JPMorgan BetaBuilders Europe ETF
Schedule of Portfolio Investments as of July 31, 2023
(Unaudited)
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2023. |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.1% | ||
Australia — 1.5% | ||
Flutter Entertainment plc * | 89,781 | 17,857,400 |
Glencore plc | 5,912,864 | 35,958,707 |
Rio Tinto plc | 622,684 | 41,158,042 |
94,974,149 | ||
Austria — 0.4% | ||
ANDRITZ AG | 42,029 | 2,219,045 |
BAWAG Group AG (a) | 48,628 | 2,369,032 |
Erste Group Bank AG | 209,611 | 7,922,431 |
EVN AG | 22,007 | 521,652 |
Mondi plc | 284,910 | 4,997,492 |
OMV AG | 84,693 | 3,815,765 |
Raiffeisen Bank International AG * | 79,175 | 1,280,214 |
Strabag SE | 6,560 | 275,265 |
Telekom Austria AG | 81,995 | 623,862 |
Verbund AG | 19,190 | 1,590,025 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 21,191 | 566,775 |
voestalpine AG | 64,681 | 2,137,407 |
28,318,965 | ||
Belgium — 1.4% | ||
Ackermans & van Haaren NV | 13,075 | 2,276,566 |
Ageas SA | 104,800 | 4,436,526 |
Anheuser-Busch InBev SA | 581,090 | 33,241,637 |
Azelis Group NV | 41,274 | 1,067,171 |
D'ieteren Group | 12,964 | 2,264,114 |
Elia Group SA/NV | 21,326 | 2,625,764 |
Etablissements Franz Colruyt NV | 33,015 | 1,258,335 |
Groupe Bruxelles Lambert NV | 56,880 | 4,602,294 |
KBC Group NV | 198,378 | 14,930,880 |
Sofina SA | 9,292 | 2,209,384 |
Solvay SA | 42,841 | 5,145,131 |
UCB SA | 74,008 | 6,553,204 |
Umicore SA | 121,292 | 3,592,080 |
Warehouses De Pauw CVA, REIT | 91,087 | 2,691,372 |
86,894,458 | ||
Brazil — 0.1% | ||
Yara International ASA | 95,822 | 3,913,563 |
Chile — 0.1% | ||
Antofagasta plc | 202,738 | 4,360,851 |
China — 0.9% | ||
Prosus NV * | 682,274 | 53,972,926 |
Denmark — 4.4% | ||
AP Moller - Maersk A/S, Class A | 1,715 | 3,448,223 |
AP Moller - Maersk A/S, Class B | 3,286 | 6,750,125 |
Carlsberg A/S, Class B | 55,588 | 8,337,208 |
Chr Hansen Holding A/S | 60,179 | 4,547,347 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Denmark — continued | ||
Coloplast A/S, Class B | 69,552 | 8,645,764 |
Danske Bank A/S | 399,885 | 9,495,294 |
Demant A/S * | 55,407 | 2,204,911 |
DSV A/S | 105,511 | 21,116,974 |
Genmab A/S * | 38,785 | 15,987,168 |
Novo Nordisk A/S, Class B | 947,868 | 152,845,839 |
Novozymes A/S, Class B | 122,817 | 6,159,681 |
Orsted A/S (a) | 111,049 | 9,663,428 |
Pandora A/S | 52,274 | 5,229,070 |
Tryg A/S (b) | 205,089 | 4,049,240 |
Vestas Wind Systems A/S * | 592,593 | 15,849,774 |
274,330,046 | ||
Finland — 1.7% | ||
Elisa OYJ | 88,412 | 4,612,050 |
Fortum OYJ | 258,029 | 3,493,003 |
Huhtamaki OYJ | 56,178 | 1,996,990 |
Kesko OYJ, Class A | 55,325 | 1,108,249 |
Kesko OYJ, Class B | 160,213 | 3,205,653 |
Kone OYJ, Class B | 236,767 | 12,144,441 |
Metso OYJ | 413,482 | 4,698,840 |
Neste OYJ | 252,646 | 9,301,186 |
Nokia OYJ | 3,140,534 | 12,345,246 |
Nordea Bank Abp | 1,861,998 | 21,074,735 |
Orion OYJ, Class A | 17,119 | 667,699 |
Orion OYJ, Class B | 62,644 | 2,407,478 |
Sampo OYJ, Class A | 279,010 | 12,295,028 |
Stora Enso OYJ, Class A (b) | 30,131 | 389,266 |
Stora Enso OYJ, Class R | 359,287 | 4,404,591 |
UPM-Kymmene OYJ | 313,452 | 10,377,669 |
Wartsila OYJ Abp | 284,665 | 3,576,203 |
108,098,327 | ||
France — 15.3% | ||
Adevinta ASA * | 157,540 | 1,165,331 |
Aeroports de Paris | 16,361 | 2,259,324 |
Air Liquide SA | 307,203 | 55,233,242 |
Airbus SE | 361,742 | 53,284,604 |
Alstom SA | 183,033 | 5,604,515 |
Amundi SA (a) | 35,759 | 2,194,367 |
AXA SA | 1,144,453 | 35,179,159 |
BioMerieux | 28,477 | 3,056,988 |
BNP Paribas SA | 666,697 | 43,967,224 |
Bollore SE | 537,031 | 3,395,497 |
Bouygues SA | 121,097 | 4,337,882 |
Bureau Veritas SA (b) | 169,930 | 4,666,921 |
Capgemini SE | 92,681 | 16,795,519 |
Carrefour SA | 344,105 | 6,879,050 |
Cie de Saint-Gobain | 302,570 | 20,463,215 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
France — continued | ||
Cie Generale des Etablissements Michelin SCA | 419,192 | 13,727,304 |
Credit Agricole SA | 799,170 | 9,921,993 |
Danone SA | 373,772 | 22,825,039 |
Dassault Aviation SA | 13,669 | 2,655,358 |
Dassault Systemes SE | 407,519 | 17,416,813 |
Edenred | 146,267 | 9,500,092 |
Eiffage SA | 46,188 | 4,805,286 |
Engie SA | 1,086,162 | 17,818,841 |
EssilorLuxottica SA | 178,629 | 35,935,735 |
Gecina SA, REIT | 31,985 | 3,457,980 |
Getlink SE | 235,691 | 4,142,825 |
Hermes International | 20,464 | 45,292,238 |
Ipsen SA | 23,842 | 3,004,733 |
Kering SA | 42,183 | 24,220,007 |
Legrand SA | 156,690 | 15,708,904 |
L'Oreal SA | 148,007 | 68,839,445 |
LVMH Moet Hennessy Louis Vuitton SE | 153,223 | 142,308,610 |
Orange SA | 1,108,793 | 12,533,618 |
Pernod Ricard SA | 119,500 | 26,346,365 |
Publicis Groupe SA | 138,978 | 11,205,160 |
Safran SA | 205,534 | 34,121,337 |
Sartorius Stedim Biotech | 14,181 | 4,436,827 |
Societe Generale SA | 441,065 | 11,995,523 |
Sodexo SA | 49,130 | 5,039,628 |
Teleperformance | 34,874 | 5,058,082 |
Thales SA | 61,820 | 9,247,645 |
TotalEnergies SE | 1,373,880 | 83,472,172 |
Veolia Environnement SA | 394,852 | 12,855,964 |
Vinci SA | 311,806 | 36,620,794 |
Vivendi SE | 472,369 | 4,217,475 |
Worldline SA * (a) | 146,964 | 5,825,564 |
963,040,195 | ||
Germany — 12.1% | ||
adidas AG | 105,022 | 21,202,366 |
Allianz SE (Registered) | 236,823 | 56,600,541 |
BASF SE | 539,123 | 28,902,932 |
Bayer AG (Registered) | 576,534 | 33,717,694 |
Bayerische Motoren Werke AG | 187,083 | 22,814,759 |
Bayerische Motoren Werke AG (Preference) | 35,589 | 3,998,462 |
Beiersdorf AG | 57,920 | 7,500,953 |
Brenntag SE | 90,706 | 7,037,388 |
Carl Zeiss Meditec AG | 21,669 | 2,511,019 |
Commerzbank AG | 617,363 | 7,384,576 |
Continental AG | 63,388 | 5,060,874 |
Covestro AG * (a) | 113,437 | 6,093,708 |
Daimler Truck Holding AG | 304,508 | 11,428,280 |
Deutsche Bank AG (Registered) | 1,213,008 | 13,446,359 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Germany — continued | ||
Deutsche Boerse AG | 111,650 | 21,392,309 |
Deutsche Lufthansa AG (Registered) * | 350,800 | 3,538,259 |
Deutsche Telekom AG (Registered) | 2,048,874 | 44,667,978 |
Deutsche Wohnen SE | 30,692 | 770,002 |
DHL Group | 581,759 | 29,915,921 |
E.ON SE | 1,317,702 | 16,669,358 |
Evonik Industries AG | 120,423 | 2,494,322 |
Fresenius SE & Co. KGaA | 241,397 | 7,575,559 |
GEA Group AG | 96,352 | 4,089,354 |
Hannover Rueck SE | 35,193 | 7,509,273 |
Heidelberg Materials AG | 85,103 | 6,897,418 |
Henkel AG & Co. KGaA | 57,848 | 4,042,550 |
Henkel AG & Co. KGaA (Preference) | 104,666 | 8,076,693 |
Infineon Technologies AG | 766,772 | 33,688,502 |
Mercedes-Benz Group AG | 458,596 | 36,624,819 |
Merck KGaA | 75,999 | 13,354,921 |
MTU Aero Engines AG | 31,562 | 7,370,090 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 80,158 | 30,175,140 |
Porsche Automobil Holding SE (Preference) | 89,599 | 5,286,868 |
Puma SE | 60,096 | 4,061,363 |
RWE AG | 397,516 | 17,108,553 |
SAP SE | 641,932 | 87,566,983 |
Sartorius AG (Preference) (b) | 15,815 | 6,524,942 |
Siemens AG (Registered) | 441,330 | 75,221,267 |
Siemens Energy AG * | 291,092 | 4,931,572 |
Siemens Healthineers AG (a) | 165,566 | 9,619,932 |
Symrise AG | 78,159 | 8,537,449 |
Talanx AG | 31,016 | 1,899,415 |
Telefonica Deutschland Holding AG | 541,224 | 1,458,264 |
Volkswagen AG (Preference) | 107,704 | 14,268,154 |
Vonovia SE | 467,263 | 10,887,224 |
Zalando SE * (a) | 131,507 | 4,540,238 |
758,464,603 | ||
Hong Kong — 0.3% | ||
Prudential plc | 1,613,903 | 22,411,192 |
Ireland — 0.8% | ||
CRH plc | 436,799 | 26,020,514 |
Kerry Group plc, Class A | 91,669 | 9,107,390 |
Kingspan Group plc | 90,669 | 7,277,411 |
Smurfit Kappa Group plc | 152,921 | 6,051,238 |
48,456,553 | ||
Italy — 3.7% | ||
A2A SpA | 919,416 | 1,754,208 |
Amplifon SpA | 54,510 | 1,844,187 |
Assicurazioni Generali SpA | 707,954 | 15,079,787 |
Banca Mediolanum SpA | 126,400 | 1,228,219 |
Banco BPM SpA | 889,169 | 4,449,443 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Italy — continued | ||
Buzzi SpA | 55,630 | 1,580,886 |
Coca-Cola HBC AG | 119,504 | 3,516,162 |
Davide Campari-Milano NV | 313,775 | 4,219,923 |
DiaSorin SpA | 15,335 | 1,720,467 |
Enel SpA | 4,535,431 | 31,272,697 |
Eni SpA | 1,467,364 | 22,402,051 |
Ferrari NV | 75,215 | 24,112,921 |
FinecoBank Banca Fineco SpA | 358,548 | 5,567,259 |
Hera SpA | 463,325 | 1,438,642 |
Infrastrutture Wireless Italiane SpA (a) | 208,569 | 2,615,622 |
Intesa Sanpaolo SpA | 9,658,249 | 27,928,441 |
Leonardo SpA | 237,481 | 3,215,343 |
Mediobanca Banca di Credito Finanziario SpA | 373,877 | 4,982,507 |
Moncler SpA | 122,556 | 8,845,313 |
Nexi SpA * (a) | 500,391 | 4,333,387 |
Pirelli & C SpA (a) (b) | 234,609 | 1,250,706 |
Poste Italiane SpA (a) | 268,552 | 3,067,801 |
Prysmian SpA | 157,539 | 6,281,888 |
Recordati Industria Chimica e Farmaceutica SpA | 58,926 | 3,042,942 |
Snam SpA | 1,203,514 | 6,326,588 |
Telecom Italia SpA * | 5,938,505 | 1,711,904 |
Telecom Italia SpA * | 3,540,051 | 992,578 |
Terna - Rete Elettrica Nazionale | 825,742 | 6,976,696 |
UniCredit SpA | 1,136,006 | 28,763,964 |
UnipolSai Assicurazioni SpA | 249,342 | 640,745 |
231,163,277 | ||
Jordan — 0.0% ^ | ||
Hikma Pharmaceuticals plc | 104,264 | 2,799,997 |
Luxembourg — 0.2% | ||
ArcelorMittal SA | 325,182 | 9,404,842 |
Eurofins Scientific SE | 76,029 | 5,229,016 |
14,633,858 | ||
Mexico — 0.0% ^ | ||
Fresnillo plc | 107,936 | 855,420 |
Netherlands — 8.4% | ||
Adyen NV * (a) | 18,215 | 33,807,319 |
Aegon NV | 829,684 | 4,503,759 |
Akzo Nobel NV | 100,124 | 8,565,407 |
Argenx SE * | 31,688 | 15,959,328 |
Argenx SE * | 2,590 | 1,307,666 |
ASM International NV | 27,294 | 12,966,838 |
ASML Holding NV | 236,736 | 169,566,614 |
EXOR NV | 67,888 | 6,343,831 |
Ferrovial SE | 290,449 | 9,625,169 |
HAL Trust | 51,983 | 6,476,648 |
Heineken Holding NV | 64,439 | 5,282,397 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Netherlands — continued | ||
Heineken NV | 138,725 | 13,578,608 |
ING Groep NV | 2,124,490 | 31,010,473 |
JDE Peet's NV | 76,650 | 2,312,552 |
Koninklijke Ahold Delhaize NV | 572,606 | 19,736,943 |
Koninklijke KPN NV | 1,872,195 | 6,774,081 |
Koninklijke Philips NV * | 522,165 | 10,847,264 |
NN Group NV | 173,376 | 6,646,359 |
Randstad NV | 73,648 | 4,314,705 |
Shell plc | 4,173,368 | 126,485,499 |
Universal Music Group NV | 448,944 | 11,515,369 |
Wolters Kluwer NV | 150,987 | 18,960,354 |
526,587,183 | ||
Norway — 1.1% | ||
Aker ASA, Class A | 14,047 | 893,210 |
Aker BP ASA | 181,914 | 5,095,881 |
AutoStore Holdings Ltd. * (b) (c) | 583,744 | 1,455,790 |
DNB Bank ASA | 527,818 | 10,877,003 |
Equinor ASA | 615,047 | 18,813,354 |
Gjensidige Forsikring ASA | 111,650 | 1,762,556 |
Kongsberg Gruppen ASA | 52,025 | 2,257,425 |
Mowi ASA | 267,062 | 4,694,926 |
Norsk Hydro ASA | 801,452 | 5,249,048 |
Orkla ASA | 440,657 | 3,477,147 |
Salmar ASA (b) | 39,350 | 1,817,913 |
Schibsted ASA, Class A | 43,651 | 935,148 |
Schibsted ASA, Class B | 58,605 | 1,149,210 |
Storebrand ASA | 277,198 | 2,422,993 |
Telenor ASA | 377,764 | 4,043,942 |
TOMRA Systems ASA | 137,154 | 2,113,645 |
Var Energi ASA (b) | 234,549 | 717,756 |
67,776,947 | ||
Poland — 0.5% | ||
Allegro.eu SA * (a) | 248,112 | 2,187,483 |
Bank Polska Kasa Opieki SA | 103,180 | 3,046,689 |
Dino Polska SA * (a) | 28,420 | 3,164,852 |
ING Bank Slaski SA * | 19,321 | 962,100 |
KGHM Polska Miedz SA | 79,958 | 2,472,825 |
LPP SA | 635 | 2,184,364 |
ORLEN SA * | 313,650 | 5,590,362 |
Powszechna Kasa Oszczednosci Bank Polski SA | 506,328 | 5,137,220 |
Powszechny Zaklad Ubezpieczen SA | 334,359 | 3,381,355 |
Santander Bank Polska SA * | 19,654 | 1,949,907 |
30,077,157 | ||
Portugal — 0.3% | ||
EDP - Energias de Portugal SA | 1,817,533 | 8,491,226 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Portugal — continued | ||
Galp Energia SGPS SA | 262,115 | 3,483,409 |
Jeronimo Martins SGPS SA | 162,391 | 4,421,222 |
16,395,857 | ||
Russia — 0.0% ^ | ||
Evraz plc ‡ * | 453,755 | 23,840 |
Singapore — 0.3% | ||
STMicroelectronics NV | 385,136 | 20,599,522 |
South Africa — 0.4% | ||
Anglo American plc | 784,909 | 24,137,355 |
South Korea — 0.1% | ||
Delivery Hero SE * (a) | 113,282 | 5,141,839 |
Spain — 3.7% | ||
Acciona SA | 14,702 | 2,203,812 |
ACS Actividades de Construccion y Servicios SA | 127,474 | 4,458,880 |
Aena SME SA (a) | 43,167 | 6,893,433 |
Amadeus IT Group SA | 264,289 | 18,959,068 |
Banco Bilbao Vizcaya Argentaria SA | 3,539,298 | 28,053,808 |
Banco Santander SA | 9,857,790 | 39,946,544 |
CaixaBank SA | 2,377,787 | 9,618,625 |
Cellnex Telecom SA (a) | 348,212 | 14,220,658 |
Corp. ACCIONA Energias Renovables SA | 33,000 | 1,038,700 |
EDP Renovaveis SA | 172,191 | 3,289,005 |
Endesa SA | 186,601 | 3,999,390 |
Iberdrola SA | 3,443,341 | 42,978,169 |
Industria de Diseno Textil SA | 658,440 | 25,203,648 |
Naturgy Energy Group SA | 107,938 | 3,291,109 |
Redeia Corp. SA | 254,169 | 4,251,145 |
Repsol SA | 779,126 | 11,895,244 |
Telefonica SA (b) | 3,389,631 | 14,442,423 |
234,743,661 | ||
Sweden — 4.8% | ||
Alfa Laval AB | 172,277 | 6,448,936 |
Assa Abloy AB, Class B | 582,122 | 13,995,897 |
Atlas Copco AB, Class A | 1,497,935 | 21,279,492 |
Atlas Copco AB, Class B | 916,334 | 11,315,738 |
Axfood AB | 63,691 | 1,622,770 |
Beijer Ref AB | 197,833 | 2,690,237 |
Boliden AB | 160,476 | 4,719,481 |
Castellum AB (b) | 252,714 | 2,877,937 |
Electrolux AB, Class B | 132,526 | 1,636,861 |
Embracer Group AB * (b) | 537,973 | 1,544,141 |
Epiroc AB, Class A | 367,604 | 7,339,448 |
Epiroc AB, Class B | 228,932 | 3,889,344 |
EQT AB | 194,826 | 4,653,825 |
Essity AB, Class A | 16,669 | 413,119 |
Essity AB, Class B | 353,872 | 8,774,710 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Sweden — continued | ||
Evolution AB (a) | 112,423 | 13,863,180 |
Fastighets AB Balder, Class B * | 382,661 | 1,785,676 |
Getinge AB, Class B | 128,097 | 2,386,835 |
H & M Hennes & Mauritz AB, Class B | 412,942 | 6,945,593 |
Hexagon AB, Class B | 1,249,272 | 12,112,707 |
Holmen AB, Class B | 54,380 | 2,094,757 |
Husqvarna AB, Class B | 243,603 | 2,389,394 |
Industrivarden AB, Class A | 107,090 | 3,041,030 |
Industrivarden AB, Class C (b) | 100,925 | 2,859,285 |
Indutrade AB | 156,064 | 3,275,212 |
Investment AB Latour, Class B | 80,114 | 1,614,428 |
Investor AB, Class A | 329,504 | 6,691,700 |
Investor AB, Class B | 1,069,488 | 21,843,211 |
Kinnevik AB, Class B * | 142,517 | 1,945,173 |
L E Lundbergforetagen AB, Class B | 37,494 | 1,652,340 |
Lifco AB, Class B | 124,344 | 2,507,007 |
Nibe Industrier AB, Class B | 900,212 | 8,108,895 |
Nordnet AB publ | 95,441 | 1,416,085 |
Saab AB, Class B | 47,838 | 2,521,500 |
Sagax AB, Class B | 109,963 | 2,441,801 |
Sagax AB, Class D | 59,106 | 148,591 |
Sandvik AB | 640,460 | 13,009,361 |
Securitas AB, Class B | 295,239 | 2,513,009 |
Skandinaviska Enskilda Banken AB, Class A | 999,125 | 12,111,632 |
Skandinaviska Enskilda Banken AB, Class C | 8,081 | 102,870 |
Skanska AB, Class B | 234,846 | 3,745,653 |
SKF AB, Class A | 8,065 | 154,519 |
SKF AB, Class B | 220,099 | 4,193,423 |
SSAB AB, Class A | 130,385 | 827,351 |
SSAB AB, Class B | 370,442 | 2,266,347 |
Svenska Cellulosa AB SCA, Class A | 18,213 | 241,680 |
Svenska Cellulosa AB SCA, Class B | 352,072 | 4,678,150 |
Svenska Handelsbanken AB, Class A | 901,871 | 7,918,390 |
Svenska Handelsbanken AB, Class B (b) | 20,763 | 226,535 |
Swedbank AB, Class A | 538,090 | 9,869,488 |
Swedish Orphan Biovitrum AB * (b) | 118,298 | 2,315,456 |
Tele2 AB, Class B | 322,821 | 2,429,085 |
Telefonaktiebolaget LM Ericsson, Class A (b) | 32,344 | 175,141 |
Telefonaktiebolaget LM Ericsson, Class B | 1,803,487 | 9,072,398 |
Telia Co. AB | 1,385,011 | 2,976,364 |
Trelleborg AB, Class B | 123,590 | 3,290,293 |
Volvo AB, Class A | 112,296 | 2,546,420 |
Volvo AB, Class B | 932,178 | 20,562,571 |
Volvo Car AB, Class B * (b) | 314,788 | 1,555,997 |
301,628,469 | ||
Switzerland — 9.1% | ||
ABB Ltd. (Registered) | 1,003,293 | 40,259,680 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Switzerland — continued | ||
Alcon, Inc. | 293,443 | 24,969,550 |
Baloise Holding AG (Registered) | 26,759 | 4,141,996 |
Barry Callebaut AG (Registered) | 2,088 | 3,915,003 |
Chocoladefabriken Lindt & Spruengli AG | 611 | 7,472,675 |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 63 | 7,656,735 |
Cie Financiere Richemont SA (Registered) | 306,541 | 49,363,186 |
DSM-Firmenich AG | 121,406 | 13,415,333 |
EMS-Chemie Holding AG (Registered) | 3,934 | 3,283,514 |
Geberit AG (Registered) | 20,718 | 11,757,516 |
Givaudan SA (Registered) | 4,668 | 15,756,707 |
Julius Baer Group Ltd. | 125,711 | 8,903,802 |
Kuehne + Nagel International AG (Registered) | 33,156 | 10,374,380 |
Lonza Group AG (Registered) | 43,751 | 25,420,917 |
Novartis AG (Registered) | 1,410,848 | 147,711,860 |
Partners Group Holding AG | 13,313 | 14,945,629 |
Schindler Holding AG | 23,869 | 5,795,795 |
Schindler Holding AG (Registered) | 12,414 | 2,878,332 |
SGS SA (Registered) | 89,263 | 8,666,995 |
Sika AG (Registered) | 90,388 | 28,132,153 |
Sonova Holding AG (Registered) | 30,323 | 8,452,389 |
Straumann Holding AG (Registered) | 68,412 | 11,320,337 |
Swatch Group AG (The) | 17,127 | 5,481,335 |
Swatch Group AG (The) (Registered) | 32,384 | 1,944,748 |
Swiss Life Holding AG (Registered) | 18,088 | 11,501,328 |
Swisscom AG (Registered) | 14,819 | 9,529,447 |
UBS Group AG (Registered) | 2,173,410 | 48,225,536 |
Zurich Insurance Group AG | 88,310 | 42,697,757 |
573,974,635 | ||
United Arab Emirates — 0.0% ^ | ||
NMC Health plc ‡ * | 23,176 | — |
United Kingdom — 17.8% | ||
3i Group plc | 571,392 | 14,496,892 |
abrdn plc | 1,174,919 | 3,496,524 |
Admiral Group plc | 162,023 | 4,423,717 |
Ashtead Group plc | 263,944 | 19,527,588 |
Associated British Foods plc | 205,242 | 5,401,359 |
AstraZeneca plc | 909,920 | 130,733,917 |
Auto Trader Group plc (a) | 540,772 | 4,484,935 |
Aviva plc | 1,648,465 | 8,212,924 |
B&M European Value Retail SA | 499,673 | 3,549,135 |
BAE Systems plc | 1,793,048 | 21,443,171 |
Barclays plc | 8,670,811 | 17,205,603 |
Barratt Developments plc | 589,615 | 3,451,377 |
Berkeley Group Holdings plc | 66,008 | 3,680,458 |
BP plc | 10,730,507 | 66,576,927 |
British American Tobacco plc | 1,312,323 | 44,130,959 |
British Land Co. plc (The), REIT | 550,590 | 2,389,123 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
United Kingdom — continued | ||
BT Group plc | 4,095,770 | 6,418,018 |
Bunzl plc | 198,309 | 7,350,910 |
Burberry Group plc | 225,483 | 6,436,468 |
Centrica plc | 3,467,394 | 6,144,753 |
CNH Industrial NV | 584,682 | 8,444,545 |
Coca-Cola Europacific Partners plc | 118,455 | 7,508,862 |
Compass Group plc | 1,047,794 | 27,261,141 |
ConvaTec Group plc (a) | 947,976 | 2,539,764 |
Croda International plc | 83,631 | 6,331,972 |
DCC plc | 59,619 | 3,451,868 |
Dechra Pharmaceuticals plc | 66,900 | 3,189,289 |
Diageo plc | 1,368,527 | 59,725,655 |
DS Smith plc | 808,482 | 3,214,404 |
easyJet plc * | 333,868 | 1,939,162 |
Entain plc | 345,524 | 6,154,298 |
Halma plc | 223,043 | 6,405,330 |
Hargreaves Lansdown plc | 206,000 | 2,253,889 |
Hiscox Ltd. | 207,522 | 2,872,409 |
Howden Joinery Group plc | 341,030 | 3,229,199 |
HSBC Holdings plc | 11,917,572 | 98,992,346 |
Imperial Brands plc | 563,079 | 13,302,994 |
Informa plc | 828,367 | 8,059,913 |
InterContinental Hotels Group plc | 109,977 | 8,128,095 |
Intermediate Capital Group plc | 172,748 | 3,117,763 |
Intertek Group plc | 94,618 | 5,300,357 |
ITV plc | 2,131,197 | 1,979,210 |
J Sainsbury plc | 1,038,690 | 3,698,242 |
JD Sports Fashion plc | 1,453,155 | 2,943,562 |
Johnson Matthey plc | 116,723 | 2,699,495 |
Kingfisher plc | 1,147,332 | 3,617,965 |
Land Securities Group plc, REIT | 440,834 | 3,661,035 |
Legal & General Group plc | 3,506,067 | 10,507,224 |
Lloyds Banking Group plc | 39,484,592 | 22,812,174 |
London Stock Exchange Group plc | 223,014 | 24,218,162 |
M&G plc | 1,394,079 | 3,591,010 |
Melrose Industries plc | 793,388 | 5,399,458 |
National Grid plc | 2,275,308 | 30,158,822 |
NatWest Group plc | 2,969,372 | 9,320,985 |
Next plc | 75,549 | 6,832,719 |
Ocado Group plc * | 427,109 | 5,141,786 |
Pearson plc | 420,234 | 4,648,445 |
Pepco Group NV * (a) | 71,032 | 612,100 |
Persimmon plc | 187,399 | 2,786,049 |
Phoenix Group Holdings plc | 499,358 | 3,528,026 |
Reckitt Benckiser Group plc | 432,249 | 32,380,699 |
RELX plc | 1,163,457 | 39,158,179 |
Rentokil Initial plc | 1,479,200 | 12,061,638 |
Rightmove plc | 488,177 | 3,576,869 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
United Kingdom — continued | ||
Rolls-Royce Holdings plc * | 4,911,729 | 11,646,390 |
Sage Group plc (The) | 646,264 | 7,773,642 |
Schroders plc | 539,415 | 3,182,439 |
Segro plc, REIT | 718,416 | 7,040,166 |
Severn Trent plc | 148,432 | 4,864,696 |
Smith & Nephew plc | 519,549 | 7,903,904 |
Smiths Group plc | 206,396 | 4,501,426 |
Spirax-Sarco Engineering plc | 43,248 | 6,176,671 |
SSE plc (b) | 615,103 | 13,300,465 |
St. James's Place plc | 321,795 | 3,884,430 |
Standard Chartered plc | 1,427,307 | 13,710,077 |
Tate & Lyle plc | 235,802 | 2,259,032 |
Taylor Wimpey plc | 2,141,661 | 3,143,660 |
Tesco plc | 4,287,075 | 14,199,111 |
Unilever plc | 1,543,459 | 82,934,566 |
United Utilities Group plc | 400,084 | 5,130,498 |
Vodafone Group plc | 15,730,399 | 14,963,721 |
Weir Group plc (The) | 152,533 | 3,592,417 |
Whitbread plc | 118,339 | 5,315,920 |
Wise plc, Class A * | 276,779 | 2,760,562 |
WPP plc | 630,921 | 6,888,866 |
1,121,484,526 | ||
United States — 9.7% | ||
Experian plc | 569,204 | 21,997,222 |
GSK plc | 2,352,320 | 41,874,058 |
Haleon plc | 2,981,302 | 12,868,565 |
Holcim Ltd. | 332,523 | 23,175,836 |
Nestle SA (Registered) | 1,567,766 | 192,081,458 |
QIAGEN NV * | 135,404 | 6,353,363 |
Roche Holding AG | 412,414 | 127,869,565 |
Roche Holding AG | 15,609 | 5,175,494 |
Sanofi | 673,963 | 71,901,445 |
Schneider Electric SE | 335,208 | 59,791,758 |
Stellantis NV | 1,269,701 | 26,051,572 |
Swiss Re AG | 169,518 | 17,687,403 |
Tenaris SA | 270,411 | 4,493,563 |
611,321,302 | ||
Total Common Stocks (Cost $6,417,746,574) | 6,230,580,673 | |
Short-Term Investments — 0.7% | ||
Investment of Cash Collateral from Securities Loaned — 0.7% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (d) (e) | 37,614,916 | 37,622,439 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (d) (e) | 8,425,776 | 8,425,776 |
Total Investment of Cash Collateral from Securities Loaned (Cost $46,048,215) | 46,048,215 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Total Investments — 99.8% (Cost $6,463,794,789) | 6,276,628,888 | |
Other Assets Less Liabilities — 0.2% | 12,069,018 | |
NET ASSETS — 100.0% | 6,288,697,906 |
Percentages indicated are based on net assets. |
Abbreviations | |
CVA | Dutch Certification |
OYJ | Public Limited 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. |
REIT | Real Estate Investment Trust |
SCA | Limited partnership with share capital |
SGPS | Holding company |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(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, 2023. The total value of securities on loan at July 31, 2023 is $32,508,422. | |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of July 31, 2023. |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Summary of Investments by Industry, July 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Pharmaceuticals | 11.9 % |
Banks | 8.4 |
Oil, Gas & Consumable Fuels | 5.7 |
Insurance | 5.1 |
Textiles, Apparel & Luxury Goods | 5.0 |
Food Products | 4.2 |
Semiconductors & Semiconductor Equipment | 3.8 |
Chemicals | 3.2 |
Machinery | 2.8 |
Personal Care Products | 2.7 |
Capital Markets | 2.7 |
Beverages | 2.6 |
Aerospace & Defense | 2.4 |
Electrical Equipment | 2.3 |
Automobiles | 2.1 |
Metals & Mining | 2.1 |
Health Care Equipment & Supplies | 2.1 |
Electric Utilities | 2.1 |
Diversified Telecommunication Services | 2.0 |
Financial Services | 1.9 |
Software | 1.8 |
Professional Services | 1.7 |
Hotels, Restaurants & Leisure | 1.7 |
Industrial Conglomerates | 1.4 |
Multi-Utilities | 1.4 |
Broadline Retail | 1.1 |
Construction & Engineering | 1.1 |
Consumer Staples Distribution & Retail | 1.0 |
Building Products | 1.0 |
Others (each less than 1.0%) | 12.0 |
Short-Term Investments | 0.7 |
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
EURO STOXX 50 Index | 784 | 09/15/2023 | EUR | 38,738,640 | 1,306,696 |
FTSE 100 Index | 196 | 09/15/2023 | GBP | 19,340,649 | 365,639 |
1,672,335 |
Abbreviations | |
EUR | Euro |
FTSE | Financial Times and the London Stock Exchange |
GBP | British Pound |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 using prices supplied 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 value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAVs 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.
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $17,857,400 | $77,116,749 | $— | $94,974,149 |
Austria | 623,862 | 27,695,103 | — | 28,318,965 |
Belgium | — | 86,894,458 | — | 86,894,458 |
Brazil | — | 3,913,563 | — | 3,913,563 |
Chile | — | 4,360,851 | — | 4,360,851 |
China | — | 53,972,926 | — | 53,972,926 |
Denmark | — | 274,330,046 | — | 274,330,046 |
Finland | 389,266 | 107,709,061 | — | 108,098,327 |
France | — | 963,040,195 | — | 963,040,195 |
Germany | — | 758,464,603 | — | 758,464,603 |
Hong Kong | — | 22,411,192 | — | 22,411,192 |
Ireland | 48,456,553 | — | — | 48,456,553 |
Italy | — | 231,163,277 | — | 231,163,277 |
Jordan | — | 2,799,997 | — | 2,799,997 |
Luxembourg | — | 14,633,858 | — | 14,633,858 |
Mexico | — | 855,420 | — | 855,420 |
Netherlands | 13,245,387 | 513,341,796 | — | 526,587,183 |
Norway | — | 67,776,947 | — | 67,776,947 |
Poland | — | 30,077,157 | — | 30,077,157 |
Portugal | — | 16,395,857 | — | 16,395,857 |
Russia | — | — | 23,840 | 23,840 |
Singapore | — | 20,599,522 | — | 20,599,522 |
South Africa | — | 24,137,355 | — | 24,137,355 |
South Korea | — | 5,141,839 | — | 5,141,839 |
Spain | — | 234,743,661 | — | 234,743,661 |
Sweden | 1,900,781 | 299,727,688 | — | 301,628,469 |
Switzerland | 13,415,333 | 560,559,302 | — | 573,974,635 |
United Arab Emirates | — | — | — | — |
United Kingdom | 9,767,894 | 1,111,716,632 | — | 1,121,484,526 |
United States | — | 611,321,302 | — | 611,321,302 |
Total Common Stocks | 105,656,476 | 6,124,900,357 | 23,840 | 6,230,580,673 |
Short-Term Investments | ||||
Investment of Cash Collateral from Securities Loaned | 46,048,215 | — | — | 46,048,215 |
Total Investments in Securities | $151,704,691 | $6,124,900,357 | $23,840 | $6,276,628,888 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $1,672,335 | $— | $— | $1,672,335 |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers.
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended July 31, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at July 31, 2023 | Shares at July 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (a) (b) | $35,657,896 | $722,000,000 | $719,999,999 | $(27,129 ) | $(8,329 ) | $37,622,439 | 37,614,916 | $3,656,616 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 4,769,602 | 763,520,857 | 759,864,683 | — | — | 8,425,776 | 8,425,776 | 759,786 | — |
Total | $40,427,498 | $1,485,520,857 | $1,479,864,682 | $(27,129 ) | $(8,329 ) | $46,048,215 | $4,416,402 | $— |
(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, 2023. |