JPMorgan ActiveBuilders Emerging Markets Equity 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 ActiveBuilders Emerging Markets Equity 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 — 99.4% | ||
Australia — 0.1% | ||
AngloGold Ashanti Ltd. | 17,774 | 394,222 |
Rio Tinto plc | 9,313 | 615,569 |
1,009,791 | ||
Brazil — 6.1% | ||
Ambev SA | 727,934 | 2,279,821 |
Arcos Dorados Holdings, Inc., Class A | 82,344 | 930,487 |
Atacadao SA | 531,645 | 1,518,905 |
B3 SA - Brasil Bolsa Balcao | 1,567,763 | 4,946,555 |
Banco Bradesco SA (Preference) | 495,950 | 1,746,247 |
Banco BTG Pactual SA | 100,020 | 717,881 |
Banco do Brasil SA | 379,348 | 3,869,089 |
BB Seguridade Participacoes SA | 189,044 | 1,244,902 |
Centrais Eletricas Brasileiras SA (Preference) | 92,456 | 854,222 |
Cia Energetica de Minas Gerais (Preference) | 274,254 | 735,984 |
Gerdau SA (Preference) | 123,078 | 762,088 |
Itau Unibanco Holding SA (Preference) | 875,299 | 5,297,607 |
Itausa SA (Preference) | 717,876 | 1,490,783 |
Localiza Rent a Car SA | 231,548 | 3,289,047 |
Lojas Renner SA | 743,510 | 2,943,380 |
MercadoLibre, Inc. * | 4,679 | 5,792,836 |
Natura & Co. Holding SA * | 112,535 | 433,124 |
NU Holdings Ltd., Class A * | 88,448 | 704,046 |
Petroleo Brasileiro SA, ADR | 553,103 | 8,119,552 |
Porto Seguro SA | 136,908 | 830,640 |
Raia Drogasil SA | 641,732 | 3,949,120 |
Rumo SA | 122,359 | 601,606 |
SLC Agricola SA | 52,053 | 479,609 |
Suzano SA | 35,671 | 362,688 |
Telefonica Brasil SA | 46,360 | 414,605 |
TIM SA | 198,068 | 598,550 |
TOTVS SA | 51,134 | 319,753 |
Transmissora Alianca de Energia Eletrica S/A | 111,294 | 851,754 |
Vale SA, ADR | 294,033 | 4,301,703 |
Vibra Energia SA * | 105,654 | 381,840 |
WEG SA | 450,872 | 3,807,205 |
64,575,629 | ||
Canada — 0.0% ^ | ||
B2Gold Corp. | 118,077 | 409,215 |
Chile — 0.5% | ||
Banco de Chile | 3,345,871 | 372,497 |
Banco Santander Chile | 71,287,846 | 3,805,950 |
Cencosud SA | 241,954 | 519,990 |
4,698,437 | ||
China — 29.8% | ||
3SBio, Inc. (a) | 339,962 | 327,501 |
Aier Eye Hospital Group Co. Ltd., Class A | 361,533 | 1,020,080 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
China — continued | ||
Airtac International Group | 79,562 | 2,366,401 |
Alibaba Group Holding Ltd. * | 1,952,486 | 24,951,572 |
Angel Yeast Co. Ltd., Class A | 212,309 | 1,101,998 |
Anhui Heli Co. Ltd., Class A | 118,700 | 361,113 |
Anjoy Foods Group Co. Ltd., Class A | 81,800 | 1,769,069 |
ANTA Sports Products Ltd. | 164,790 | 1,952,912 |
Asymchem Laboratories Tianjin Co. Ltd., Class H (a) | 44,900 | 573,342 |
Baidu, Inc., Class A * | 163,150 | 3,189,711 |
Bank of Jiangsu Co. Ltd., Class A | 517,500 | 523,437 |
Baoshan Iron & Steel Co. Ltd., Class A | 645,400 | 580,333 |
Beijing Kingsoft Office Software, Inc., Class A | 32,359 | 1,841,343 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 184,100 | 796,002 |
BOE Technology Group Co. Ltd., Class A | 1,331,000 | 788,572 |
Budweiser Brewing Co. APAC Ltd. (a) | 1,126,028 | 2,746,515 |
Chacha Food Co. Ltd., Class A | 146,300 | 840,462 |
China CITIC Bank Corp. Ltd., Class H | 850,000 | 411,056 |
China Construction Bank Corp., Class H | 7,573,000 | 4,413,988 |
China Life Insurance Co. Ltd., Class H | 223,000 | 391,501 |
China Merchants Bank Co. Ltd., Class H | 1,702,500 | 8,466,075 |
China Overseas Land & Investment Ltd. | 1,091,500 | 2,589,223 |
China Pacific Insurance Group Co. Ltd., Class H | 1,252,800 | 3,377,451 |
China Petroleum & Chemical Corp., Class H | 3,796,000 | 2,125,899 |
China Railway Group Ltd., Class H | 1,835,000 | 1,206,441 |
China Resources Gas Group Ltd. | 649,200 | 2,248,981 |
China Resources Land Ltd. | 534,000 | 2,491,767 |
China Resources Mixc Lifestyle Services Ltd. (a) | 593,482 | 2,872,288 |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 127,200 | 891,767 |
China United Network Communications Ltd., Class A | 516,300 | 373,558 |
China Vanke Co. Ltd., Class H | 459,700 | 651,556 |
China Yangtze Power Co. Ltd., Class A | 867,900 | 2,608,652 |
Chongqing Brewery Co. Ltd., Class A | 188,900 | 2,404,281 |
CITIC Securities Co. Ltd., Class H | 666,500 | 1,435,596 |
CMOC Group Ltd., Class H | 651,000 | 435,642 |
CRRC Corp. Ltd., Class H | 1,425,000 | 786,470 |
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 113,712 | 442,999 |
Dongfang Electric Corp. Ltd., Class H | 206,400 | 276,404 |
ENN Energy Holdings Ltd. | 218,500 | 2,655,824 |
ENN Natural Gas Co. Ltd., Class A | 213,400 | 549,354 |
Fangda Special Steel Technology Co. Ltd., Class A * | 615,900 | 436,145 |
Flat Glass Group Co. Ltd., Class H | 275,000 | 823,150 |
Focus Media Information Technology Co. Ltd., Class A | 2,028,600 | 2,117,480 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 383,530 | 2,490,641 |
Foxconn Industrial Internet Co. Ltd., Class A | 229,200 | 717,740 |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | 986,400 | 4,395,615 |
GF Securities Co. Ltd., Class H | 358,800 | 574,090 |
Guangdong Investment Ltd. | 1,066,000 | 922,855 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 67,700 | 683,113 |
H World Group Ltd. * | 648,786 | 3,106,008 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
China — continued | ||
Haier Smart Home Co. Ltd., Class H | 2,712,400 | 8,919,703 |
Hangzhou First Applied Material Co. Ltd., Class A | 100,960 | 494,791 |
Hangzhou Tigermed Consulting Co. Ltd., Class H (a) | 60,200 | 391,373 |
Han's Laser Technology Industry Group Co. Ltd., Class A | 166,069 | 570,062 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 737,721 | 2,726,148 |
Hongfa Technology Co. Ltd., Class A | 224,000 | 1,088,963 |
Huayu Automotive Systems Co. Ltd., Class A | 588,946 | 1,628,369 |
Imeik Technology Development Co. Ltd., Class A | 11,900 | 793,601 |
Industrial & Commercial Bank of China Ltd., Class H | 535,000 | 261,255 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 952,613 | 3,826,079 |
JA Solar Technology Co. Ltd., Class A | 146,900 | 684,195 |
Jason Furniture Hangzhou Co. Ltd., Class A * | 114,236 | 725,102 |
JD Health International, Inc. * (a) | 279,820 | 2,045,568 |
JD.com, Inc., Class A | 482,852 | 9,996,769 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 166,800 | 1,675,298 |
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 75,600 | 357,510 |
Jiangxi Copper Co. Ltd., Class H | 136,000 | 228,474 |
Kanzhun Ltd., ADR * | 106,590 | 1,991,101 |
KE Holdings, Inc., Class A * | 134,268 | 788,160 |
Kingdee International Software Group Co. Ltd. * | 1,076,000 | 1,887,373 |
Kunlun Energy Co. Ltd. | 2,082,000 | 1,703,689 |
Kweichow Moutai Co. Ltd., Class A | 23,800 | 6,281,399 |
Laobaixing Pharmacy Chain JSC, Class A | 84,200 | 335,675 |
Lenovo Group Ltd. | 212,000 | 244,052 |
Livzon Pharmaceutical Group, Inc., Class H | 161,000 | 551,606 |
LONGi Green Energy Technology Co. Ltd., Class A | 293,596 | 1,230,153 |
Luzhou Laojiao Co. Ltd., Class A | 49,100 | 1,659,685 |
Meituan * (a) | 623,928 | 11,910,860 |
Midea Group Co. Ltd., Class A | 454,212 | 3,775,035 |
Minth Group Ltd. | 118,000 | 377,723 |
Montage Technology Co. Ltd., Class A | 80,939 | 656,227 |
NARI Technology Co. Ltd., Class A | 579,348 | 1,972,944 |
NetEase, Inc. | 686,048 | 14,942,355 |
New Horizon Health Ltd. * (a) | 165,196 | 564,608 |
Ningbo Tuopu Group Co. Ltd., Class A | 55,000 | 566,206 |
Offshore Oil Engineering Co. Ltd., Class A | 369,600 | 324,258 |
Oppein Home Group, Inc., Class A | 58,584 | 882,554 |
PDD Holdings, Inc., ADR * | 53,007 | 4,761,089 |
PetroChina Co. Ltd., Class H | 2,614,000 | 1,916,682 |
PICC Property & Casualty Co. Ltd., Class H | 1,600,000 | 1,876,679 |
Ping An Bank Co. Ltd., Class A | 1,093,256 | 1,887,995 |
Ping An Insurance Group Co. of China Ltd., Class H | 1,589,500 | 11,582,277 |
Poly Developments and Holdings Group Co. Ltd., Class A | 459,600 | 916,993 |
Postal Savings Bank of China Co. Ltd., Class H (a) | 878,000 | 541,285 |
Qingdao Haier Biomedical Co. Ltd., Class A | 53,150 | 355,068 |
Sanquan Food Co. Ltd., Class A | 141,300 | 326,081 |
Shanghai Baosight Software Co. Ltd., Class A | 290,651 | 1,955,558 |
Shenzhen Inovance Technology Co. Ltd., Class A | 72,000 | 716,204 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
China — continued | ||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 27,200 | 1,128,699 |
Shenzhou International Group Holdings Ltd. | 241,800 | 2,566,663 |
Sichuan Road and Bridge Group Co. Ltd., Class A | 255,400 | 353,352 |
Sichuan Swellfun Co. Ltd., Class A * | 275,500 | 2,910,789 |
Silergy Corp. | 197,414 | 2,088,123 |
Sinopharm Group Co. Ltd., Class H | 163,600 | 515,208 |
Sinotrans Ltd., Class H | 975,000 | 392,284 |
Skshu Paint Co. Ltd., Class A * | 216,856 | 2,489,113 |
Sunny Optical Technology Group Co. Ltd. | 53,688 | 526,361 |
Suzhou Maxwell Technologies Co. Ltd., Class A | 24,176 | 623,196 |
Tencent Holdings Ltd. | 799,000 | 36,722,961 |
Tingyi Cayman Islands Holding Corp. | 1,604,000 | 2,477,042 |
Topsports International Holdings Ltd. (a) | 1,614,652 | 1,492,535 |
Trip.com Group Ltd. * | 106,518 | 4,350,496 |
Tsingtao Brewery Co. Ltd. | 38,000 | 341,709 |
Vipshop Holdings Ltd., ADR * | 27,119 | 510,651 |
Wanhua Chemical Group Co. Ltd., Class A | 203,200 | 2,785,340 |
Warom Technology, Inc. Co., Class A | 95,900 | 335,167 |
Wuliangye Yibin Co. Ltd., Class A | 148,000 | 3,759,069 |
WuXi AppTec Co. Ltd., Class H (a) | 36,700 | 349,106 |
Wuxi Biologics Cayman, Inc. * (a) | 806,318 | 4,653,100 |
Xinyi Glass Holdings Ltd. | 1,114,000 | 1,853,804 |
Xinyi Solar Holdings Ltd. | 1,039,496 | 1,128,733 |
XPeng, Inc., Class A * | 45,900 | 489,612 |
Yifeng Pharmacy Chain Co. Ltd., Class A | 110,680 | 589,055 |
Yihai International Holding Ltd. | 112,814 | 259,895 |
Yum China Holdings, Inc. | 112,418 | 6,859,746 |
Yutong Bus Co. Ltd., Class A | 191,100 | 371,718 |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 104,400 | 903,412 |
Zhejiang Supcon Technology Co. Ltd., Class A | 136,975 | 1,038,112 |
Zhejiang Supor Co. Ltd., Class A | 404,373 | 2,831,904 |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 114,700 | 348,346 |
Zhuhai Huafa Properties Co. Ltd., Class A | 258,200 | 398,187 |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 248,000 | 988,673 |
Zijin Mining Group Co. Ltd., Class H | 1,004,000 | 1,734,033 |
ZJLD Group, Inc. * (b) | 357,791 | 434,915 |
ZTO Express Cayman, Inc. | 84,006 | 2,326,779 |
315,926,695 | ||
Czech Republic — 0.0% ^ | ||
Komercni Banka A/S | 12,631 | 413,668 |
Ghana — 0.1% | ||
Kosmos Energy Ltd. * | 90,632 | 643,487 |
Greece — 0.5% | ||
Alpha Services and Holdings SA * | 260,571 | 469,265 |
Hellenic Telecommunications Organization SA | 52,743 | 832,388 |
JUMBO SA | 18,950 | 565,476 |
Motor Oil Hellas Corinth Refineries SA | 13,795 | 348,633 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
Greece — continued | ||
Mytilineos SA | 14,054 | 584,868 |
National Bank of Greece SA * | 89,682 | 617,614 |
OPAP SA | 52,477 | 922,942 |
Piraeus Financial Holdings SA * | 124,351 | 471,006 |
4,812,192 | ||
Hong Kong — 1.3% | ||
AIA Group Ltd. | 486,800 | 4,870,308 |
ASMPT Ltd. | 44,500 | 434,058 |
Hang Seng Bank Ltd. | 80,200 | 1,225,902 |
Hong Kong Exchanges & Clearing Ltd. | 102,100 | 4,304,743 |
Prudential plc | 15,615 | 216,835 |
Techtronic Industries Co. Ltd. | 264,500 | 3,004,866 |
14,056,712 | ||
Hungary — 0.3% | ||
MOL Hungarian Oil & Gas plc | 58,652 | 463,040 |
OTP Bank Nyrt. | 61,318 | 2,229,899 |
Richter Gedeon Nyrt. | 22,443 | 566,138 |
3,259,077 | ||
India — 13.3% | ||
Aarti Industries Ltd. | 40,227 | 228,873 |
Aarti Pharmalabs Ltd. | 10,426 | 44,335 |
Apollo Hospitals Enterprise Ltd. | 27,145 | 1,708,810 |
Asian Paints Ltd. | 15,634 | 642,214 |
Axis Bank Ltd. | 388,098 | 4,505,622 |
Bajaj Auto Ltd. | 15,618 | 937,499 |
Bharat Electronics Ltd. | 1,357,773 | 2,160,407 |
Britannia Industries Ltd. | 63,181 | 3,682,877 |
Coforge Ltd. | 12,492 | 715,504 |
Colgate-Palmolive India Ltd. | 21,005 | 516,139 |
Cummins India Ltd. | 40,608 | 972,806 |
Dr Lal PathLabs Ltd. (a) | 8,360 | 236,734 |
Dr Reddy's Laboratories Ltd. | 16,797 | 1,152,364 |
Eicher Motors Ltd. | 10,201 | 417,824 |
HCL Technologies Ltd. | 249,311 | 3,388,629 |
HDFC Asset Management Co. Ltd. (a) | 21,403 | 659,746 |
HDFC Bank Ltd., ADR | 181,371 | 12,384,012 |
HDFC Bank Ltd. | 794,885 | 15,958,183 |
HDFC Life Insurance Co. Ltd. (a) | 733,248 | 5,769,383 |
Hero MotoCorp Ltd. | 22,018 | 858,433 |
Hindustan Petroleum Corp. Ltd. | 106,212 | 364,646 |
Hindustan Unilever Ltd. | 248,845 | 7,751,676 |
ICICI Bank Ltd. | 717,248 | 8,741,443 |
Info Edge India Ltd. | 33,683 | 1,882,445 |
Infosys Ltd. | 876,941 | 14,514,360 |
ITC Ltd. | 475,987 | 2,697,134 |
Jio Financial Services Ltd. ‡ * | 202,312 | 644,088 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
India — continued | ||
Jubilant Foodworks Ltd. | 84,706 | 493,513 |
Kajaria Ceramics Ltd. | 30,730 | 537,422 |
Kotak Mahindra Bank Ltd. | 365,885 | 8,268,679 |
Lemon Tree Hotels Ltd. * (a) | 672,881 | 757,620 |
Mahindra & Mahindra Ltd. | 129,222 | 2,320,119 |
Maruti Suzuki India Ltd. | 25,688 | 3,069,793 |
Metropolis Healthcare Ltd. (a) | 26,275 | 438,335 |
Multi Commodity Exchange of India Ltd. | 21,989 | 444,849 |
NCC Ltd. | 265,686 | 513,291 |
Oil & Natural Gas Corp. Ltd. | 459,821 | 991,656 |
Petronet LNG Ltd. | 742,653 | 2,111,459 |
Power Finance Corp. Ltd. | 164,553 | 523,730 |
Power Grid Corp. of India Ltd. | 513,053 | 1,661,133 |
Reliance Industries Ltd. | 200,926 | 6,237,342 |
Shriram Finance Ltd. | 111,571 | 2,572,160 |
Tata Consultancy Services Ltd. | 233,958 | 9,746,456 |
Triveni Turbine Ltd. | 65,562 | 319,212 |
UltraTech Cement Ltd. | 33,755 | 3,416,402 |
United Spirits Ltd. * | 70,494 | 871,231 |
WNS Holdings Ltd., ADR * | 36,848 | 2,546,565 |
141,377,153 | ||
Indonesia — 2.2% | ||
Astra International Tbk. PT | 1,105,400 | 502,343 |
Bank Central Asia Tbk. PT | 10,929,400 | 6,619,192 |
Bank Mandiri Persero Tbk. PT | 2,318,000 | 881,177 |
Bank Negara Indonesia Persero Tbk. PT | 857,800 | 504,989 |
Bank Rakyat Indonesia Persero Tbk. PT | 22,432,570 | 8,398,844 |
GoTo Gojek Tokopedia Tbk. PT * | 70,507,700 | 529,279 |
Indofood CBP Sukses Makmur Tbk. PT | 389,000 | 289,056 |
Kalbe Farma Tbk. PT | 2,663,000 | 338,233 |
Telkom Indonesia Persero Tbk. PT | 18,314,100 | 4,512,154 |
Unilever Indonesia Tbk. PT | 891,200 | 227,528 |
United Tractors Tbk. PT | 186,000 | 339,799 |
23,142,594 | ||
Kuwait — 0.1% | ||
National Bank of Kuwait SAKP | 301,296 | 943,536 |
Macau — 0.1% | ||
Sands China Ltd. * | 320,312 | 1,234,006 |
Malaysia — 0.4% | ||
CELCOMDIGI Bhd. | 270,300 | 264,978 |
CIMB Group Holdings Bhd. | 376,600 | 463,915 |
Hong Leong Bank Bhd. | 79,400 | 344,962 |
IHH Healthcare Bhd. | 186,700 | 246,582 |
Kuala Lumpur Kepong Bhd. | 46,500 | 240,510 |
Malayan Banking Bhd. | 241,100 | 482,373 |
Petronas Chemicals Group Bhd. | 214,300 | 330,581 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
Malaysia — continued | ||
Press Metal Aluminium Holdings Bhd. | 240,200 | 268,595 |
Public Bank Bhd. | 1,668,800 | 1,543,654 |
Tenaga Nasional Bhd. | 214,000 | 455,708 |
4,641,858 | ||
Mexico — 3.6% | ||
America Movil SAB de CV | 838,737 | 879,559 |
Arca Continental SAB de CV | 98,393 | 987,221 |
Cemex SAB de CV * | 623,522 | 475,135 |
Coca-Cola Femsa SAB de CV | 42,961 | 361,981 |
Corp. Inmobiliaria Vesta SAB de CV | 243,473 | 882,726 |
Fomento Economico Mexicano SAB de CV | 65,848 | 746,054 |
Gentera SAB de CV | 606,833 | 789,300 |
Grupo Aeroportuario del Centro Norte SAB de CV | 37,880 | 427,007 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 243,651 | 4,635,844 |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 120,216 | 3,410,703 |
Grupo Financiero Banorte SAB de CV, Class O | 946,853 | 8,978,281 |
Kimberly-Clark de Mexico SAB de CV, Class A | 1,382,973 | 3,261,487 |
Qualitas Controladora SAB de CV | 53,092 | 391,318 |
Regional SAB de CV | 120,467 | 934,024 |
Southern Copper Corp. | 15,277 | 1,335,821 |
Wal-Mart de Mexico SAB de CV | 2,377,542 | 9,903,467 |
38,399,928 | ||
Panama — 0.1% | ||
Copa Holdings SA, Class A | 5,840 | 689,237 |
Peru — 0.4% | ||
Credicorp Ltd. | 29,223 | 4,589,472 |
Philippines — 0.2% | ||
ACEN Corp. * | 76,740 | 7,295 |
Ayala Land, Inc. | 563,400 | 281,337 |
Bank of the Philippine Islands | 139,055 | 289,951 |
BDO Unibank, Inc. | 161,660 | 427,518 |
International Container Terminal Services, Inc. | 61,870 | 244,511 |
SM Investments Corp. | 17,500 | 290,776 |
SM Prime Holdings, Inc. | 482,900 | 293,820 |
1,835,208 | ||
Poland — 0.8% | ||
Allegro.eu SA * (a) | 143,565 | 1,265,743 |
Bank Polska Kasa Opieki SA | 32,545 | 960,986 |
Dino Polska SA * (a) | 26,167 | 2,913,958 |
KRUK SA * | 4,545 | 496,175 |
Powszechny Zaklad Ubezpieczen SA | 303,896 | 3,073,284 |
8,710,146 | ||
Portugal — 0.3% | ||
Jeronimo Martins SGPS SA | 94,353 | 2,568,835 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
Qatar — 0.6% | ||
Industries Qatar QSC | 495,392 | 1,814,305 |
Ooredoo QPSC | 187,208 | 587,854 |
Qatar Gas Transport Co. Ltd. | 636,128 | 736,595 |
Qatar National Bank QPSC | 736,166 | 3,434,355 |
6,573,109 | ||
Russia — 0.0% ^ | ||
Gazprom PJSC, ADR ‡ * | 12,780 | 1,426 |
Gazprom PJSC ‡ | 1,135,066 | 58,887 |
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ * | 12,378 | 1,869 |
MMC Norilsk Nickel PJSC, ADR ‡ * | 2,018 | 969 |
MMC Norilsk Nickel PJSC ‡ * | 2,036 | 8,876 |
Moscow Exchange MICEX-RTS PJSC ‡ | 571,670 | 13,582 |
Rosneft Oil Co. PJSC ‡ | 141,777 | 9,519 |
Sberbank of Russia PJSC ‡ | 629,236 | 17,900 |
Severstal PAO, GDR ‡ * (a) | 98,048 | 31,375 |
VTB Bank PJSC ‡ * | 168,450,798 | 794 |
X5 Retail Group NV, GDR ‡ * (a) | 13,771 | 3,324 |
148,521 | ||
Saudi Arabia — 2.8% | ||
Al Rajhi Bank | 199,089 | 3,957,405 |
Aldrees Petroleum and Transport Services Co. | 15,104 | 480,970 |
Alinma Bank | 162,643 | 1,603,588 |
Almarai Co. JSC | 59,446 | 1,091,661 |
Arabian Contracting Services Co. | 14,519 | 765,620 |
Arabian Drilling Co. * | 15,527 | 730,079 |
Elm Co. | 5,114 | 926,983 |
Etihad Etisalat Co. | 52,675 | 657,738 |
Jarir Marketing Co. | 80,400 | 332,228 |
Leejam Sports Co. JSC | 16,398 | 645,141 |
Mouwasat Medical Services Co. | 25,800 | 1,725,120 |
Nahdi Medical Co. | 9,432 | 437,063 |
Riyad Bank | 120,902 | 1,024,955 |
Riyadh Cables Group Co. | 45,435 | 774,433 |
SABIC Agri-Nutrients Co. | 37,075 | 1,424,954 |
Saudi Airlines Catering Co. | 18,976 | 627,220 |
Saudi Arabian Oil Co. (a) | 296,381 | 2,561,261 |
Saudi Awwal Bank | 81,295 | 824,645 |
Saudi Basic Industries Corp. | 81,843 | 1,870,477 |
Saudi National Bank (The) | 344,417 | 3,539,164 |
Saudi Telecom Co. | 153,903 | 1,740,284 |
Saudia Dairy & Foodstuff Co. | 9,446 | 893,840 |
Theeb Rent A Car Co. | 16,499 | 373,517 |
United International Transportation Co. | 54,696 | 1,007,927 |
30,016,273 | ||
Singapore — 0.1% | ||
Sea Ltd., ADR * | 18,028 | 1,199,223 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
South Africa — 3.9% | ||
Absa Group Ltd. | 58,100 | 615,769 |
African Rainbow Minerals Ltd. | 16,119 | 181,938 |
Anglo American plc | 62,769 | 1,930,259 |
Aspen Pharmacare Holdings Ltd. | 40,898 | 438,601 |
AVI Ltd. | 288,813 | 1,150,495 |
Bid Corp. Ltd. | 204,964 | 4,854,840 |
Bidvest Group Ltd. (The) | 162,820 | 2,526,458 |
Capitec Bank Holdings Ltd. | 49,749 | 4,988,906 |
Clicks Group Ltd. | 168,865 | 2,648,774 |
FirstRand Ltd. | 1,844,178 | 7,501,883 |
Gold Fields Ltd. | 39,524 | 612,985 |
MTN Group Ltd. | 127,726 | 1,000,239 |
Naspers Ltd., Class N | 15,093 | 2,965,577 |
Sanlam Ltd. | 632,055 | 2,324,471 |
Shoprite Holdings Ltd. | 85,767 | 1,239,236 |
Sibanye Stillwater Ltd. | 141,725 | 269,336 |
Standard Bank Group Ltd. | 272,980 | 2,915,450 |
Truworths International Ltd. | 113,396 | 455,201 |
Vodacom Group Ltd. | 359,620 | 2,374,580 |
Woolworths Holdings Ltd. | 88,486 | 395,828 |
41,390,826 | ||
South Korea — 12.9% | ||
AfreecaTV Co. Ltd. | 11,056 | 633,456 |
BGF retail Co. Ltd. | 13,209 | 1,733,108 |
CJ CheilJedang Corp. | 4,013 | 880,935 |
Coupang, Inc. * | 31,890 | 578,804 |
Coway Co. Ltd. | 15,201 | 488,503 |
Daeduck Electronics Co. Ltd. | 24,766 | 704,537 |
DB Insurance Co. Ltd. | 5,789 | 342,306 |
DL Holdings Co. Ltd. | 20,730 | 638,120 |
Dongsung Finetec Co. Ltd. | 30,061 | 348,407 |
Eo Technics Co. Ltd. | 7,546 | 947,872 |
Eugene Technology Co. Ltd. | 28,888 | 831,037 |
HAESUNG DS Co. Ltd. | 7,334 | 443,074 |
Hana Financial Group, Inc. | 140,553 | 4,331,214 |
Hankook Tire & Technology Co. Ltd. | 49,751 | 1,509,012 |
Hanon Systems | 101,386 | 678,153 |
Hansol Chemical Co. Ltd. | 2,985 | 458,798 |
HL Mando Co. Ltd. | 6,904 | 250,034 |
HSD Engine Co. Ltd. * | 53,054 | 496,476 |
Hugel, Inc. * | 14,082 | 1,191,407 |
Hyundai Engineering & Construction Co. Ltd. | 15,779 | 463,103 |
Hyundai Glovis Co. Ltd. | 7,239 | 989,848 |
Hyundai Mobis Co. Ltd. | 19,904 | 3,636,787 |
Hyundai Motor Co. | 16,987 | 2,611,811 |
Industrial Bank of Korea | 88,991 | 725,507 |
JYP Entertainment Corp. | 8,364 | 895,474 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
South Korea — continued | ||
K Car Co. Ltd. | 64,868 | 631,166 |
KakaoBank Corp. | 13,431 | 273,976 |
Kangwon Land, Inc. | 45,965 | 562,593 |
KB Financial Group, Inc. | 143,539 | 5,748,938 |
Kia Corp. | 80,991 | 5,256,260 |
KIWOOM Securities Co. Ltd. | 14,258 | 1,087,114 |
Korea Investment Holdings Co. Ltd. | 19,101 | 731,932 |
Kumho Petrochemical Co. Ltd. | 5,151 | 485,063 |
LG Chem Ltd. | 16,200 | 8,241,039 |
LG Energy Solution Ltd. * | 1,566 | 687,993 |
LG H&H Co. Ltd. | 5,431 | 1,822,224 |
Lotte Chemical Corp. | 2,252 | 266,098 |
NAVER Corp. | 20,423 | 3,638,712 |
NCSoft Corp. | 12,836 | 2,784,721 |
Nexon Games Co. Ltd. * | 19,189 | 323,864 |
Orion Corp. | 4,619 | 411,116 |
Pan Ocean Co. Ltd. | 111,355 | 417,556 |
POSCO Holdings, Inc. | 7,704 | 3,881,903 |
Posco International Corp. | 23,545 | 1,666,115 |
Samsung Biologics Co. Ltd. * (a) | 4,146 | 2,489,542 |
Samsung C&T Corp. | 5,901 | 478,103 |
Samsung Electro-Mechanics Co. Ltd. | 18,560 | 2,117,304 |
Samsung Electronics Co. Ltd. | 650,789 | 35,632,433 |
Samsung Engineering Co. Ltd. * | 23,919 | 693,819 |
Samsung Fire & Marine Insurance Co. Ltd. | 7,091 | 1,355,421 |
Samsung Life Insurance Co. Ltd. | 12,188 | 666,784 |
Samsung SDS Co. Ltd. | 3,257 | 327,893 |
Samsung Securities Co. Ltd. | 7,483 | 210,727 |
Shinhan Financial Group Co. Ltd. | 112,202 | 3,088,169 |
SK Hynix, Inc. | 134,507 | 13,026,336 |
SK IE Technology Co. Ltd. * (a) | 4,046 | 340,930 |
SK Innovation Co. Ltd. * | 10,863 | 1,842,573 |
SK Telecom Co. Ltd. | 34,396 | 1,243,793 |
SK, Inc. | 13,741 | 1,647,054 |
SKC Co. Ltd. | 16,971 | 1,321,139 |
SM Entertainment Co. Ltd. | 6,673 | 684,768 |
S-Oil Corp. | 36,052 | 2,119,286 |
ST Pharm Co. Ltd. | 5,649 | 334,850 |
YG Entertainment, Inc. | 8,926 | 533,364 |
Yuhan Corp. | 8,215 | 470,029 |
136,350,483 | ||
Switzerland — 0.0% ^ | ||
Wizz Air Holdings plc * (a) | 10,368 | 315,967 |
Taiwan — 15.3% | ||
Accton Technology Corp. | 474,000 | 5,782,972 |
Advantech Co. Ltd. | 618,629 | 7,725,278 |
ASE Technology Holding Co. Ltd. | 777,000 | 2,843,884 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
Taiwan — continued | ||
Asia Vital Components Co. Ltd. | 67,000 | 688,532 |
ASMedia Technology, Inc. | 20,000 | 627,540 |
ASPEED Technology, Inc. | 14,500 | 1,072,900 |
AUO Corp. * | 892,000 | 588,437 |
Cathay Financial Holding Co. Ltd. | 1,193,000 | 1,738,887 |
Chailease Holding Co. Ltd. * | 500,955 | 3,317,020 |
China Steel Corp. | 2,722,000 | 2,421,684 |
Chunghwa Telecom Co. Ltd. | 321,000 | 1,184,155 |
CTBC Financial Holding Co. Ltd. * | 3,246,000 | 2,715,499 |
Delta Electronics, Inc. | 778,000 | 9,082,150 |
E.Sun Financial Holding Co. Ltd. | 3,495,754 | 2,879,231 |
Eclat Textile Co. Ltd. | 162,000 | 2,802,526 |
eMemory Technology, Inc. | 13,000 | 770,359 |
Faraday Technology Corp. | 152,000 | 1,583,250 |
Feng TAY Enterprise Co. Ltd. * | 71,000 | 480,216 |
Fubon Financial Holding Co. Ltd. | 1,614,600 | 3,370,018 |
Giant Manufacturing Co. Ltd. | 261,000 | 1,936,103 |
Gigabyte Technology Co. Ltd. | 97,000 | 972,328 |
Global Unichip Corp. | 48,000 | 2,510,618 |
Hon Hai Precision Industry Co. Ltd. | 1,288,000 | 4,456,906 |
Jentech Precision Industrial Co. Ltd. * | 21,000 | 356,010 |
Largan Precision Co. Ltd. | 23,000 | 1,595,318 |
Makalot Industrial Co. Ltd. | 73,000 | 725,247 |
MediaTek, Inc. | 125,000 | 2,750,615 |
Mega Financial Holding Co. Ltd. | 1,478,000 | 1,895,255 |
Micro-Star International Co. Ltd. | 182,000 | 1,128,863 |
momo.com, Inc. | 7,920 | 151,266 |
Nan Ya Plastics Corp. | 602,000 | 1,341,510 |
Nien Made Enterprise Co. Ltd. | 85,000 | 881,105 |
Novatek Microelectronics Corp. | 398,000 | 5,382,369 |
Nuvoton Technology Corp. | 90,000 | 402,654 |
Poya International Co. Ltd. | 18,180 | 296,117 |
President Chain Store Corp. | 411,000 | 3,651,376 |
Quanta Computer, Inc. | 533,000 | 4,054,991 |
Realtek Semiconductor Corp. | 275,000 | 3,776,885 |
Taiwan Cement Corp. | 549,961 | 653,469 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,071,000 | 55,454,903 |
Unimicron Technology Corp. | 295,000 | 1,741,624 |
Uni-President Enterprises Corp. | 806,000 | 1,933,649 |
United Microelectronics Corp. | 1,666,000 | 2,503,498 |
Vanguard International Semiconductor Corp. | 1,066,000 | 2,628,282 |
Wistron Corp. | 344,000 | 1,552,724 |
Wiwynn Corp. | 79,000 | 4,486,343 |
Yageo Corp. | 72,000 | 1,055,545 |
161,950,111 | ||
Thailand — 1.6% | ||
Advanced Info Service PCL | 133,600 | 878,209 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 | ||
Thailand — continued | ||
Airports of Thailand PCL * | 536,600 | 1,116,978 |
Bangkok Dusit Medical Services PCL, Class F | 830,900 | 692,945 |
Central Pattana PCL, NVDR | 214,200 | 425,993 |
CP ALL PCL | 404,300 | 747,901 |
CP Axtra PCL, NVDR | 225,000 | 226,930 |
Delta Electronics Thailand PCL, NVDR | 211,400 | 698,983 |
Gulf Energy Development PCL | 267,900 | 389,772 |
Intouch Holdings PCL, NVDR | 133,700 | 300,994 |
Kasikornbank PCL, NVDR | 74,600 | 274,964 |
Krung Thai Bank PCL, NVDR | 1,406,300 | 842,928 |
PTT Exploration & Production PCL | 826,900 | 3,863,706 |
PTT Global Chemical PCL | 187,400 | 216,601 |
PTT PCL | 750,700 | 762,766 |
SCB X PCL | 955,300 | 3,125,840 |
Siam Cement PCL (The) (Registered) | 241,000 | 2,260,117 |
Thai Oil PCL | 377,763 | 566,509 |
17,392,136 | ||
Turkey — 0.1% | ||
Ford Otomotiv Sanayi A/S | 12,766 | 449,939 |
United Arab Emirates — 0.9% | ||
Abu Dhabi Commercial Bank PJSC | 102,778 | 245,689 |
Abu Dhabi Islamic Bank PJSC | 260,628 | 797,587 |
ADNOC Drilling Co. PJSC | 405,418 | 434,901 |
Adnoc Gas plc * | 389,491 | 366,914 |
ADNOC Logistics & Services * | 355,292 | 348,240 |
Aldar Properties PJSC | 695,389 | 978,620 |
Dubai Electricity & Water Authority PJSC | 2,023,115 | 1,476,204 |
Dubai Islamic Bank PJSC | 179,136 | 280,536 |
Emaar Properties PJSC | 753,607 | 1,386,673 |
Fertiglobe plc | 627,360 | 611,309 |
First Abu Dhabi Bank PJSC | 405,037 | 1,614,244 |
Salik Co. PJSC | 1,023,025 | 874,640 |
9,415,557 | ||
United Kingdom — 0.1% | ||
HSBC Holdings plc | 134,000 | 1,121,397 |
United States — 0.9% | ||
EPAM Systems, Inc. * | 10,479 | 2,481,532 |
ExlService Holdings, Inc. * | 6,744 | 950,567 |
Genpact Ltd. | 75,612 | 2,728,837 |
Globant SA * | 11,859 | 2,072,123 |
Parade Technologies Ltd. | 55,400 | 1,626,423 |
9,859,482 | ||
Total Common Stocks (Cost $1,059,286,152) | 1,054,119,900 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — 0.3% | ||
Investment Companies — 0.3% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (c) (d)(Cost $2,923,486) | 2,922,901 | 2,923,486 |
Total Investments — 99.7% (Cost $1,062,209,638) | 1,057,043,386 | |
Other Assets Less Liabilities — 0.3% | 3,513,071 | |
NET ASSETS — 100.0% | 1,060,556,457 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
APAC | Asia Pacific |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary 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 |
RTS | Russian Trading System |
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) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(c) | 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. | |
(d) | The rate shown is the current yield as of July 31, 2023. |
JPMorgan ActiveBuilders Emerging Markets Equity 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 |
Banks | 16.9 % |
Semiconductors & Semiconductor Equipment | 10.2 |
Technology Hardware, Storage & Peripherals | 5.3 |
Broadline Retail | 4.9 |
Interactive Media & Services | 4.5 |
Insurance | 4.1 |
Consumer Staples Distribution & Retail | 3.8 |
Oil, Gas & Consumable Fuels | 3.5 |
IT Services | 3.2 |
Hotels, Restaurants & Leisure | 3.0 |
Beverages | 2.4 |
Electronic Equipment, Instruments & Components | 2.4 |
Food Products | 2.3 |
Chemicals | 2.3 |
Entertainment | 2.0 |
Metals & Mining | 2.0 |
Household Durables | 1.8 |
Automobiles | 1.6 |
Capital Markets | 1.5 |
Machinery | 1.4 |
Real Estate Management & Development | 1.4 |
Automobile Components | 1.2 |
Financial Services | 1.1 |
Transportation Infrastructure | 1.0 |
Personal Care Products | 1.0 |
Others (each less than 1.0%) | 14.9 |
Short-Term Investments | 0.3 |
JPMorgan ActiveBuilders Emerging Markets Equity 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 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 NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
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 ActiveBuilders Emerging Markets Equity 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:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $1,009,791 | $— | $1,009,791 |
Brazil | 64,575,629 | — | — | 64,575,629 |
Canada | 409,215 | — | — | 409,215 |
Chile | 4,698,437 | — | — | 4,698,437 |
China | 15,998,623 | 299,928,072 | — | 315,926,695 |
Czech Republic | — | 413,668 | — | 413,668 |
Ghana | 643,487 | — | — | 643,487 |
Greece | 565,476 | 4,246,716 | — | 4,812,192 |
Hong Kong | — | 14,056,712 | — | 14,056,712 |
Hungary | 566,138 | 2,692,939 | — | 3,259,077 |
India | 14,974,912 | 125,758,153 | 644,088 | 141,377,153 |
Indonesia | 227,528 | 22,915,066 | — | 23,142,594 |
Kuwait | — | 943,536 | — | 943,536 |
Macau | — | 1,234,006 | — | 1,234,006 |
Malaysia | — | 4,641,858 | — | 4,641,858 |
Mexico | 38,399,928 | — | — | 38,399,928 |
Panama | 689,237 | — | — | 689,237 |
Peru | 4,589,472 | — | — | 4,589,472 |
Philippines | — | 1,835,208 | — | 1,835,208 |
Poland | — | 8,710,146 | — | 8,710,146 |
Portugal | — | 2,568,835 | — | 2,568,835 |
Qatar | 587,854 | 5,985,255 | — | 6,573,109 |
Russia | — | — | 148,521 | 148,521 |
Saudi Arabia | 1,623,919 | 28,392,354 | — | 30,016,273 |
Singapore | 1,199,223 | — | — | 1,199,223 |
South Africa | 23,788,004 | 17,602,822 | — | 41,390,826 |
South Korea | 578,804 | 135,771,679 | — | 136,350,483 |
Switzerland | — | 315,967 | — | 315,967 |
Taiwan | — | 161,950,111 | — | 161,950,111 |
Thailand | 7,987,517 | 9,404,619 | — | 17,392,136 |
Turkey | 449,939 | — | — | 449,939 |
United Arab Emirates | 3,669,535 | 5,746,022 | — | 9,415,557 |
United Kingdom | — | 1,121,397 | — | 1,121,397 |
United States | 8,233,059 | 1,626,423 | — | 9,859,482 |
Total Common Stocks | 194,455,936 | 858,871,355 | 792,609 | 1,054,119,900 |
Short-Term Investments | ||||
Investment Companies | 2,923,486 | — | — | 2,923,486 |
Total Investments in Securities | $197,379,422 | $858,871,355 | $792,609 | $1,057,043,386 |
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund 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.
JPMorgan ActiveBuilders Emerging Markets Equity 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 Fund's distributions may be reinvested into such Underlying Fund. 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 Prime Money Market Fund Class IM Shares, 5.43% (a) (b) | $3,448,509 | $181,174,569 | $181,709,139 | $9,321 | $226 | $2,923,486 | 2,922,901 | $149,948 | $— |
(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. |