Class H | 52,000 | 109,175 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 84,800 | 154,846 | ||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 197,300 | 135,135 | ||||||
Joyoung Co. Ltd., Class A | 24,671 | 95,942 | ||||||
JOYY, Inc., ADR | 2,078 | 111,069 | ||||||
Kingboard Holdings Ltd. | 86,000 | 450,561 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
KingClean Electric Co. Ltd., Class A | 36,418 | 167,927 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 47,400 | 147,623 | ||||||
Kunlun Energy Co. Ltd. | 192,000 | 165,993 | ||||||
Kweichow Moutai Co. Ltd., Class A | 4,200 | 1,092,483 | ||||||
LB Group Co. Ltd., Class A | 55,300 | 256,226 | ||||||
Lens Technology Co. Ltd., Class A | 31,100 | 122,484 | ||||||
Li Ning Co. Ltd. | 105,000 | 1,108,938 | ||||||
Liuzhou Iron & Steel Co. Ltd., Class A | 187,300 | 199,681 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 25,400 | 155,720 | ||||||
Longfor Group Holdings Ltd.(a) | 43,500 | 202,197 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 218,000 | 111,591 | ||||||
Momo, Inc., ADR | 5,685 | 70,437 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 325,400 | 188,661 | ||||||
Pharmaron Beijing Co. Ltd., Class H(a) | 14,800 | 324,570 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 123,500 | 1,080,729 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 597,000 | 385,623 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 120,300 | 165,378 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 72,200 | 278,263 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 221,900 | 291,532 | ||||||
Seazen Group Ltd.* | 122,000 | 90,814 | ||||||
Seazen Holdings Co. Ltd., Class A | 37,700 | 185,053 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 160,800 | 278,437 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A* | 45,800 | 142,812 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 201,500 | 229,745 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 64,040 | 307,417 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 152,000 | 272,721 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 26,120 | 281,444 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 14,900 | 31,800 | ||||||
Shanghai Shimao Co. Ltd., Class A | 197,800 | 101,792 | ||||||
Shenzhen Gas Corp. Ltd., Class A | 150,500 | 168,253 | ||||||
Shenzhen International Holdings Ltd. | 43,044 | 56,737 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 87,900 | 133,364 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 6,500 | 393,831 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A* | 31,600 | 132,962 | ||||||
Shenzhou International Group Holdings Ltd. | 33,700 | 747,914 | ||||||
Sichuan Expressway Co. Ltd., Class A | 112,100 | 53,117 | ||||||
Sinotruk Hong Kong Ltd. | 128,500 | 220,279 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A‡ | 75,200 | 138,443 | ||||||
TangShan Port Group Co. Ltd., Class A | 482,900 | 181,684 | ||||||
Tianhe Chemicals Group Ltd.*‡ | 20,000 | — | ||||||
Topchoice Medical Corp., Class A* | 4,600 | 225,279 | ||||||
Weichai Power Co. Ltd., Class A | 111,756 | 296,825 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 54,900 | 171,828 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 17,300 | 592,892 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 82,100 | 103,567 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 253,500 | 158,884 | ||||||
Xinyangfeng Agricultural Technology Co. Ltd., Class A | 63,900 | 183,612 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 372,100 | 376,538 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 258,000 | 383,546 | ||||||
Yintai Gold Co. Ltd., Class A | 89,620 | 126,674 | ||||||
Yuexiu Property Co. Ltd. | 60,400 | 56,242 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 10,300 | 158,015 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 168,000 | 141,817 | ||||||
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | 213,600 | 250,139 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 70,280 | 233,081 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 47,297 | 139,812 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 117,800 | 172,204 | ||||||
Zhongsheng Group Holdings Ltd. | 44,500 | 410,123 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A | 124,400 | 401,110 | ||||||
Zijin Mining Group Co. Ltd., Class H | 222,000 | 314,839 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 284,000 | 244,599 | ||||||
|
| |||||||
37,192,678 | ||||||||
|
| |||||||
Colombia — 0.2% |
| |||||||
Bancolombia SA (Preference) | 34,600 | 248,035 | ||||||
Ecopetrol SA | 63,561 | 43,155 | ||||||
Grupo Aval Acciones y Valores SA (Preference) | 242,221 | 63,960 | ||||||
|
| |||||||
355,150 | ||||||||
|
| |||||||
Czech Republic — 0.2% |
| |||||||
CEZ A/S | 4,030 | 111,793 | ||||||
Moneta Money Bank A/S*(a) | 26,693 | 108,516 | ||||||
O2 Czech Republic A/S | 6,548 | 79,951 | ||||||
|
| |||||||
300,260 | ||||||||
|
| |||||||
Egypt — 0.2% |
| |||||||
Commercial International Bank Egypt SAE* | 51,355 | 186,851 | ||||||
ElSewedy Electric Co. | 271,173 | 152,161 | ||||||
|
| |||||||
339,012 | ||||||||
|
|
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Greece — 1.0% |
| |||||||
Hellenic Telecommunications Organization SA | 26,907 | 491,007 | ||||||
JUMBO SA | 16,774 | 266,488 | ||||||
Mytilineos SA | 21,256 | 394,271 | ||||||
OPAP SA | 27,558 | 398,071 | ||||||
|
| |||||||
1,549,837 | ||||||||
|
| |||||||
Hong Kong — 0.3% |
| |||||||
Kingboard Laminates Holdings Ltd. | 120,500 | 241,715 | ||||||
Nine Dragons Paper Holdings Ltd. | 216,000 | 272,547 | ||||||
|
| |||||||
514,262 | ||||||||
|
| |||||||
Hungary — 0.7% |
| |||||||
Magyar Telekom Telecommunications plc | 61,933 | 87,654 | ||||||
OTP Bank Nyrt.* | 11,488 | 619,501 | ||||||
Richter Gedeon Nyrt. | 12,891 | 353,674 | ||||||
|
| |||||||
1,060,829 | ||||||||
|
| |||||||
India — 10.7% |
| |||||||
Asian Paints Ltd. | 1,715 | 68,237 | ||||||
Aurobindo Pharma Ltd. | 13,111 | 161,714 | ||||||
Bajaj Auto Ltd. | 5,823 | 300,113 | ||||||
Bajaj Holdings & Investment Ltd. | 585 | 31,653 | ||||||
Bharat Petroleum Corp. Ltd. | 35,083 | 210,541 | ||||||
Cadila Healthcare Ltd. | 11,433 | 90,120 | ||||||
Castrol India Ltd. | 9,840 | 18,312 | ||||||
Cipla Ltd.* | 22,073 | 273,144 | ||||||
Colgate-Palmolive India Ltd. | 4,018 | 92,112 | ||||||
Dabur India Ltd. | 31,795 | 256,876 | ||||||
Divi’s Laboratories Ltd.* | 5,712 | 376,835 | ||||||
Dr Reddy’s Laboratories Ltd. | 6,351 | 402,436 | ||||||
GAIL India Ltd. | 13,958 | 26,204 | ||||||
Glenmark Pharmaceuticals Ltd. | 11,304 | 92,392 | ||||||
HCL Technologies Ltd. | 36,876 | 508,495 | ||||||
Hindalco Industries Ltd. | 15,107 | 90,512 | ||||||
Hindustan Petroleum Corp. Ltd. | 22,950 | 80,640 | ||||||
Hindustan Unilever Ltd. | 44,013 | 1,382,931 | ||||||
Hindustan Zinc Ltd. | 9,822 | 42,392 | ||||||
Housing Development Finance Corp. Ltd. | 33,659 | 1,108,042 | ||||||
ICICI Lombard General Insurance Co. Ltd.(a) | 3,768 | 74,826 | ||||||
Indian Oil Corp. Ltd. | 48,357 | 67,085 | ||||||
Indus Towers Ltd. | 59,374 | 177,551 | ||||||
Infosys Ltd. | 133,657 | 2,912,909 | ||||||
ITC Ltd. | 183,833 | 506,880 | ||||||
Jindal Steel & Power Ltd.* | 16,416 | 95,449 | ||||||
JSW Steel Ltd. | 24,975 | 247,766 | ||||||
Larsen & Toubro Infotech Ltd.(a) | 365 | 23,002 | ||||||
Motherson Sumi Systems Ltd.* | 38,498 | 121,592 | ||||||
Mphasis Ltd.* | 2,607 | 91,177 | ||||||
Muthoot Finance Ltd. | 1,332 | 27,851 | ||||||
Nestle India Ltd. | 1,531 | 364,466 | ||||||
NHPC Ltd. | 178,485 | 63,028 | ||||||
NMDC Ltd. | 47,365 | 115,711 | ||||||
NTPC Ltd. | 133,125 | 211,724 | ||||||
Oil & Natural Gas Corp. Ltd. | 86,280 | 133,648 | ||||||
Oil India Ltd. | 9,790 | 21,968 | ||||||
Petronet LNG Ltd. | 43,227 | 126,864 | ||||||
Piramal Enterprises Ltd. | 3,354 | 104,708 | ||||||
Power Grid Corp. of India Ltd. | 58,923 | 135,771 | ||||||
Power Grid Corp. of India Ltd.* | 19,641 | 45,257 | ||||||
REC Ltd. | 36,261 | 73,747 | ||||||
Reliance Industries Ltd. | 67,861 | 1,860,211 | ||||||
Sun Pharmaceutical Industries Ltd. | 22,804 | 237,446 | ||||||
Tata Consultancy Services Ltd. | 30,228 | 1,288,732 | ||||||
Tata Power Co. Ltd. (The) | 184,531 | 310,666 | ||||||
Tata Steel Ltd. | 24,043 | 464,349 | ||||||
Tech Mahindra Ltd. | 4,864 | 79,183 | ||||||
Titan Co. Ltd. | 9,831 | 226,920 | ||||||
Torrent Power Ltd. | 8,735 | 53,516 | ||||||
United Breweries Ltd. | 1,653 | 31,762 | ||||||
UPL Ltd. | 17,145 | 186,787 | ||||||
Vedanta Ltd. | 61,406 | 249,828 | ||||||
Wipro Ltd. | 39,648 | 313,363 | ||||||
|
| |||||||
16,659,444 | ||||||||
|
| |||||||
Indonesia — 3.2% |
| |||||||
Adaro Energy Tbk. PT | 2,860,300 | 264,160 | ||||||
Astra International Tbk. PT | 1,152,400 | 376,274 | ||||||
Bank Central Asia Tbk. PT | 481,100 | 993,162 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 2,878,800 | 738,546 | ||||||
Bukit Asam Tbk. PT | 1,072,800 | 165,440 | ||||||
Charoen Pokphand Indonesia Tbk. PT | 701,500 | 297,230 | ||||||
Gudang Garam Tbk. PT | 55,300 | 125,551 | ||||||
Hanjaya Mandala Sampoerna Tbk. PT | 1,476,900 | 106,837 | ||||||
Indofood CBP Sukses Makmur Tbk. PT* | 122,900 | 69,005 | ||||||
Indofood Sukses Makmur Tbk. PT* | 502,900 | 211,392 | ||||||
Kalbe Farma Tbk. PT | 2,386,500 | 207,995 | ||||||
Media Nusantara Citra Tbk. PT* | 2,041,400 | 111,534 | ||||||
Perusahaan Gas Negara Tbk. PT* | 1,363,700 | 91,981 | ||||||
Sarana Menara Nusantara Tbk. PT | 2,955,300 | 299,365 | ||||||
Telkom Indonesia Persero Tbk. PT | 3,036,000 | 680,547 | ||||||
Unilever Indonesia Tbk. PT | 279,500 | 81,638 | ||||||
XL Axiata Tbk. PT | 1,024,900 | 190,795 | ||||||
|
| |||||||
5,011,452 | ||||||||
|
| |||||||
Kuwait — 1.6% |
| |||||||
Agility Public Warehousing Co. KSC | 151,884 | 498,444 | ||||||
Humansoft Holding Co. KSC | 14,098 | 166,875 | ||||||
Kuwait Finance House KSCP | 211,482 | 552,549 | ||||||
Mobile Telecommunications Co. KSCP | 230,783 | 453,962 | ||||||
National Bank of Kuwait SAKP | 296,799 | 883,136 | ||||||
|
| |||||||
2,554,966 | ||||||||
|
| |||||||
Malaysia — 2.4% |
| |||||||
AMMB Holdings Bhd.* | 89,700 | 60,579 | ||||||
Astro Malaysia Holdings Bhd. | 243,300 | 60,537 | ||||||
Axiata Group Bhd. | 241,900 | 213,879 | ||||||
DiGi.Com Bhd. | 225,000 | 221,400 | ||||||
Hartalega Holdings Bhd. | 154,700 | 258,078 | ||||||
Hong Leong Financial Group Bhd. | 8,800 | 35,923 | ||||||
Kuala Lumpur Kepong Bhd. | 16,500 | 72,412 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Malayan Banking Bhd. | 32,608 | 61,893 | ||||||
Maxis Bhd. | 276,600 | 279,222 | ||||||
MISC Bhd. | 1,400 | 2,223 | ||||||
Nestle Malaysia Bhd. | 5,500 | 173,303 | ||||||
Petronas Dagangan Bhd. | 6,700 | 29,209 | ||||||
Petronas Gas Bhd. | 90,200 | 325,746 | ||||||
PPB Group Bhd. | 75,660 | 324,513 | ||||||
Press Metal Aluminium Holdings Bhd. | 122,200 | 139,575 | ||||||
RHB Bank Bhd. | 76,200 | 92,271 | ||||||
Supermax Corp. Bhd. | 227,200 | 176,053 | ||||||
Telekom Malaysia Bhd. | 195,300 | 274,910 | ||||||
Tenaga Nasional Bhd. | 243,200 | 555,556 | ||||||
Top Glove Corp. Bhd. | 356,000 | 335,298 | ||||||
|
| |||||||
3,692,580 | ||||||||
|
| |||||||
Mexico — 5.1% |
| |||||||
Alfa SAB de CV, Class A | 374,808 | 283,559 | ||||||
Alpek SAB de CV | 17,446 | 21,638 | ||||||
America Movil SAB de CV, Series L | 459,795 | 384,582 | ||||||
Arca Continental SAB de CV | 70,545 | 430,544 | ||||||
Cemex SAB de CV* | 777,432 | 632,686 | ||||||
Coca-Cola Femsa SAB de CV | 54,246 | 306,571 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 14,904 | 70,603 | ||||||
Fibra Uno Administracion SA de CV, REIT | 169,527 | 184,462 | ||||||
Fomento Economico Mexicano SAB de CV | 17,618 | 153,565 | ||||||
Gruma SAB de CV, Class B | 32,757 | 353,171 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV* | 26,609 | 162,117 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | 28,315 | 323,899 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 26,135 | 472,882 | ||||||
Grupo Bimbo SAB de CV, Series A | 158,583 | 364,228 | ||||||
Grupo Carso SAB de CV, Series A1 | 32,928 | 106,759 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 104,788 | 677,908 | ||||||
Grupo Mexico SAB de CV, Series B | 181,328 | 830,568 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 206,776 | 335,308 | ||||||
Megacable Holdings SAB de CV | 79,251 | 279,083 | ||||||
Orbia Advance Corp. SAB de CV | 100,588 | 274,130 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 27,727 | 209,405 | ||||||
Qualitas Controladora SAB de CV | 21,482 | 104,376 | ||||||
Wal-Mart de Mexico SAB de CV | 300,504 | 989,993 | ||||||
|
| |||||||
7,952,037 | ||||||||
|
| |||||||
Pakistan — 0.0%(c) |
| |||||||
Oil & Gas Development Co. Ltd. | 86,499 | 49,672 | ||||||
|
| |||||||
Philippines — 0.5% |
| |||||||
Globe Telecom, Inc. | 4,240 | 157,775 | ||||||
JG Summit Holdings, Inc. | 39,901 | 44,703 | ||||||
Manila Electric Co. | 33,640 | 178,576 | ||||||
Metro Pacific Investments Corp. | 2,200,200 | 154,053 | ||||||
PLDT, Inc. | 8,765 | 215,047 | ||||||
Puregold Price Club, Inc. | 44,700 | 36,039 | ||||||
San Miguel Corp. | 22,770 | 47,376 | ||||||
|
| |||||||
833,569 | ||||||||
|
| |||||||
Qatar — 1.5% |
| |||||||
Barwa Real Estate Co. | 11,004 | 9,238 | ||||||
Commercial Bank PSQC (The) | 86,440 | 130,574 | ||||||
Industries Qatar QSC | 151,517 | 555,548 | ||||||
Masraf Al Rayan QSC | 195,273 | 231,950 | ||||||
Ooredoo QPSC | 78,512 | 152,665 | ||||||
Qatar Electricity & Water Co. QSC | 45,216 | 204,906 | ||||||
Qatar Fuel QSC | 32,693 | 161,129 | ||||||
Qatar Gas Transport Co. Ltd. | 459,469 | 382,498 | ||||||
Qatar International Islamic Bank QSC | 35,682 | 90,278 | ||||||
Qatar National Bank QPSC | 60,610 | 302,967 | ||||||
United Development Co. QSC | 77,640 | 31,133 | ||||||
|
| |||||||
2,252,886 | ||||||||
|
| |||||||
Russia — 5.9% |
| |||||||
Federal Grid Co. Unified Energy System PJSC | 115,439,538 | 317,334 | ||||||
Inter RAO UES PJSC | 5,808,232 | 345,606 | ||||||
LUKOIL PJSC | 15,852 | 1,361,140 | ||||||
M.Video PJSC | 9,687 | 84,936 | ||||||
Magnit PJSC | 7,011 | 513,128 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 315,595 | 296,347 | ||||||
MMC Norilsk Nickel PJSC | 2,788 | 963,632 | ||||||
Mobile TeleSystems PJSC | 104,993 | 451,977 | ||||||
Novolipetsk Steel PJSC | 135,381 | 478,512 | ||||||
Polyus PJSC | 1,634 | 313,177 | ||||||
ROSSETI PJSC | 10,683,949 | 194,714 | ||||||
Rostelecom PJSC | 225,393 | 286,726 | ||||||
RusHydro PJSC | 32,328,266 | 356,373 | ||||||
Sberbank of Russia PJSC | 472,155 | 1,973,974 | ||||||
Severstal PAO | 17,577 | 429,940 | ||||||
Sistema PJSFC | 758,372 | 305,818 | ||||||
Surgutneftegas PJSC (Preference) | 567,015 | 295,982 | ||||||
Tatneft PJSC | 15,047 | 100,462 | ||||||
Unipro PJSC | 3,386,841 | 126,999 | ||||||
|
| |||||||
9,196,777 | ||||||||
|
| |||||||
Saudi Arabia — 3.7% |
| |||||||
Abdullah Al Othaim Markets Co. | 5,005 | 157,489 | ||||||
Al Rajhi Bank | 35,166 | 1,040,395 | ||||||
Almarai Co. JSC | 21,180 | 332,262 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 6,683 | 304,142 | ||||||
Etihad Etisalat Co. | 50,805 | 436,355 | ||||||
Jarir Marketing Co. | 8,091 | 434,002 | ||||||
Mobile Telecommunications Co. Saudi Arabia* | 101,061 | 382,644 | ||||||
Mouwasat Medical Services Co. | 2,301 | 110,687 | ||||||
Saudi Airlines Catering Co.* | 5,529 | 114,176 | ||||||
Saudi Cement Co. | 16,322 | 282,449 | ||||||
Saudi Ground Services Co.* | 20,416 | 190,529 | ||||||
Saudi Industrial Investment Group | 23,235 | 228,948 | ||||||
Saudi Telecom Co. | 32,286 | 1,152,546 | ||||||
Savola Group (The) | 8,915 | 101,977 | ||||||
Seera Group Holding* | 32,104 | 183,358 | ||||||
Yanbu Cement Co. | 21,605 | 268,854 | ||||||
|
| |||||||
5,720,813 | ||||||||
|
|
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
South Africa — 6.2% |
| |||||||
African Rainbow Minerals Ltd. | 20,688 | 422,112 | ||||||
Anglo American Platinum Ltd. | 3,425 | 448,232 | ||||||
AVI Ltd. | 45,105 | 223,382 | ||||||
Barloworld Ltd. | 45,144 | 333,020 | ||||||
Bid Corp. Ltd.* | 4,300 | 94,384 | ||||||
Bidvest Group Ltd. (The) | 23,112 | 315,298 | ||||||
Capitec Bank Holdings Ltd. | 2,492 | 276,690 | ||||||
Clicks Group Ltd. | 14,913 | 269,816 | ||||||
Exxaro Resources Ltd. | 18,050 | 223,370 | ||||||
Foschini Group Ltd. (The)* | 44,412 | 468,802 | ||||||
Kumba Iron Ore Ltd. | 5,635 | 298,961 | ||||||
Mr Price Group Ltd. | 28,803 | 428,568 | ||||||
MultiChoice Group | 48,489 | 402,309 | ||||||
Naspers Ltd., Class N | 12,127 | 2,340,272 | ||||||
Nedbank Group Ltd.* | 18,028 | 208,434 | ||||||
Netcare Ltd.* | 97,493 | 101,411 | ||||||
Pick n Pay Stores Ltd. | 53,536 | 190,967 | ||||||
Shoprite Holdings Ltd. | 40,145 | 439,502 | ||||||
Sibanye Stillwater Ltd. | 130,173 | 567,319 | ||||||
SPAR Group Ltd. (The) | 18,674 | 234,163 | ||||||
Telkom SA SOC Ltd.* | 23,365 | 67,585 | ||||||
Tiger Brands Ltd. | 19,956 | 262,879 | ||||||
Truworths International Ltd. | 84,069 | 354,609 | ||||||
Vodacom Group Ltd. | 55,828 | 497,798 | ||||||
Woolworths Holdings Ltd.* | 75,379 | 287,647 | ||||||
|
| |||||||
9,757,530 | ||||||||
|
| |||||||
Taiwan — 12.8% |
| |||||||
Accton Technology Corp.* | 38,000 | 444,855 | ||||||
Asia Cement Corp.* | 175,000 | 324,851 | ||||||
Capital Securities Corp. | 350,000 | 200,790 | ||||||
Cheng Shin Rubber Industry Co. Ltd.* | 259,000 | 400,288 | ||||||
Chicony Electronics Co. Ltd. | 83,551 | 241,036 | ||||||
China Airlines Ltd.* | 343,000 | 211,954 | ||||||
China Motor Corp. | 42,000 | 99,784 | ||||||
China Steel Corp.* | 123,000 | 160,413 | ||||||
Chunghwa Telecom Co. Ltd.* | 224,000 | 924,328 | ||||||
CTBC Financial Holding Co. Ltd.* | 1,067,395 | 874,093 | ||||||
E.Sun Financial Holding Co. Ltd.* | 621,938 | 589,873 | ||||||
Eclat Textile Co. Ltd.* | 22,000 | 480,326 | ||||||
Far Eastern New Century Corp. | 358,000 | 379,380 | ||||||
Far EasTone Telecommunications Co. Ltd. | 140,000 | 303,426 | ||||||
Feng TAY Enterprise Co. Ltd. | 35,000 | 289,578 | ||||||
First Financial Holding Co. Ltd. | 540,340 | 439,841 | ||||||
Formosa Chemicals & Fibre Corp. | 102,000 | 300,358 | ||||||
Formosa Petrochemical Corp. | 74,000 | 257,843 | ||||||
Formosa Plastics Corp. | 85,000 | 304,051 | ||||||
Formosa Taffeta Co. Ltd.* | 177,000 | 206,217 | ||||||
Fubon Financial Holding Co. Ltd. | 167,000 | 448,923 | ||||||
Giant Manufacturing Co. Ltd. | 28,000 | 322,461 | ||||||
Globalwafers Co. Ltd. | 11,000 | 334,215 | ||||||
Hotai Motor Co. Ltd. | 19,000 | 402,203 | ||||||
Lite-On Technology Corp. | 148,000 | 340,168 | ||||||
Mega Financial Holding Co. Ltd. | 555,233 | 657,597 | ||||||
momo.com, Inc. | 9,400 | 524,370 | ||||||
Nan Ya Plastics Corp. | 324,000 | 1,011,159 | ||||||
Nien Made Enterprise Co. Ltd. | 27,000 | 453,311 | ||||||
Novatek Microelectronics Corp.* | 8,000 | 147,163 | ||||||
Pou Chen Corp. | 343,000 | 433,819 | ||||||
President Chain Store Corp. | 51,000 | 512,263 | ||||||
Realtek Semiconductor Corp.* | 31,000 | 654,528 | ||||||
SinoPac Financial Holdings Co. Ltd.* | 528,580 | 266,102 | ||||||
Synnex Technology International Corp. | 11,200 | 21,273 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 501,618 | 392,133 | ||||||
Taiwan Fertilizer Co. Ltd. | 176,000 | 377,217 | ||||||
Taiwan Mobile Co. Ltd.* | 149,000 | 554,121 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 144,000 | 3,009,528 | ||||||
Uni-President Enterprises Corp. | 310,000 | 813,016 | ||||||
Yuanta Financial Holding Co. Ltd. | 803,291 | 730,600 | ||||||
Yulon Motor Co. Ltd. | 112,000 | 160,331 | ||||||
|
| |||||||
19,999,786 | ||||||||
|
| |||||||
Thailand — 2.8% |
| |||||||
Advanced Info Service PCL | 91,900 | 502,113 | ||||||
Bangkok Bank PCL, NVDR | 13,300 | 41,488 | ||||||
Bangkok Bank PCL | 6,800 | 20,992 | ||||||
Bangkok Dusit Medical Services PCL, Class F | 225,700 | 154,594 | ||||||
Bumrungrad Hospital PCL | 29,500 | 107,790 | ||||||
Carabao Group PCL, NVDR | 47,900 | 211,375 | ||||||
Charoen Pokphand Foods PCL | 293,100 | 231,858 | ||||||
Digital Telecommunications Infrastructure Fund, Class F | 295,100 | 111,333 | ||||||
Electricity Generating PCL | 42,600 | 221,863 | ||||||
Global Power Synergy PCL, NVDR | 93,400 | 218,325 | ||||||
Home Product Center PCL | 671,200 | 271,930 | ||||||
Intouch Holdings PCL, NVDR | 164,500 | 322,904 | ||||||
Krung Thai Bank PCL | 415,900 | 127,696 | ||||||
PTT Exploration & Production PCL | 130,000 | 407,149 | ||||||
Ratch Group PCL | 160,600 | 207,643 | ||||||
Siam Commercial Bank PCL (The) | 158,900 | 452,196 | ||||||
Sri Trang Gloves Thailand PCL, NVDR | 268,300 | 306,115 | ||||||
Thai Union Group PCL, Class F | 441,600 | 298,448 | ||||||
Total Access Communication PCL, NVDR | 116,200 | 133,548 | ||||||
Total Access Communication PCL | 37,800 | 44,278 | ||||||
|
| |||||||
4,393,638 | ||||||||
|
| |||||||
Turkey — 2.8% |
| |||||||
Anadolu Efes Biracilik ve Malt Sanayii A/S | 81,092 | 213,846 | ||||||
Arcelik A/S | 96,746 | 379,013 | ||||||
Aselsan Elektronik Sanayi ve Ticaret A/S | 160,692 | 295,791 | ||||||
BIM Birlesik Magazalar A/S | 50,470 | 379,753 | ||||||
Coca-Cola Icecek A/S | 34,370 | 345,661 | ||||||
Enerjisa Enerji A/S(a) | 216,068 | 261,646 | ||||||
Enka Insaat ve Sanayi A/S | 176,217 | 193,659 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 162,206 | 385,335 | ||||||
Ford Otomotiv Sanayi A/S | 18,173 | 372,176 | ||||||
Haci Omer Sabanci Holding A/S | 156,292 | 175,687 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Koza Altin Isletmeleri A/S* | 15,201 | 188,145 | ||||||
Tofas Turk Otomobil Fabrikasi A/S | 62,902 | 244,710 | ||||||
Turk Telekomunikasyon A/S | 317,935 | 246,017 | ||||||
Turkcell Iletisim Hizmetleri A/S | 198,544 | 363,178 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S | 404,966 | 364,786 | ||||||
|
| |||||||
4,409,403 | ||||||||
|
| |||||||
United Arab Emirates — 1.7% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 176,563 | 337,441 | ||||||
Abu Dhabi Islamic Bank PJSC | 40,405 | 60,787 | ||||||
Aldar Properties PJSC | 265,070 | 286,094 | ||||||
Dubai Islamic Bank PJSC | 72,339 | 95,108 | ||||||
Emaar Malls PJSC* | 89,249 | 46,079 | ||||||
Emirates NBD Bank PJSC | 105,359 | 384,360 | ||||||
Emirates Telecommunications Group Co. PJSC | 122,019 | 757,397 | ||||||
First Abu Dhabi Bank PJSC | 148,500 | 670,305 | ||||||
|
| |||||||
2,637,571 | ||||||||
|
| |||||||
United States — 0.4% |
| |||||||
JBS SA | 91,107 | 561,520 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 155,936,723 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.1% |
| |||||||
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(d)(e) | 227,102 | 227,102 | ||||||
|
| |||||||
Total Investments — 99.9% |
| 156,163,825 | ||||||
Other Assets Less Liabilities — 0.1% |
| 197,902 | ||||||
|
| |||||||
Net Assets — 100.0% |
| 156,361,727 | ||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, July 31, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS | |||
Banks | 13.5 | % | ||
Metals & Mining | 8.8 | |||
Oil, Gas & Consumable Fuels | 5.7 | |||
Food Products | 4.5 | |||
Wireless Telecommunication Services | 4.2 | |||
Electric Utilities | 3.9 | |||
Diversified Telecommunication Services | 3.8 | |||
IT Services | 3.5 | |||
Beverages | 3.0 | |||
Independent Power and Renewable Electricity Producers | 2.9 | |||
Textiles, Apparel & Luxury Goods | 2.9 | |||
Food & Staples Retailing | 2.7 | |||
Chemicals | 2.7 | |||
Semiconductors & Semiconductor Equipment | 2.7 | |||
Pharmaceuticals | 2.3 | |||
Specialty Retail | 2.0 | |||
Industrial Conglomerates | 1.9 | |||
Internet & Direct Marketing Retail | 1.8 | |||
Construction Materials | 1.8 | |||
Machinery | 1.8 | |||
Automobiles | 1.7 | |||
Transportation Infrastructure | 1.6 | |||
Health Care Equipment & Supplies | 1.5 | |||
Gas Utilities | 1.4 | |||
Insurance | 1.2 | |||
Household Products | 1.2 | |||
Health Care Providers & Services | 1.1 | |||
Real Estate Management & Development | 1.0 | |||
Others (each less than 1.0%) | 12.8 | |||
Short-Term Investments | 0.1 |
Abbreviations
ADR | American Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depository Receipt | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
PT | Limited liability company | |
REIT | Real Estate Investment Trust |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at July 31, 2021. The total value of securities on loan at July 31, 2021 is $214,729. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of July 31, 2021. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Futures contracts outstanding as of July 31, 2021:
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
MSCI Emerging Markets E-Mini Index | 4 | 09/2021 | USD | 255,560 | (7,858 | ) | ||||||||||||
|
|
Abbreviations
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Bahrain | $ | — | $ | 209,166 | $ | — | $ | 209,166 | ||||||||
Brazil | 16,689,430 | — | — | 16,689,430 | ||||||||||||
Chile | 2,042,455 | — | — | 2,042,455 | ||||||||||||
China | 1,334,731 | 35,719,504 | 138,443 | 37,192,678 | ||||||||||||
Colombia | 355,150 | — | — | 355,150 | ||||||||||||
Czech Republic | 188,467 | 111,793 | — | 300,260 | ||||||||||||
Egypt | — | 339,012 | — | 339,012 | ||||||||||||
Greece | — | 1,549,837 | — | 1,549,837 | ||||||||||||
Hong Kong | — | 514,262 | — | 514,262 | ||||||||||||
Hungary | 87,654 | 973,175 | — | 1,060,829 | ||||||||||||
India | — | 16,659,444 | — | 16,659,444 | ||||||||||||
Indonesia | — | 5,011,452 | — | 5,011,452 | ||||||||||||
Kuwait | 2,388,091 | 166,875 | — | 2,554,966 | ||||||||||||
Malaysia | 2,406,435 | 1,286,145 | — | 3,692,580 | ||||||||||||
Mexico | 7,952,037 | — | — | 7,952,037 | ||||||||||||
Pakistan | — | 49,672 | — | 49,672 | ||||||||||||
Philippines | 285,893 | 547,676 | — | 833,569 | ||||||||||||
Qatar | 1,284,273 | 968,613 | — | 2,252,886 | ||||||||||||
Russia | 9,196,777 | — | — | 9,196,777 | ||||||||||||
Saudi Arabia | 1,140,957 | 4,579,856 | — | 5,720,813 | ||||||||||||
South Africa | 5,079,830 | 4,677,700 | — | 9,757,530 | ||||||||||||
Taiwan | 1,078,491 | 18,921,295 | — | 19,999,786 | ||||||||||||
Thailand | 3,445,006 | 948,632 | — | 4,393,638 | ||||||||||||
Turkey | 1,938,562 | 2,470,841 | — | 4,409,403 | ||||||||||||
United Arab Emirates | 1,392,106 | 1,245,465 | — | 2,637,571 | ||||||||||||
United States | 561,520 | — | — | 561,520 | ||||||||||||
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Total Common Stocks | 58,847,865 | 96,950,415 | 138,443 | 155,936,723 | ||||||||||||
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Short-Term Investments | ||||||||||||||||
Investment of Cash Collateral from Securities Loaned | 227,102 | — | — | 227,102 | ||||||||||||
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Total Investments in Securities | $ | 59,074,967 | $ | 96,950,415 | $ | 138,443 | $ | 156,163,825 | ||||||||
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Depreciation in Other Financial Instruments |
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Futures Contracts | $ | (7,858 | ) | $ | — | $ | — | $ | (7,858 | ) | ||||||
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There were no significant transfers into or out of level 3 for the period ended July 31, 2021.
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.
For the period ended July 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at July 31, 2021 | Shares at July 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b) | $ | 137,511 | $ | 5,148,725 | $ | 5,059,134 | $ | — | $ | — | $ | 227,102 | 227,102 | $ | 54 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares(a) | — | 343,252 | 343,252 | — | — | — | — | 2 | — | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | — | 285,280 | 285,280 | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Total | $ | 137,511 | $ | 5,777,257 | $ | 5,687,666 | $ | — | $ | — | $ | 227,102 | $ | 56 | $ | — | ||||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of July 31, 2021. |