JPMorgan BetaBuilders Japan 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. |
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© J.P. Morgan Chase & Co., 2023. |
JPMorgan BetaBuilders Japan 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 — 99.2% | ||
Air Freight & Logistics — 0.5% | ||
Nippon Express Holdings, Inc. | 188,500 | 11,051,987 |
SG Holdings Co. Ltd. | 1,079,500 | 15,753,695 |
Yamato Holdings Co. Ltd. | 740,500 | 13,868,063 |
40,673,745 | ||
Automobile Components — 2.2% | ||
Aisin Corp. | 403,300 | 13,105,284 |
Bridgestone Corp. | 1,364,700 | 56,628,776 |
Denso Corp. | 1,124,400 | 78,289,153 |
Koito Manufacturing Co. Ltd. | 569,300 | 10,467,963 |
Niterra Co. Ltd. | 379,600 | 8,026,654 |
Stanley Electric Co. Ltd. | 334,900 | 6,188,718 |
Sumitomo Electric Industries Ltd. | 1,762,600 | 22,600,011 |
195,306,559 | ||
Automobiles — 8.3% | ||
Honda Motor Co. Ltd. | 3,784,400 | 120,651,971 |
Isuzu Motors Ltd. | 1,382,000 | 17,953,211 |
Mazda Motor Corp. | 1,335,800 | 13,251,797 |
Mitsubishi Motors Corp. | 1,524,700 | 6,157,542 |
Nissan Motor Co. Ltd. | 5,256,600 | 23,156,105 |
Subaru Corp. | 1,368,000 | 25,928,504 |
Suzuki Motor Corp. | 1,089,000 | 43,740,332 |
Toyota Motor Corp. | 27,933,200 | 469,662,178 |
Yamaha Motor Co. Ltd. | 781,900 | 22,932,273 |
743,433,913 | ||
Banks — 6.5% | ||
Bank of Kyoto Ltd. (The) | 168,700 | 9,956,640 |
Chiba Bank Ltd. (The) | 1,635,100 | 11,496,964 |
Concordia Financial Group Ltd. | 2,615,700 | 11,964,273 |
Fukuoka Financial Group, Inc. | 421,300 | 10,151,508 |
Japan Post Bank Co. Ltd. | 3,037,100 | 25,267,287 |
Mitsubishi UFJ Financial Group, Inc. | 26,798,300 | 215,786,730 |
Mizuho Financial Group, Inc. | 5,645,000 | 95,769,481 |
Resona Holdings, Inc. | 5,286,500 | 28,780,147 |
SBI Shinsei Bank Ltd. | 133,900 | 2,696,608 |
Sumitomo Mitsui Financial Group, Inc. | 3,057,100 | 143,230,288 |
Sumitomo Mitsui Trust Holdings, Inc. | 820,100 | 31,903,291 |
587,003,217 | ||
Beverages — 0.9% | ||
Asahi Group Holdings Ltd. | 1,130,200 | 44,427,351 |
Kirin Holdings Co. Ltd. | 1,850,500 | 27,332,703 |
Suntory Beverage & Food Ltd. | 284,300 | 10,120,231 |
81,880,285 |
JPMorgan BetaBuilders Japan 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 | ||
Broadline Retail — 0.4% | ||
Pan Pacific International Holdings Corp. | 1,185,600 | 23,441,214 |
Rakuten Group, Inc. (a) | 3,280,900 | 12,850,511 |
36,291,725 | ||
Building Products — 1.9% | ||
AGC, Inc. | 506,000 | 18,283,626 |
Daikin Industries Ltd. | 653,100 | 132,056,002 |
Lixil Corp. | 640,300 | 8,182,926 |
TOTO Ltd. | 353,600 | 10,870,417 |
169,392,971 | ||
Capital Markets — 0.9% | ||
Daiwa Securities Group, Inc. | 3,311,600 | 17,951,877 |
Japan Exchange Group, Inc. | 1,176,100 | 20,491,429 |
Nomura Holdings, Inc. | 6,684,700 | 27,654,438 |
SBI Holdings, Inc. | 608,900 | 12,858,320 |
78,956,064 | ||
Chemicals — 3.8% | ||
Asahi Kasei Corp. | 3,098,000 | 21,112,106 |
JSR Corp. (a) | 465,500 | 13,353,665 |
Kansai Paint Co. Ltd. | 573,000 | 9,392,240 |
Mitsubishi Chemical Group Corp. | 3,184,200 | 19,047,336 |
Mitsubishi Gas Chemical Co., Inc. | 457,100 | 6,855,833 |
Mitsui Chemicals, Inc. | 416,100 | 11,964,527 |
Nippon Paint Holdings Co. Ltd. | 2,372,500 | 21,737,473 |
Nippon Sanso Holdings Corp. | 473,600 | 11,452,289 |
Nissan Chemical Corp. | 313,900 | 14,105,308 |
Nitto Denko Corp. | 333,300 | 23,701,301 |
Shin-Etsu Chemical Co. Ltd. | 4,497,500 | 148,169,478 |
Sumitomo Chemical Co. Ltd. | 3,684,700 | 11,364,197 |
Toray Industries, Inc. | 3,625,400 | 20,300,120 |
Tosoh Corp. | 721,000 | 9,423,955 |
341,979,828 | ||
Commercial Services & Supplies — 0.7% | ||
Dai Nippon Printing Co. Ltd. | 587,800 | 16,708,798 |
Secom Co. Ltd. | 478,700 | 32,123,113 |
Toppan, Inc. | 780,800 | 18,378,876 |
67,210,787 | ||
Construction & Engineering — 0.6% | ||
Kajima Corp. | 1,056,400 | 16,693,716 |
Obayashi Corp. | 1,601,200 | 14,804,437 |
Shimizu Corp. | 1,419,500 | 9,779,698 |
Taisei Corp. | 416,300 | 15,776,283 |
57,054,134 |
JPMorgan BetaBuilders Japan 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 | ||
Consumer Finance — 0.1% | ||
Acom Co. Ltd. | 1,044,000 | 2,566,643 |
Marui Group Co. Ltd. | 466,000 | 8,348,031 |
10,914,674 | ||
Consumer Staples Distribution & Retail — 1.8% | ||
Aeon Co. Ltd. | 1,935,900 | 41,928,990 |
Cosmos Pharmaceutical Corp. | 48,100 | 5,557,825 |
Kobe Bussan Co. Ltd. | 317,400 | 8,454,134 |
Lawson, Inc. | 114,100 | 5,724,944 |
MatsukiyoCocokara & Co. | 318,900 | 18,662,543 |
Seven & i Holdings Co. Ltd. | 1,770,800 | 73,461,794 |
Welcia Holdings Co. Ltd. | 225,900 | 4,252,287 |
158,042,517 | ||
Diversified REITs — 0.3% | ||
Daiwa House REIT Investment Corp. | 4,762 | 9,375,574 |
Nomura Real Estate Master Fund, Inc. | 10,472 | 12,458,945 |
United Urban Investment Corp. | 6,887 | 7,433,628 |
29,268,147 | ||
Diversified Telecommunication Services — 0.8% | ||
Nippon Telegraph & Telephone Corp. | 66,484,500 | 76,239,025 |
Electric Utilities — 0.6% | ||
Chubu Electric Power Co., Inc. | 1,686,200 | 21,124,382 |
Kansai Electric Power Co., Inc. (The) | 1,838,400 | 24,151,581 |
Tokyo Electric Power Co. Holdings, Inc. * | 1,783,000 | 7,080,367 |
52,356,330 | ||
Electrical Equipment — 1.7% | ||
Fuji Electric Co. Ltd. | 332,300 | 15,023,151 |
Mitsubishi Electric Corp. | 4,774,100 | 68,895,669 |
NIDEC Corp. | 1,180,600 | 70,511,308 |
154,430,128 | ||
Electronic Equipment, Instruments & Components — 5.1% | ||
Hamamatsu Photonics KK | 327,300 | 15,769,764 |
Hirose Electric Co. Ltd. | 69,500 | 8,802,710 |
Ibiden Co. Ltd. | 314,400 | 19,109,020 |
Keyence Corp. | 446,400 | 200,318,528 |
Kyocera Corp. | 768,500 | 41,354,594 |
Murata Manufacturing Co. Ltd. | 1,424,700 | 84,629,623 |
Omron Corp. | 460,900 | 24,739,388 |
Shimadzu Corp. | 615,300 | 18,687,172 |
TDK Corp. | 863,900 | 33,094,520 |
Yokogawa Electric Corp. | 530,700 | 9,965,967 |
456,471,286 | ||
Entertainment — 2.1% | ||
Capcom Co. Ltd. | 354,900 | 15,958,788 |
Koei Tecmo Holdings Co. Ltd. | 272,200 | 4,657,653 |
Konami Group Corp. | 221,000 | 12,397,365 |
JPMorgan BetaBuilders Japan 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 | ||
Entertainment — continued | ||
Nexon Co. Ltd. | 1,004,600 | 19,167,180 |
Nintendo Co. Ltd. | 2,597,000 | 117,474,670 |
Square Enix Holdings Co. Ltd. | 197,600 | 9,152,688 |
Toho Co. Ltd. | 284,600 | 11,094,550 |
189,902,894 | ||
Financial Services — 0.8% | ||
GMO Payment Gateway, Inc. | 101,900 | 7,773,835 |
Mitsubishi HC Capital, Inc. | 1,758,800 | 11,635,115 |
ORIX Corp. | 2,606,100 | 50,132,329 |
Tokyo Century Corp. | 106,900 | 4,187,007 |
73,728,286 | ||
Food Products — 1.5% | ||
Ajinomoto Co., Inc. | 1,178,700 | 45,927,923 |
Kikkoman Corp. | 427,100 | 24,614,159 |
MEIJI Holdings Co. Ltd. | 622,600 | 14,384,497 |
Nisshin Seifun Group, Inc. | 578,900 | 7,178,948 |
Nissin Foods Holdings Co. Ltd. | 180,200 | 15,193,662 |
Toyo Suisan Kaisha Ltd. | 224,300 | 9,277,534 |
Yakult Honsha Co. Ltd. | 353,100 | 19,592,051 |
136,168,774 | ||
Gas Utilities — 0.4% | ||
Osaka Gas Co. Ltd. | 923,200 | 14,526,405 |
Tokyo Gas Co. Ltd. | 897,200 | 20,344,978 |
34,871,383 | ||
Ground Transportation — 2.8% | ||
Central Japan Railway Co. | 460,400 | 58,670,309 |
East Japan Railway Co. | 840,800 | 47,601,186 |
Hankyu Hanshin Holdings, Inc. | 536,000 | 17,807,470 |
Keio Corp. | 274,600 | 9,127,870 |
Keisei Electric Railway Co. Ltd. | 381,500 | 15,834,252 |
Kintetsu Group Holdings Co. Ltd. | 420,300 | 14,099,640 |
Kyushu Railway Co. | 349,400 | 7,661,604 |
Nagoya Railroad Co. Ltd. | 440,600 | 7,094,693 |
Odakyu Electric Railway Co. Ltd. (a) | 781,600 | 11,419,506 |
Seibu Holdings, Inc. | 600,100 | 6,672,770 |
Tobu Railway Co. Ltd. | 468,500 | 12,397,462 |
Tokyu Corp. | 1,388,200 | 17,613,045 |
West Japan Railway Co. | 541,200 | 22,234,853 |
248,234,660 | ||
Health Care Equipment & Supplies — 2.6% | ||
Asahi Intecc Co. Ltd. (a) | 524,800 | 10,769,572 |
Hoya Corp. | 796,300 | 92,736,630 |
Olympus Corp. | 2,811,400 | 45,873,426 |
JPMorgan BetaBuilders Japan 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($) |
Common Stocks — continued | ||
Health Care Equipment & Supplies — continued | ||
Sysmex Corp. | 376,000 | 25,460,882 |
Terumo Corp. | 1,664,300 | 54,504,318 |
229,344,828 | ||
Health Care Providers & Services — 0.1% | ||
Medipal Holdings Corp. | 477,800 | 8,192,619 |
Health Care Technology — 0.2% | ||
M3, Inc. | 954,200 | 22,064,756 |
Hotels, Restaurants & Leisure — 1.2% | ||
McDonald's Holdings Co. Japan Ltd. | 191,200 | 7,526,236 |
Oriental Land Co. Ltd. | 2,586,300 | 99,193,747 |
106,719,983 | ||
Household Durables — 4.5% | ||
Haseko Corp. | 502,000 | 6,535,432 |
Iida Group Holdings Co. Ltd. | 388,900 | 6,822,277 |
Nikon Corp. | 717,300 | 9,481,108 |
Open House Group Co. Ltd. | 158,700 | 6,038,901 |
Panasonic Holdings Corp. | 5,180,600 | 63,946,175 |
Rinnai Corp. | 270,200 | 5,882,848 |
Sekisui Chemical Co. Ltd. | 957,100 | 14,537,880 |
Sekisui House Ltd. | 1,476,100 | 30,114,946 |
Sharp Corp. * (a) | 506,400 | 3,011,138 |
Sony Group Corp. | 2,800,600 | 262,321,685 |
408,692,390 | ||
Household Products — 0.5% | ||
Lion Corp. | 651,800 | 6,227,994 |
Unicharm Corp. | 982,000 | 36,332,706 |
42,560,700 | ||
Industrial Conglomerates — 1.9% | ||
Hikari Tsushin, Inc. | 45,200 | 6,707,097 |
Hitachi Ltd. | 2,084,000 | 136,428,062 |
Toshiba Corp. | 965,700 | 31,178,802 |
174,313,961 | ||
Industrial REITs — 0.3% | ||
GLP J-REIT | 10,466 | 10,310,732 |
Nippon Prologis REIT, Inc. | 6,143 | 12,561,878 |
22,872,610 | ||
Insurance — 3.2% | ||
Dai-ichi Life Holdings, Inc. | 2,201,600 | 44,982,487 |
Japan Post Holdings Co. Ltd. | 5,080,500 | 37,100,808 |
Japan Post Insurance Co. Ltd. | 447,300 | 7,228,448 |
MS&AD Insurance Group Holdings, Inc. | 990,600 | 36,843,715 |
Sompo Holdings, Inc. | 769,100 | 34,002,491 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Insurance — continued | ||
T&D Holdings, Inc. | 1,312,000 | 21,331,571 |
Tokio Marine Holdings, Inc. | 4,451,600 | 102,364,487 |
283,854,007 | ||
Interactive Media & Services — 0.2% | ||
Z Holdings Corp. | 5,941,600 | 16,565,242 |
IT Services — 2.1% | ||
Fujitsu Ltd. | 402,200 | 52,080,801 |
Itochu Techno-Solutions Corp. | 206,500 | 5,233,567 |
NEC Corp. | 610,000 | 30,863,211 |
Nomura Research Institute Ltd. | 966,200 | 27,454,497 |
NTT Data Group Corp. | 1,431,300 | 19,911,098 |
Obic Co. Ltd. | 147,200 | 24,087,836 |
Otsuka Corp. | 257,900 | 10,739,820 |
SCSK Corp. | 340,700 | 5,664,157 |
TIS, Inc. | 495,300 | 12,562,688 |
188,597,675 | ||
Leisure Products — 0.9% | ||
Bandai Namco Holdings, Inc. | 1,483,200 | 33,556,745 |
Sega Sammy Holdings, Inc. | 358,600 | 7,840,654 |
Shimano, Inc. | 184,400 | 27,794,092 |
Yamaha Corp. | 381,300 | 14,774,688 |
83,966,179 | ||
Machinery — 4.9% | ||
Daifuku Co. Ltd. | 844,900 | 18,070,004 |
FANUC Corp. | 2,128,600 | 65,119,064 |
Hitachi Construction Machinery Co. Ltd. | 227,000 | 6,811,936 |
Hoshizaki Corp. | 267,500 | 10,258,866 |
Kawasaki Heavy Industries Ltd. | 371,900 | 9,484,654 |
Komatsu Ltd. | 2,166,700 | 60,698,909 |
Kubota Corp. | 2,517,600 | 38,030,821 |
Kurita Water Industries Ltd. | 234,700 | 9,438,505 |
Makita Corp. | 625,200 | 17,556,283 |
MINEBEA MITSUMI, Inc. | 899,900 | 16,668,652 |
MISUMI Group, Inc. | 635,100 | 11,618,604 |
Mitsubishi Heavy Industries Ltd. | 747,100 | 35,445,455 |
NGK Insulators Ltd. | 585,900 | 7,185,632 |
SMC Corp. | 137,800 | 72,009,190 |
Toyota Industries Corp. | 458,800 | 33,156,189 |
Yaskawa Electric Corp. | 589,400 | 25,621,387 |
437,174,151 | ||
Marine Transportation — 0.5% | ||
Mitsui OSK Lines Ltd. (a) | 807,000 | 20,862,411 |
Nippon Yusen KK | 1,136,900 | 27,656,413 |
48,518,824 |
JPMorgan BetaBuilders Japan 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($) |
Common Stocks — continued | ||
Media — 0.3% | ||
CyberAgent, Inc. | 919,600 | 5,813,483 |
Dentsu Group, Inc. | 499,100 | 16,700,577 |
Hakuhodo DY Holdings, Inc. | 675,900 | 7,775,840 |
30,289,900 | ||
Metals & Mining — 1.0% | ||
JFE Holdings, Inc. | 1,280,200 | 20,708,404 |
Nippon Steel Corp. | 2,110,000 | 48,226,948 |
Sumitomo Metal Mining Co. Ltd. | 611,100 | 21,104,474 |
90,039,826 | ||
Office REITs — 0.4% | ||
Japan Real Estate Investment Corp. | 3,175 | 12,770,159 |
Nippon Building Fund, Inc. | 3,766 | 15,786,365 |
Orix JREIT, Inc. | 6,167 | 7,845,766 |
36,402,290 | ||
Oil, Gas & Consumable Fuels — 0.7% | ||
ENEOS Holdings, Inc. | 6,739,200 | 24,450,758 |
Idemitsu Kosan Co. Ltd. | 503,652 | 10,635,540 |
Inpex Corp. | 2,345,100 | 30,280,460 |
65,366,758 | ||
Paper & Forest Products — 0.1% | ||
Oji Holdings Corp. | 2,253,700 | 8,898,285 |
Passenger Airlines — 0.2% | ||
ANA Holdings, Inc. * | 354,700 | 8,503,598 |
Japan Airlines Co. Ltd. | 321,600 | 6,962,840 |
15,466,438 | ||
Personal Care Products — 1.0% | ||
Kao Corp. | 1,035,300 | 39,332,707 |
Kobayashi Pharmaceutical Co. Ltd. | 125,300 | 6,887,907 |
Kose Corp. | 79,000 | 7,736,173 |
Shiseido Co. Ltd. | 887,700 | 38,920,377 |
92,877,164 | ||
Pharmaceuticals — 5.6% | ||
Astellas Pharma, Inc. | 4,026,700 | 58,879,818 |
Chugai Pharmaceutical Co. Ltd. | 1,416,200 | 42,147,877 |
Daiichi Sankyo Co. Ltd. | 4,326,200 | 133,245,310 |
Eisai Co. Ltd. | 660,400 | 41,667,008 |
Kyowa Kirin Co. Ltd. | 562,000 | 10,731,774 |
Nippon Shinyaku Co. Ltd. | 137,400 | 5,556,404 |
Ono Pharmaceutical Co. Ltd. | 1,056,900 | 19,368,046 |
Otsuka Holdings Co. Ltd. | 1,238,200 | 45,525,298 |
Santen Pharmaceutical Co. Ltd. | 836,500 | 7,309,615 |
Shionogi & Co. Ltd. | 624,600 | 26,175,775 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Pharmaceuticals — continued | ||
Taisho Pharmaceutical Holdings Co. Ltd. | 128,800 | 4,966,180 |
Takeda Pharmaceutical Co. Ltd. | 3,520,900 | 107,651,001 |
503,224,106 | ||
Professional Services — 1.5% | ||
Persol Holdings Co. Ltd. | 411,600 | 8,141,708 |
Recruit Holdings Co. Ltd. | 3,770,000 | 130,576,512 |
138,718,220 | ||
Real Estate Management & Development — 2.1% | ||
Daito Trust Construction Co. Ltd. | 154,000 | 16,565,551 |
Daiwa House Industry Co. Ltd. | 1,483,800 | 40,328,100 |
Hulic Co. Ltd. | 1,333,200 | 11,351,143 |
Mitsubishi Estate Co. Ltd. | 2,794,200 | 34,244,853 |
Mitsui Fudosan Co. Ltd. | 2,106,100 | 43,269,727 |
Nomura Real Estate Holdings, Inc. | 252,500 | 6,262,767 |
Sumitomo Realty & Development Co. Ltd. | 1,057,000 | 28,326,981 |
Tokyu Fudosan Holdings Corp. | 1,345,300 | 7,997,734 |
188,346,856 | ||
Residential REITs — 0.1% | ||
Advance Residence Investment Corp. (a) | 3,094 | 7,538,928 |
Retail REITs — 0.1% | ||
Japan Metropolitan Fund Invest | 15,531 | 10,652,680 |
Semiconductors & Semiconductor Equipment — 4.1% | ||
Advantest Corp. | 401,800 | 55,572,914 |
Disco Corp. | 196,300 | 36,899,672 |
Lasertec Corp. | 171,800 | 26,007,405 |
Renesas Electronics Corp. * | 3,132,300 | 60,434,101 |
Rohm Co. Ltd. | 193,600 | 18,141,924 |
SUMCO Corp. | 781,800 | 11,392,328 |
Tokyo Electron Ltd. | 1,047,500 | 157,216,201 |
365,664,545 | ||
Software — 0.2% | ||
Oracle Corp. | 74,200 | 5,201,321 |
Trend Micro, Inc. | 314,300 | 14,849,344 |
20,050,665 | ||
Specialty Retail — 1.6% | ||
ABC-Mart, Inc. | 69,700 | 3,859,091 |
Fast Retailing Co. Ltd. | 414,100 | 103,737,369 |
Nitori Holdings Co. Ltd. | 192,400 | 23,559,884 |
USS Co. Ltd. | 481,400 | 8,347,519 |
ZOZO, Inc. | 246,000 | 4,802,419 |
144,306,282 | ||
Technology Hardware, Storage & Peripherals — 1.6% | ||
Brother Industries Ltd. | 570,400 | 8,891,354 |
Canon, Inc. | 2,316,400 | 59,868,245 |
JPMorgan BetaBuilders Japan 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 | ||
Technology Hardware, Storage & Peripherals — continued | ||
FUJIFILM Holdings Corp. | 918,800 | 53,350,741 |
Ricoh Co. Ltd. | 1,355,600 | 12,058,973 |
Seiko Epson Corp. (a) | 684,700 | 11,243,944 |
145,413,257 | ||
Textiles, Apparel & Luxury Goods — 0.1% | ||
Asics Corp. | 418,600 | 13,204,823 |
Tobacco — 0.6% | ||
Japan Tobacco, Inc. | 2,443,200 | 54,213,642 |
Trading Companies & Distributors — 6.8% | ||
ITOCHU Corp. | 3,275,600 | 132,482,643 |
Marubeni Corp. | 3,775,100 | 66,838,163 |
Mitsubishi Corp. | 3,242,300 | 165,897,032 |
Mitsui & Co. Ltd. | 3,433,600 | 134,013,740 |
MonotaRO Co. Ltd. (a) | 544,700 | 6,647,977 |
Sojitz Corp. | 462,100 | 10,971,307 |
Sumitomo Corp. | 2,780,400 | 59,647,637 |
Toyota Tsusho Corp. | 526,700 | 30,814,666 |
607,313,165 | ||
Transportation Infrastructure — 0.1% | ||
Japan Airport Terminal Co. Ltd. | 205,500 | 9,576,395 |
Wireless Telecommunication Services — 3.2% | ||
KDDI Corp. | 3,478,400 | 102,375,228 |
SoftBank Corp. | 6,171,900 | 68,535,913 |
SoftBank Group Corp. | 2,253,500 | 114,618,507 |
285,529,648 | ||
Total Common Stocks (Cost $8,825,691,569) | 8,926,343,130 | |
Short-Term Investments — 0.5% | ||
Investment of Cash Collateral from Securities Loaned — 0.5% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (b) (c) | 36,343,963 | 36,351,232 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c) | 5,221,986 | 5,221,986 |
Total Investment of Cash Collateral from Securities Loaned (Cost $41,570,883) | 41,573,218 | |
Total Investments — 99.7% (Cost $8,867,262,452) | 8,967,916,348 | |
Other Assets Less Liabilities — 0.3% | 29,254,906 | |
NET ASSETS — 100.0% | 8,997,171,254 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
* | Non-income producing security. |
(a) | 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 $39,068,288. |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of July 31, 2023. |
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
TOPIX Index | 420 | 09/07/2023 | JPY | 68,816,645 | 3,076,748 |
Abbreviations | |
JPY | Japanese Yen |
TOPIX | Tokyo Stock Price Index |
JPMorgan BetaBuilders Japan 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.
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.
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 | ||||
Air Freight & Logistics | $— | $40,673,745 | $— | $40,673,745 |
Automobile Components | — | 195,306,559 | — | 195,306,559 |
Automobiles | — | 743,433,913 | — | 743,433,913 |
Banks | — | 587,003,217 | — | 587,003,217 |
Beverages | — | 81,880,285 | — | 81,880,285 |
Broadline Retail | — | 36,291,725 | — | 36,291,725 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Building Products | $— | $169,392,971 | $— | $169,392,971 |
Capital Markets | — | 78,956,064 | — | 78,956,064 |
Chemicals | — | 341,979,828 | — | 341,979,828 |
Commercial Services & Supplies | — | 67,210,787 | — | 67,210,787 |
Construction & Engineering | — | 57,054,134 | — | 57,054,134 |
Consumer Finance | — | 10,914,674 | — | 10,914,674 |
Consumer Staples Distribution & Retail | — | 158,042,517 | — | 158,042,517 |
Diversified REITs | — | 29,268,147 | — | 29,268,147 |
Diversified Telecommunication Services | — | 76,239,025 | — | 76,239,025 |
Electric Utilities | — | 52,356,330 | — | 52,356,330 |
Electrical Equipment | — | 154,430,128 | — | 154,430,128 |
Electronic Equipment, Instruments & Components | — | 456,471,286 | — | 456,471,286 |
Entertainment | — | 189,902,894 | — | 189,902,894 |
Financial Services | — | 73,728,286 | — | 73,728,286 |
Food Products | — | 136,168,774 | — | 136,168,774 |
Gas Utilities | — | 34,871,383 | — | 34,871,383 |
Ground Transportation | — | 248,234,660 | — | 248,234,660 |
Health Care Equipment & Supplies | — | 229,344,828 | — | 229,344,828 |
Health Care Providers & Services | — | 8,192,619 | — | 8,192,619 |
Health Care Technology | — | 22,064,756 | — | 22,064,756 |
Hotels, Restaurants & Leisure | 7,526,236 | 99,193,747 | — | 106,719,983 |
Household Durables | — | 408,692,390 | — | 408,692,390 |
Household Products | — | 42,560,700 | — | 42,560,700 |
Industrial Conglomerates | — | 174,313,961 | — | 174,313,961 |
Industrial REITs | — | 22,872,610 | — | 22,872,610 |
Insurance | — | 283,854,007 | — | 283,854,007 |
Interactive Media & Services | — | 16,565,242 | — | 16,565,242 |
IT Services | — | 188,597,675 | — | 188,597,675 |
Leisure Products | — | 83,966,179 | — | 83,966,179 |
Machinery | — | 437,174,151 | — | 437,174,151 |
Marine Transportation | — | 48,518,824 | — | 48,518,824 |
Media | — | 30,289,900 | — | 30,289,900 |
Metals & Mining | — | 90,039,826 | — | 90,039,826 |
Office REITs | — | 36,402,290 | — | 36,402,290 |
Oil, Gas & Consumable Fuels | — | 65,366,758 | — | 65,366,758 |
Paper & Forest Products | — | 8,898,285 | — | 8,898,285 |
Passenger Airlines | — | 15,466,438 | — | 15,466,438 |
Personal Care Products | — | 92,877,164 | — | 92,877,164 |
Pharmaceuticals | — | 503,224,106 | — | 503,224,106 |
Professional Services | — | 138,718,220 | — | 138,718,220 |
Real Estate Management & Development | — | 188,346,856 | — | 188,346,856 |
Residential REITs | — | 7,538,928 | — | 7,538,928 |
Retail REITs | — | 10,652,680 | — | 10,652,680 |
Semiconductors & Semiconductor Equipment | — | 365,664,545 | — | 365,664,545 |
Software | — | 20,050,665 | — | 20,050,665 |
Specialty Retail | — | 144,306,282 | — | 144,306,282 |
Technology Hardware, Storage & Peripherals | — | 145,413,257 | — | 145,413,257 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Textiles, Apparel & Luxury Goods | $— | $13,204,823 | $— | $13,204,823 |
Tobacco | — | 54,213,642 | — | 54,213,642 |
Trading Companies & Distributors | — | 607,313,165 | — | 607,313,165 |
Transportation Infrastructure | — | 9,576,395 | — | 9,576,395 |
Wireless Telecommunication Services | — | 285,529,648 | — | 285,529,648 |
Total Common Stocks | 7,526,236 | 8,918,816,894 | — | 8,926,343,130 |
Short-Term Investments | ||||
Investment of Cash Collateral from Securities Loaned | 41,573,218 | — | — | 41,573,218 |
Total Investments in Securities | $49,099,454 | $8,918,816,894 | $— | $8,967,916,348 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $3,076,748 | $— | $— | $3,076,748 |
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. 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) | $10,118,832 | $607,205,740 | $581,000,000 | $24,325 | $2,335 | $36,351,232 | 36,343,963 | $1,589,056 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 9,777,050 | 504,720,420 | 509,275,484 | — | — | 5,221,986 | 5,221,986 | 424,832 | — |
Total | $19,895,882 | $1,111,926,160 | $1,090,275,484 | $24,325 | $2,335 | $41,573,218 | $2,013,888 | $— |
(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. |