JPMorgan BetaBuilders International 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 BetaBuilders International 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 — 99.2% | ||
Australia — 7.6% | ||
Ampol Ltd. | 55,160 | 1,221,609 |
ANZ Group Holdings Ltd. | 693,168 | 12,025,896 |
APA Group | 272,310 | 1,831,864 |
Aristocrat Leisure Ltd. | 151,338 | 4,008,221 |
ASX Ltd. | 44,687 | 1,866,963 |
Atlas Arteria Ltd. | 282,132 | 1,192,615 |
Aurizon Holdings Ltd. | 426,126 | 1,092,082 |
Bendigo & Adelaide Bank Ltd. | 131,499 | 828,083 |
BHP Group Ltd. | 1,169,176 | 36,386,943 |
BlueScope Steel Ltd. | 106,368 | 1,568,615 |
Brambles Ltd. | 320,775 | 3,034,780 |
Cochlear Ltd. | 15,176 | 2,441,400 |
Coles Group Ltd. | 308,892 | 3,777,319 |
Commonwealth Bank of Australia | 389,213 | 27,692,025 |
Computershare Ltd. | 132,370 | 2,232,455 |
Dexus, REIT | 248,994 | 1,378,130 |
Endeavour Group Ltd. | 315,099 | 1,287,917 |
Flutter Entertainment plc * | 35,357 | 7,032,491 |
Fortescue Metals Group Ltd. | 390,840 | 5,745,633 |
Glencore plc | 2,325,030 | 14,139,522 |
Goodman Group, REIT | 394,947 | 5,460,995 |
GPT Group (The), REIT | 443,466 | 1,296,190 |
IDP Education Ltd. | 48,320 | 809,766 |
IGO Ltd. | 156,020 | 1,457,893 |
Incitec Pivot Ltd. | 449,634 | 914,650 |
Insurance Australia Group Ltd. | 565,423 | 2,257,177 |
LendLease Corp. Ltd. | 159,539 | 927,492 |
Lottery Corp. Ltd. (The) | 513,698 | 1,787,616 |
Macquarie Group Ltd. | 83,843 | 9,887,600 |
Medibank Pvt Ltd. | 637,551 | 1,505,199 |
Mineral Resources Ltd. | 39,366 | 1,902,039 |
Mirvac Group, REIT | 913,473 | 1,439,909 |
National Australia Bank Ltd. | 724,393 | 13,876,509 |
Newcrest Mining Ltd. | 206,377 | 3,701,776 |
Northern Star Resources Ltd. | 265,459 | 2,072,228 |
Orica Ltd. | 105,125 | 1,115,460 |
Origin Energy Ltd. | 397,610 | 2,263,607 |
Pilbara Minerals Ltd. | 602,007 | 1,969,494 |
Qantas Airways Ltd. * | 206,105 | 905,579 |
QBE Insurance Group Ltd. | 343,712 | 3,649,157 |
Ramsay Health Care Ltd. | 42,908 | 1,700,370 |
REA Group Ltd. | 11,931 | 1,264,847 |
Reece Ltd. | 49,344 | 651,581 |
Rio Tinto Ltd. | 85,666 | 6,783,446 |
Rio Tinto plc | 244,857 | 16,184,509 |
Santos Ltd. | 757,862 | 4,078,050 |
Scentre Group, REIT | 1,197,922 | 2,266,819 |
SEEK Ltd. | 82,116 | 1,377,096 |
JPMorgan BetaBuilders International 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 | ||
Australia — continued | ||
Seven Group Holdings Ltd. | 36,167 | 638,494 |
Sonic Healthcare Ltd. | 108,410 | 2,561,491 |
South32 Ltd. | 1,051,267 | 2,768,192 |
Stockland, REIT | 552,636 | 1,570,610 |
Suncorp Group Ltd. | 292,643 | 2,804,113 |
Telstra Group Ltd. | 933,348 | 2,671,442 |
TPG Telecom Ltd. | 98,991 | 334,186 |
Transurban Group | 710,979 | 6,864,536 |
Treasury Wine Estates Ltd. | 167,117 | 1,264,855 |
Vicinity Ltd., REIT | 895,774 | 1,191,026 |
Washington H Soul Pattinson & Co. Ltd. | 56,821 | 1,260,723 |
Wesfarmers Ltd. | 261,847 | 8,748,873 |
Westpac Banking Corp. | 809,879 | 12,173,185 |
WiseTech Global Ltd. | 40,599 | 2,344,553 |
Woodside Energy Group Ltd. | 438,217 | 11,295,125 |
Woolworths Group Ltd. | 281,264 | 7,304,105 |
Worley Ltd. | 86,295 | 1,009,964 |
291,097,090 | ||
Austria — 0.3% | ||
ANDRITZ AG | 16,622 | 877,608 |
BAWAG Group AG (a) | 19,102 | 930,600 |
Erste Group Bank AG | 82,337 | 3,111,999 |
EVN AG | 8,754 | 207,504 |
Mondi plc | 112,069 | 1,965,757 |
OMV AG | 33,326 | 1,501,472 |
Raiffeisen Bank International AG * | 31,215 | 504,728 |
Strabag SE | 2,605 | 109,309 |
Telekom Austria AG | 32,295 | 245,718 |
Verbund AG | 7,490 | 620,599 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 8,291 | 221,751 |
voestalpine AG | 25,629 | 846,920 |
11,143,965 | ||
Belgium — 0.9% | ||
Ackermans & van Haaren NV | 5,191 | 903,836 |
Ageas SA | 41,156 | 1,742,268 |
Anheuser-Busch InBev SA | 228,529 | 13,073,152 |
Azelis Group NV | 16,230 | 419,639 |
D'ieteren Group | 5,144 | 898,380 |
Elia Group SA/NV | 8,331 | 1,025,754 |
Etablissements Franz Colruyt NV | 13,034 | 496,779 |
Groupe Bruxelles Lambert NV | 22,340 | 1,807,582 |
KBC Group NV | 77,987 | 5,869,676 |
Sofina SA | 3,655 | 869,059 |
Solvay SA | 16,856 | 2,024,377 |
UCB SA | 29,174 | 2,583,277 |
JPMorgan BetaBuilders International 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 | ||
Belgium — continued | ||
Umicore SA | 47,913 | 1,418,950 |
Warehouses De Pauw CVA, REIT | 35,890 | 1,060,452 |
34,193,181 | ||
Brazil — 0.0% ^ | ||
Yara International ASA | 37,733 | 1,541,092 |
Chile — 0.0% ^ | ||
Antofagasta plc | 79,889 | 1,718,395 |
China — 0.8% | ||
Budweiser Brewing Co. APAC Ltd. (a) | 399,300 | 973,940 |
ESR Group Ltd. (a) | 557,200 | 977,076 |
Prosus NV * | 268,229 | 21,218,900 |
Wharf Holdings Ltd. (The) | 287,000 | 673,383 |
Wilmar International Ltd. | 720,300 | 2,093,001 |
Wuxi Biologics Cayman, Inc. * (a) | 822,000 | 4,743,597 |
30,679,897 | ||
Denmark — 2.8% | ||
AP Moller - Maersk A/S, Class A | 693 | 1,393,364 |
AP Moller - Maersk A/S, Class B | 1,280 | 2,629,385 |
Carlsberg A/S, Class B | 21,777 | 3,266,161 |
Chr Hansen Holding A/S | 23,729 | 1,793,051 |
Coloplast A/S, Class B | 27,416 | 3,407,986 |
Danske Bank A/S | 157,207 | 3,732,890 |
Demant A/S * | 21,699 | 863,508 |
DSV A/S | 41,443 | 8,294,403 |
Genmab A/S * | 15,220 | 6,273,681 |
Novo Nordisk A/S, Class B | 372,613 | 60,084,681 |
Novozymes A/S, Class B | 48,252 | 2,419,998 |
Orsted A/S (a) | 43,666 | 3,799,793 |
Pandora A/S | 20,540 | 2,054,656 |
Tryg A/S | 80,591 | 1,591,174 |
Vestas Wind Systems A/S * | 233,064 | 6,233,641 |
107,838,372 | ||
Finland — 1.1% | ||
Elisa OYJ | 34,764 | 1,813,479 |
Fortum OYJ | 101,790 | 1,377,957 |
Huhtamaki OYJ | 22,204 | 789,298 |
Kesko OYJ, Class A | 21,757 | 435,828 |
Kesko OYJ, Class B | 63,233 | 1,265,210 |
Kone OYJ, Class B | 93,085 | 4,774,590 |
Metso OYJ | 162,616 | 1,847,980 |
Neste OYJ | 99,422 | 3,660,230 |
Nokia OYJ | 1,234,917 | 4,854,383 |
Nordea Bank Abp | 732,141 | 8,286,624 |
Orion OYJ, Class A | 6,853 | 267,290 |
Orion OYJ, Class B | 24,783 | 952,438 |
Sampo OYJ, Class A | 109,682 | 4,833,315 |
JPMorgan BetaBuilders International 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 | ||
Finland — continued | ||
Stora Enso OYJ, Class A | 11,841 | 152,975 |
Stora Enso OYJ, Class R | 141,332 | 1,732,625 |
UPM-Kymmene OYJ | 123,181 | 4,078,237 |
Wartsila OYJ Abp | 112,318 | 1,411,034 |
42,533,493 | ||
France — 9.8% | ||
Adevinta ASA * | 62,057 | 459,039 |
Aeroports de Paris | 6,420 | 886,551 |
Air Liquide SA | 120,850 | 21,728,099 |
Airbus SE | 142,287 | 20,958,878 |
Alstom SA | 71,993 | 2,204,443 |
Amundi SA (a) | 14,149 | 868,260 |
AXA SA | 449,967 | 13,831,464 |
BioMerieux | 11,238 | 1,206,392 |
BNP Paribas SA | 262,082 | 17,283,740 |
Bollore SE | 211,734 | 1,338,735 |
Bouygues SA | 47,673 | 1,707,721 |
Bureau Veritas SA (b) | 66,807 | 1,834,773 |
Capgemini SE | 36,463 | 6,607,773 |
Carrefour SA | 135,322 | 2,705,240 |
Cie de Saint-Gobain | 119,041 | 8,050,903 |
Cie Generale des Etablissements Michelin SCA | 164,817 | 5,397,272 |
Credit Agricole SA | 314,266 | 3,901,729 |
Danone SA | 146,970 | 8,974,979 |
Dassault Aviation SA | 5,374 | 1,043,960 |
Dassault Systemes SE | 160,259 | 6,849,254 |
Edenred | 57,596 | 3,740,880 |
Eiffage SA | 18,096 | 1,882,663 |
Engie SA | 427,160 | 7,007,699 |
EssilorLuxottica SA | 70,253 | 14,133,165 |
Gecina SA, REIT | 12,598 | 1,362,002 |
Getlink SE | 92,953 | 1,633,868 |
Hermes International | 8,032 | 17,776,938 |
Ipsen SA | 9,308 | 1,173,058 |
Kering SA | 16,616 | 9,540,328 |
Legrand SA | 61,579 | 6,173,582 |
L'Oreal SA | 58,138 | 27,040,530 |
LVMH Moet Hennessy Louis Vuitton SE | 60,250 | 55,958,269 |
Orange SA | 435,881 | 4,927,129 |
Pernod Ricard SA | 47,022 | 10,367,019 |
Publicis Groupe SA | 54,592 | 4,401,503 |
Safran SA | 80,853 | 13,422,657 |
Sartorius Stedim Biotech | 5,543 | 1,734,245 |
Societe Generale SA | 173,470 | 4,717,816 |
Sodexo SA | 19,403 | 1,990,309 |
Teleperformance | 13,647 | 1,979,344 |
Thales SA | 24,259 | 3,628,900 |
JPMorgan BetaBuilders International 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 | ||
France — continued | ||
TotalEnergies SE | 540,262 | 32,824,441 |
Veolia Environnement SA | 155,204 | 5,053,278 |
Vinci SA | 122,667 | 14,406,916 |
Vivendi SE | 186,382 | 1,664,084 |
Worldline SA * (a) | 57,806 | 2,291,395 |
378,671,223 | ||
Germany — 7.7% | ||
adidas AG | 41,240 | 8,325,737 |
Allianz SE (Registered) | 93,080 | 22,246,059 |
BASF SE | 211,984 | 11,364,678 |
Bayer AG (Registered) | 226,740 | 13,260,536 |
Bayerische Motoren Werke AG | 73,632 | 8,979,417 |
Bayerische Motoren Werke AG (Preference) | 14,042 | 1,577,634 |
Beiersdorf AG | 22,677 | 2,936,794 |
Brenntag SE | 35,653 | 2,766,124 |
Carl Zeiss Meditec AG | 8,493 | 984,175 |
Commerzbank AG | 242,794 | 2,904,176 |
Continental AG | 24,929 | 1,990,322 |
Covestro AG * (a) | 44,583 | 2,394,948 |
Daimler Truck Holding AG | 119,660 | 4,490,877 |
Deutsche Bank AG (Registered) | 477,007 | 5,287,688 |
Deutsche Boerse AG | 43,847 | 8,401,151 |
Deutsche Lufthansa AG (Registered) * | 138,387 | 1,395,807 |
Deutsche Telekom AG (Registered) | 805,588 | 17,562,811 |
Deutsche Wohnen SE | 12,042 | 302,110 |
DHL Group | 228,777 | 11,764,450 |
E.ON SE | 518,163 | 6,554,930 |
Evonik Industries AG | 47,472 | 983,288 |
Fresenius SE & Co. KGaA | 94,887 | 2,977,759 |
GEA Group AG | 38,020 | 1,613,638 |
Hannover Rueck SE | 13,922 | 2,970,594 |
Heidelberg Materials AG | 33,428 | 2,709,269 |
Henkel AG & Co. KGaA | 22,858 | 1,597,369 |
Henkel AG & Co. KGaA (Preference) | 41,115 | 3,172,694 |
Infineon Technologies AG | 301,396 | 13,241,980 |
Mercedes-Benz Group AG | 180,246 | 14,394,973 |
Merck KGaA | 29,825 | 5,240,997 |
MTU Aero Engines AG | 12,417 | 2,899,512 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 31,495 | 11,856,160 |
Porsche Automobil Holding SE (Preference) | 35,335 | 2,084,973 |
Puma SE | 23,733 | 1,603,906 |
RWE AG | 156,228 | 6,723,842 |
SAP SE | 252,347 | 34,423,063 |
Sartorius AG (Preference) (b) | 6,218 | 2,565,418 |
Siemens AG (Registered) | 173,550 | 29,580,248 |
Siemens Energy AG * (b) | 114,369 | 1,937,597 |
Siemens Healthineers AG (a) | 65,079 | 3,781,305 |
JPMorgan BetaBuilders International 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 | ||
Germany — continued | ||
Symrise AG | 30,653 | 3,348,282 |
Talanx AG | 12,316 | 754,230 |
Telefonica Deutschland Holding AG | 213,466 | 575,159 |
Volkswagen AG (Preference) | 42,359 | 5,611,535 |
Vonovia SE | 183,678 | 4,279,696 |
Zalando SE * (a) | 51,865 | 1,790,623 |
298,208,534 | ||
Hong Kong — 2.2% | ||
AIA Group Ltd. | 2,681,000 | 26,822,713 |
CK Asset Holdings Ltd. | 451,000 | 2,611,774 |
CK Infrastructure Holdings Ltd. | 141,000 | 747,207 |
CLP Holdings Ltd. | 383,000 | 3,121,885 |
DFI Retail Group Holdings Ltd. | 68,900 | 185,474 |
Hang Lung Properties Ltd. | 422,000 | 658,552 |
Hang Seng Bank Ltd. | 167,800 | 2,564,918 |
Henderson Land Development Co. Ltd. | 305,000 | 942,807 |
HK Electric Investments & HK Electric Investments Ltd. (a) | 528,000 | 328,855 |
HKT Trust & HKT Ltd. | 832,000 | 982,758 |
Hong Kong & China Gas Co. Ltd. | 2,498,100 | 2,143,013 |
Hong Kong Exchanges & Clearing Ltd. | 275,000 | 11,594,557 |
Jardine Matheson Holdings Ltd. | 56,300 | 2,780,963 |
Link, REIT | 589,000 | 3,310,863 |
MTR Corp. Ltd. | 358,000 | 1,649,772 |
New World Development Co. Ltd. | 320,000 | 791,351 |
Power Assets Holdings Ltd. | 316,000 | 1,656,227 |
Prudential plc | 634,524 | 8,811,211 |
Sino Land Co. Ltd. | 778,000 | 955,013 |
Sun Hung Kai Properties Ltd. | 347,500 | 4,363,428 |
Swire Pacific Ltd., Class A | 102,000 | 852,642 |
Swire Pacific Ltd., Class B | 195,000 | 261,181 |
Swire Properties Ltd. | 245,600 | 616,290 |
Techtronic Industries Co. Ltd. | 422,500 | 4,799,834 |
WH Group Ltd. (a) | 1,816,424 | 991,386 |
Wharf Real Estate Investment Co. Ltd. | 357,000 | 1,915,830 |
86,460,504 | ||
Ireland — 0.5% | ||
CRH plc | 171,772 | 10,232,614 |
Kerry Group plc, Class A | 35,961 | 3,572,755 |
Kingspan Group plc | 35,642 | 2,860,752 |
Smurfit Kappa Group plc | 59,959 | 2,372,638 |
19,038,759 | ||
Israel — 0.4% | ||
Azrieli Group Ltd. | 8,431 | 479,766 |
Bank Hapoalim BM | 283,854 | 2,521,429 |
Bank Leumi Le-Israel BM | 356,307 | 2,844,264 |
Bezeq The Israeli Telecommunication Corp. Ltd. | 473,782 | 626,836 |
JPMorgan BetaBuilders International 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 | ||
Israel — continued | ||
Elbit Systems Ltd. | 5,752 | 1,223,083 |
ICL Group Ltd. | 167,137 | 1,112,881 |
Israel Discount Bank Ltd., Class A | 286,362 | 1,516,789 |
Mizrahi Tefahot Bank Ltd. | 34,533 | 1,246,811 |
Nice Ltd. * | 14,708 | 3,201,499 |
Teva Pharmaceutical Industries Ltd. * | 258,583 | 2,164,588 |
16,937,946 | ||
Italy — 2.4% | ||
A2A SpA | 362,629 | 691,881 |
Amplifon SpA | 21,492 | 727,119 |
Assicurazioni Generali SpA | 278,341 | 5,928,807 |
Banca Mediolanum SpA | 49,879 | 484,670 |
Banco BPM SpA | 350,775 | 1,755,294 |
Buzzi SpA | 21,853 | 621,016 |
Coca-Cola HBC AG | 47,177 | 1,388,087 |
Davide Campari-Milano NV | 123,329 | 1,658,637 |
DiaSorin SpA | 6,092 | 683,475 |
Enel SpA | 1,783,279 | 12,296,063 |
Eni SpA | 576,997 | 8,808,936 |
Ferrari NV | 29,533 | 9,467,884 |
FinecoBank Banca Fineco SpA | 141,244 | 2,193,129 |
Hera SpA | 182,752 | 567,452 |
Infrastrutture Wireless Italiane SpA (a) | 82,236 | 1,031,305 |
Intesa Sanpaolo SpA | 3,797,629 | 10,981,479 |
Leonardo SpA | 93,691 | 1,268,517 |
Mediobanca Banca di Credito Finanziario SpA | 147,001 | 1,959,023 |
Moncler SpA | 48,174 | 3,476,893 |
Nexi SpA * (a) | 197,368 | 1,709,207 |
Pirelli & C SpA (a) | 92,606 | 493,685 |
Poste Italiane SpA (a) | 105,818 | 1,208,811 |
Prysmian SpA | 61,887 | 2,467,752 |
Recordati Industria Chimica e Farmaceutica SpA | 23,239 | 1,200,063 |
Snam SpA | 473,151 | 2,487,243 |
Telecom Italia SpA * | 2,342,191 | 675,188 |
Telecom Italia SpA * | 1,395,437 | 391,260 |
Terna - Rete Elettrica Nazionale | 324,720 | 2,743,560 |
UniCredit SpA | 446,652 | 11,309,344 |
UnipolSai Assicurazioni SpA | 98,255 | 252,490 |
90,928,270 | ||
Japan — 24.1% | ||
ABC-Mart, Inc. | 7,200 | 398,644 |
Acom Co. Ltd. | 107,900 | 265,269 |
Advance Residence Investment Corp., REIT (b) | 322 | 784,594 |
Advantest Corp. | 41,900 | 5,795,184 |
Aeon Co. Ltd. | 201,400 | 4,362,053 |
AGC, Inc. | 52,300 | 1,889,790 |
Aisin Corp. | 41,800 | 1,358,296 |
JPMorgan BetaBuilders International 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 | ||
Japan — continued | ||
Ajinomoto Co., Inc. | 122,400 | 4,769,303 |
ANA Holdings, Inc. * | 36,800 | 882,245 |
Asahi Group Holdings Ltd. | 116,800 | 4,591,324 |
Asahi Intecc Co. Ltd. | 55,200 | 1,132,775 |
Asahi Kasei Corp. | 321,700 | 2,192,306 |
Asics Corp. | 43,300 | 1,365,907 |
Astellas Pharma, Inc. | 417,300 | 6,101,907 |
Bandai Namco Holdings, Inc. | 153,100 | 3,463,820 |
Bank of Kyoto Ltd. (The) | 17,400 | 1,026,945 |
Bridgestone Corp. | 141,400 | 5,867,450 |
Brother Industries Ltd. | 60,200 | 938,393 |
Canon, Inc. | 240,100 | 6,205,476 |
Capcom Co. Ltd. | 36,800 | 1,654,786 |
Central Japan Railway Co. | 47,400 | 6,040,340 |
Chiba Bank Ltd. (The) | 170,000 | 1,195,330 |
Chubu Electric Power Co., Inc. | 174,700 | 2,188,607 |
Chugai Pharmaceutical Co. Ltd. | 146,700 | 4,365,975 |
Concordia Financial Group Ltd. | 271,900 | 1,243,677 |
Cosmos Pharmaceutical Corp. | 4,800 | 554,627 |
CyberAgent, Inc. | 96,500 | 610,049 |
Dai Nippon Printing Co. Ltd. | 61,700 | 1,753,884 |
Daifuku Co. Ltd. | 88,400 | 1,890,624 |
Dai-ichi Life Holdings, Inc. | 229,000 | 4,678,865 |
Daiichi Sankyo Co. Ltd. | 449,100 | 13,832,109 |
Daikin Industries Ltd. | 67,700 | 13,688,855 |
Daito Trust Construction Co. Ltd. | 15,900 | 1,710,339 |
Daiwa House Industry Co. Ltd. | 153,600 | 4,174,684 |
Daiwa House REIT Investment Corp., REIT | 484 | 952,914 |
Daiwa Securities Group, Inc. | 344,900 | 1,869,671 |
Denso Corp. | 116,200 | 8,090,715 |
Dentsu Group, Inc. | 51,500 | 1,723,261 |
Disco Corp. | 20,700 | 3,891,101 |
East Japan Railway Co. | 87,400 | 4,948,078 |
Eisai Co. Ltd. | 68,400 | 4,315,602 |
ENEOS Holdings, Inc. | 699,200 | 2,536,795 |
FANUC Corp. | 221,200 | 6,767,047 |
Fast Retailing Co. Ltd. | 43,200 | 10,822,155 |
Fuji Electric Co. Ltd. | 34,500 | 1,559,731 |
FUJIFILM Holdings Corp. | 96,000 | 5,574,305 |
Fujitsu Ltd. | 41,900 | 5,425,623 |
Fukuoka Financial Group, Inc. | 43,500 | 1,048,162 |
GLP J-REIT, REIT | 1,087 | 1,070,874 |
GMO Payment Gateway, Inc. | 10,300 | 785,775 |
Hakuhodo DY Holdings, Inc. | 70,200 | 807,610 |
Hamamatsu Photonics KK | 33,900 | 1,633,349 |
Hankyu Hanshin Holdings, Inc. | 55,900 | 1,857,160 |
Haseko Corp. | 51,000 | 663,958 |
Hikari Tsushin, Inc. | 4,500 | 667,742 |
JPMorgan BetaBuilders International 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 | ||
Japan — continued | ||
Hirose Electric Co. Ltd. | 7,200 | 911,935 |
Hitachi Construction Machinery Co. Ltd. | 24,300 | 729,207 |
Hitachi Ltd. | 216,400 | 14,166,522 |
Honda Motor Co. Ltd. | 392,800 | 12,523,014 |
Hoshizaki Corp. | 27,900 | 1,069,990 |
Hoya Corp. | 82,200 | 9,572,964 |
Hulic Co. Ltd. | 138,500 | 1,179,218 |
Ibiden Co. Ltd. | 32,600 | 1,981,406 |
Idemitsu Kosan Co. Ltd. | 52,000 | 1,098,076 |
Iida Group Holdings Co. Ltd. | 40,300 | 706,963 |
Inpex Corp. | 243,000 | 3,137,671 |
Isuzu Motors Ltd. | 143,500 | 1,864,172 |
ITOCHU Corp. | 340,300 | 13,763,538 |
Itochu Techno-Solutions Corp. | 22,200 | 562,640 |
Japan Airlines Co. Ltd. | 33,400 | 723,131 |
Japan Airport Terminal Co. Ltd. | 21,600 | 1,006,570 |
Japan Exchange Group, Inc. | 122,700 | 2,137,827 |
Japan Metropolitan Fund Invest, REIT | 1,624 | 1,113,898 |
Japan Post Bank Co. Ltd. | 314,700 | 2,618,160 |
Japan Post Holdings Co. Ltd. | 526,500 | 3,844,814 |
Japan Post Insurance Co. Ltd. | 45,400 | 733,672 |
Japan Real Estate Investment Corp., REIT | 329 | 1,323,270 |
Japan Tobacco, Inc. | 253,200 | 5,618,408 |
JFE Holdings, Inc. | 133,500 | 2,159,484 |
JSR Corp. | 47,900 | 1,374,094 |
Kajima Corp. | 109,700 | 1,733,530 |
Kansai Electric Power Co., Inc. (The) | 191,400 | 2,514,476 |
Kansai Paint Co. Ltd. | 60,500 | 991,676 |
Kao Corp. | 107,300 | 4,076,499 |
Kawasaki Heavy Industries Ltd. | 38,600 | 984,425 |
KDDI Corp. | 361,600 | 10,642,503 |
Keio Corp. | 28,500 | 947,357 |
Keisei Electric Railway Co. Ltd. | 39,500 | 1,639,457 |
Keyence Corp. | 45,900 | 20,597,268 |
Kikkoman Corp. | 44,600 | 2,570,338 |
Kintetsu Group Holdings Co. Ltd. | 43,500 | 1,459,278 |
Kirin Holdings Co. Ltd. | 192,600 | 2,844,787 |
Kobayashi Pharmaceutical Co. Ltd. | 12,900 | 709,130 |
Kobe Bussan Co. Ltd. | 33,000 | 878,974 |
Koei Tecmo Holdings Co. Ltd. | 28,400 | 485,956 |
Koito Manufacturing Co. Ltd. | 59,800 | 1,099,568 |
Komatsu Ltd. | 224,800 | 6,297,648 |
Konami Group Corp. | 23,300 | 1,307,053 |
Kose Corp. | 8,100 | 793,203 |
Kubota Corp. | 261,800 | 3,954,746 |
Kurita Water Industries Ltd. | 25,100 | 1,009,401 |
Kyocera Corp. | 80,000 | 4,304,968 |
Kyowa Kirin Co. Ltd. | 59,100 | 1,128,555 |
JPMorgan BetaBuilders International 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 | ||
Japan — continued | ||
Kyushu Railway Co. | 36,300 | 795,982 |
Lasertec Corp. | 17,900 | 2,709,735 |
Lawson, Inc. | 11,700 | 587,045 |
Lion Corp. | 67,800 | 647,834 |
Lixil Corp. | 66,600 | 851,137 |
M3, Inc. | 98,900 | 2,286,946 |
Makita Corp. | 64,800 | 1,819,653 |
Marubeni Corp. | 391,200 | 6,926,198 |
Marui Group Co. Ltd. | 47,300 | 847,343 |
MatsukiyoCocokara & Co. | 33,100 | 1,937,065 |
Mazda Motor Corp. | 138,800 | 1,376,965 |
McDonald's Holdings Co. Japan Ltd. | 20,100 | 791,200 |
Medipal Holdings Corp. | 48,700 | 835,037 |
MEIJI Holdings Co. Ltd. | 64,500 | 1,490,203 |
MINEBEA MITSUMI, Inc. | 94,100 | 1,742,994 |
MISUMI Group, Inc. | 66,000 | 1,207,413 |
Mitsubishi Chemical Group Corp. | 330,800 | 1,978,789 |
Mitsubishi Corp. | 336,800 | 17,232,866 |
Mitsubishi Electric Corp. | 494,700 | 7,139,081 |
Mitsubishi Estate Co. Ltd. | 289,500 | 3,548,023 |
Mitsubishi Gas Chemical Co., Inc. | 46,400 | 695,932 |
Mitsubishi HC Capital, Inc. | 182,600 | 1,207,967 |
Mitsubishi Heavy Industries Ltd. | 77,500 | 3,676,914 |
Mitsubishi Motors Corp. | 159,500 | 644,145 |
Mitsubishi UFJ Financial Group, Inc. | 2,781,300 | 22,395,735 |
Mitsui & Co. Ltd. | 356,400 | 13,910,326 |
Mitsui Chemicals, Inc. | 43,100 | 1,239,296 |
Mitsui Fudosan Co. Ltd. | 218,200 | 4,482,909 |
Mitsui OSK Lines Ltd. | 82,800 | 2,140,530 |
Mizuho Financial Group, Inc. | 585,800 | 9,938,310 |
MonotaRO Co. Ltd. | 57,600 | 702,999 |
MS&AD Insurance Group Holdings, Inc. | 102,700 | 3,819,755 |
Murata Manufacturing Co. Ltd. | 148,000 | 8,791,454 |
Nagoya Railroad Co. Ltd. | 44,700 | 719,775 |
NEC Corp. | 63,200 | 3,197,631 |
Nexon Co. Ltd. | 104,200 | 1,988,075 |
NGK Insulators Ltd. | 61,500 | 754,252 |
NIDEC Corp. | 122,600 | 7,322,282 |
Nikon Corp. | 74,300 | 982,081 |
Nintendo Co. Ltd. | 269,900 | 12,208,862 |
Nippon Building Fund, Inc., REIT | 390 | 1,634,807 |
Nippon Express Holdings, Inc. | 19,800 | 1,160,898 |
Nippon Paint Holdings Co. Ltd. | 245,900 | 2,253,001 |
Nippon Prologis REIT, Inc., REIT | 639 | 1,306,697 |
Nippon Sanso Holdings Corp. | 48,800 | 1,180,050 |
Nippon Shinyaku Co. Ltd. | 14,100 | 570,199 |
Nippon Steel Corp. | 218,600 | 4,996,403 |
Nippon Telegraph & Telephone Corp. | 6,893,300 | 7,904,677 |
JPMorgan BetaBuilders International 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 | ||
Japan — continued | ||
Nippon Yusen KK | 117,100 | 2,848,594 |
Nissan Chemical Corp. | 32,500 | 1,460,409 |
Nissan Motor Co. Ltd. | 545,600 | 2,403,449 |
Nisshin Seifun Group, Inc. | 61,000 | 756,462 |
Nissin Foods Holdings Co. Ltd. | 18,900 | 1,593,564 |
Niterra Co. Ltd. | 39,400 | 833,114 |
Nitori Holdings Co. Ltd. | 20,200 | 2,473,543 |
Nitto Denko Corp. | 34,500 | 2,453,330 |
Nomura Holdings, Inc. | 693,600 | 2,869,406 |
Nomura Real Estate Holdings, Inc. | 27,200 | 674,643 |
Nomura Real Estate Master Fund, Inc., REIT | 1,087 | 1,293,246 |
Nomura Research Institute Ltd. | 100,100 | 2,844,334 |
NTT Data Group Corp. | 148,500 | 2,065,813 |
Obayashi Corp. | 166,700 | 1,541,281 |
Obic Co. Ltd. | 15,200 | 2,487,331 |
Odakyu Electric Railway Co. Ltd. | 80,200 | 1,171,756 |
Oji Holdings Corp. | 235,100 | 928,246 |
Olympus Corp. | 291,300 | 4,753,123 |
Omron Corp. | 47,400 | 2,544,255 |
Ono Pharmaceutical Co. Ltd. | 109,700 | 2,010,289 |
Open House Group Co. Ltd. | 16,400 | 624,058 |
Oracle Corp. | 7,600 | 532,750 |
Oriental Land Co. Ltd. | 268,900 | 10,313,265 |
ORIX Corp. | 270,900 | 5,211,177 |
Orix JREIT, Inc., REIT | 642 | 816,764 |
Osaka Gas Co. Ltd. | 96,500 | 1,518,412 |
Otsuka Corp. | 27,500 | 1,145,192 |
Otsuka Holdings Co. Ltd. | 129,100 | 4,746,661 |
Pan Pacific International Holdings Corp. | 123,700 | 2,445,747 |
Panasonic Holdings Corp. | 538,500 | 6,646,916 |
Persol Holdings Co. Ltd. | 42,600 | 842,655 |
Rakuten Group, Inc. | 341,800 | 1,338,750 |
Recruit Holdings Co. Ltd. | 391,200 | 13,549,478 |
Renesas Electronics Corp. * | 324,600 | 6,262,781 |
Resona Holdings, Inc. | 548,700 | 2,987,169 |
Ricoh Co. Ltd. | 140,800 | 1,252,511 |
Rinnai Corp. | 28,200 | 613,976 |
Rohm Co. Ltd. | 20,400 | 1,911,649 |
Santen Pharmaceutical Co. Ltd. | 85,800 | 749,749 |
SBI Holdings, Inc. | 63,100 | 1,332,501 |
SBI Shinsei Bank Ltd. | 13,700 | 275,904 |
SCSK Corp. | 35,400 | 588,527 |
Secom Co. Ltd. | 49,400 | 3,314,982 |
Sega Sammy Holdings, Inc. | 37,200 | 813,364 |
Seibu Holdings, Inc. | 63,300 | 703,860 |
Seiko Epson Corp. (b) | 71,000 | 1,165,941 |
Sekisui Chemical Co. Ltd. | 99,200 | 1,506,799 |
Sekisui House Ltd. (b) | 152,100 | 3,103,098 |
JPMorgan BetaBuilders International 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 | ||
Japan — continued | ||
Seven & i Holdings Co. Ltd. | 184,000 | 7,633,256 |
SG Holdings Co. Ltd. | 112,000 | 1,634,473 |
Sharp Corp. * (b) | 51,400 | 305,633 |
Shimadzu Corp. | 63,800 | 1,937,659 |
Shimano, Inc. | 19,400 | 2,924,107 |
Shimizu Corp. | 147,100 | 1,013,451 |
Shin-Etsu Chemical Co. Ltd. | 467,700 | 15,408,308 |
Shionogi & Co. Ltd. | 64,700 | 2,711,452 |
Shiseido Co. Ltd. | 92,400 | 4,051,192 |
SMC Corp. | 14,200 | 7,420,396 |
SoftBank Corp. | 641,300 | 7,121,321 |
SoftBank Group Corp. | 234,400 | 11,922,156 |
Sojitz Corp. | 47,180 | 1,120,161 |
Sompo Holdings, Inc. | 80,100 | 3,541,281 |
Sony Group Corp. | 290,800 | 27,238,144 |
Square Enix Holdings Co. Ltd. | 20,800 | 963,441 |
Stanley Electric Co. Ltd. | 34,800 | 643,080 |
Subaru Corp. | 141,800 | 2,687,618 |
SUMCO Corp. | 80,300 | 1,170,125 |
Sumitomo Chemical Co. Ltd. | 382,900 | 1,180,924 |
Sumitomo Corp. | 288,100 | 6,180,580 |
Sumitomo Electric Industries Ltd. | 182,600 | 2,341,292 |
Sumitomo Metal Mining Co. Ltd. | 63,400 | 2,189,533 |
Sumitomo Mitsui Financial Group, Inc. | 317,200 | 14,861,355 |
Sumitomo Mitsui Trust Holdings, Inc. | 84,800 | 3,298,865 |
Sumitomo Realty & Development Co. Ltd. | 109,500 | 2,934,536 |
Suntory Beverage & Food Ltd. | 29,600 | 1,053,672 |
Suzuki Motor Corp. | 112,800 | 4,530,679 |
Sysmex Corp. | 39,000 | 2,640,889 |
T&D Holdings, Inc. | 136,000 | 2,211,199 |
Taisei Corp. | 43,100 | 1,633,336 |
Taisho Pharmaceutical Holdings Co. Ltd. | 13,300 | 512,812 |
Takeda Pharmaceutical Co. Ltd. | 365,700 | 11,181,224 |
TDK Corp. | 89,900 | 3,443,914 |
Terumo Corp. | 172,500 | 5,649,219 |
TIS, Inc. | 50,500 | 1,280,872 |
Tobu Railway Co. Ltd. | 48,300 | 1,278,116 |
Toho Co. Ltd. | 29,500 | 1,149,997 |
Tokio Marine Holdings, Inc. | 462,000 | 10,623,684 |
Tokyo Century Corp. | 10,900 | 426,926 |
Tokyo Electric Power Co. Holdings, Inc. * | 185,000 | 734,643 |
Tokyo Electron Ltd. | 108,800 | 16,329,473 |
Tokyo Gas Co. Ltd. | 93,800 | 2,127,016 |
Tokyu Corp. | 143,800 | 1,824,489 |
Tokyu Fudosan Holdings Corp. | 139,800 | 831,103 |
Toppan, Inc. | 80,100 | 1,885,435 |
Toray Industries, Inc. | 376,500 | 2,108,180 |
Toshiba Corp. | 100,100 | 3,231,851 |
JPMorgan BetaBuilders International 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 | ||
Japan — continued | ||
Tosoh Corp. | 74,800 | 977,686 |
TOTO Ltd. | 36,700 | 1,128,236 |
Toyo Suisan Kaisha Ltd. | 23,700 | 980,283 |
Toyota Industries Corp. | 47,200 | 3,411,012 |
Toyota Motor Corp. | 2,899,800 | 48,756,547 |
Toyota Tsusho Corp. | 54,900 | 3,211,933 |
Trend Micro, Inc. | 32,600 | 1,540,212 |
Unicharm Corp. | 101,800 | 3,766,466 |
United Urban Investment Corp., REIT | 715 | 771,750 |
USS Co. Ltd. | 48,900 | 847,930 |
Welcia Holdings Co. Ltd. | 24,200 | 455,535 |
West Japan Railway Co. | 56,500 | 2,321,266 |
Yakult Honsha Co. Ltd. | 36,600 | 2,030,782 |
Yamaha Corp. | 39,500 | 1,530,554 |
Yamaha Motor Co. Ltd. | 80,300 | 2,355,111 |
Yamato Holdings Co. Ltd. | 76,800 | 1,438,308 |
Yaskawa Electric Corp. | 61,900 | 2,690,811 |
Yokogawa Electric Corp. | 55,800 | 1,047,863 |
Z Holdings Corp. | 618,300 | 1,723,827 |
ZOZO, Inc. | 26,500 | 517,334 |
926,402,309 | ||
Jordan — 0.0% ^ | ||
Hikma Pharmaceuticals plc | 41,112 | 1,104,058 |
Luxembourg — 0.2% | ||
ArcelorMittal SA | 127,935 | 3,700,108 |
Eurofins Scientific SE | 29,802 | 2,049,680 |
5,749,788 | ||
Macau — 0.1% | ||
Galaxy Entertainment Group Ltd. * | 462,000 | 3,372,384 |
Sands China Ltd. * | 559,600 | 2,155,866 |
5,528,250 | ||
Mexico — 0.0% ^ | ||
Fresnillo plc | 42,655 | 338,052 |
Netherlands — 5.4% | ||
Adyen NV * (a) | 7,156 | 13,281,645 |
Aegon NV | 327,192 | 1,776,090 |
Akzo Nobel NV | 39,334 | 3,364,945 |
Argenx SE * | 10,999 | 5,539,531 |
Argenx SE * | 1,855 | 936,572 |
ASM International NV | 10,717 | 5,091,434 |
ASML Holding NV | 93,042 | 66,643,083 |
EXOR NV | 26,697 | 2,494,715 |
Ferrovial SE | 114,518 | 3,795,004 |
HAL Trust | 20,449 | 2,547,775 |
Heineken Holding NV | 25,263 | 2,070,938 |
Heineken NV | 54,499 | 5,334,443 |
JPMorgan BetaBuilders International 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 | ||
Netherlands — continued | ||
ING Groep NV | 835,375 | 12,193,691 |
JDE Peet's NV | 30,250 | 912,651 |
Koninklijke Ahold Delhaize NV | 225,176 | 7,761,508 |
Koninklijke KPN NV | 736,112 | 2,663,442 |
Koninklijke Philips NV * | 205,248 | 4,263,747 |
NN Group NV | 68,083 | 2,609,958 |
Randstad NV | 28,966 | 1,696,987 |
Shell plc | 1,641,019 | 49,735,635 |
Universal Music Group NV | 176,338 | 4,523,052 |
Wolters Kluwer NV | 59,437 | 7,463,865 |
206,700,711 | ||
New Zealand — 0.2% | ||
Auckland International Airport Ltd. * | 279,576 | 1,459,457 |
Contact Energy Ltd. | 181,321 | 936,259 |
Fisher & Paykel Healthcare Corp. Ltd. | 133,721 | 2,041,526 |
Mercury NZ Ltd. | 150,807 | 617,569 |
Meridian Energy Ltd. | 280,842 | 985,721 |
Spark New Zealand Ltd. | 430,452 | 1,385,861 |
7,426,393 | ||
Norway — 0.7% | ||
Aker ASA, Class A | 5,504 | 349,984 |
Aker BP ASA | 71,475 | 2,002,199 |
AutoStore Holdings Ltd. * (c) | 230,176 | 574,032 |
DNB Bank ASA | 207,537 | 4,276,816 |
Equinor ASA | 241,849 | 7,397,794 |
Gjensidige Forsikring ASA | 43,994 | 694,508 |
Kongsberg Gruppen ASA | 20,524 | 890,560 |
Mowi ASA | 105,024 | 1,846,313 |
Norsk Hydro ASA | 315,152 | 2,064,064 |
Orkla ASA | 173,866 | 1,371,946 |
Salmar ASA | 15,452 | 713,860 |
Schibsted ASA, Class A | 17,165 | 367,731 |
Schibsted ASA, Class B | 23,145 | 453,860 |
Storebrand ASA | 109,252 | 954,974 |
Telenor ASA | 149,035 | 1,595,411 |
TOMRA Systems ASA | 54,135 | 834,261 |
Var Energi ASA (b) | 92,459 | 282,939 |
26,671,252 | ||
Poland — 0.3% | ||
Allegro.eu SA * (a) | 97,866 | 862,837 |
Bank Polska Kasa Opieki SA | 40,710 | 1,202,081 |
Dino Polska SA * (a) | 11,110 | 1,237,210 |
ING Bank Slaski SA * | 7,529 | 374,911 |
KGHM Polska Miedz SA | 31,483 | 973,661 |
LPP SA | 245 | 842,786 |
ORLEN SA * | 123,246 | 2,196,683 |
JPMorgan BetaBuilders International 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 | ||
Poland — continued | ||
Powszechna Kasa Oszczednosci Bank Polski SA | 199,060 | 2,019,669 |
Powszechny Zaklad Ubezpieczen SA | 131,943 | 1,334,332 |
Santander Bank Polska SA * | 7,811 | 774,943 |
11,819,113 | ||
Portugal — 0.2% | ||
EDP - Energias de Portugal SA | 714,577 | 3,338,390 |
Galp Energia SGPS SA | 103,078 | 1,369,868 |
Jeronimo Martins SGPS SA | 64,091 | 1,744,928 |
6,453,186 | ||
Russia — 0.0% ^ | ||
Evraz plc ‡ * | 96,418 | 5,066 |
Singapore — 1.4% | ||
CapitaLand Ascendas, REIT | 778,600 | 1,646,447 |
CapitaLand Integrated Commercial Trust, REIT | 1,165,437 | 1,789,278 |
CapitaLand Investment Ltd. | 569,100 | 1,456,601 |
City Developments Ltd. | 116,600 | 648,796 |
DBS Group Holdings Ltd. | 422,000 | 10,886,353 |
Genting Singapore Ltd. | 1,314,900 | 930,064 |
Great Eastern Holdings Ltd. | 13,100 | 182,723 |
Jardine Cycle & Carriage Ltd. | 23,400 | 603,950 |
Keppel Corp. Ltd. | 320,000 | 1,777,035 |
Mapletree Pan Asia Commercial Trust, REIT | 534,200 | 663,489 |
Olam Group Ltd. | 246,900 | 243,600 |
Oversea-Chinese Banking Corp. Ltd. | 933,600 | 9,343,244 |
Singapore Airlines Ltd. | 301,650 | 1,708,856 |
Singapore Exchange Ltd. | 190,600 | 1,393,247 |
Singapore Technologies Engineering Ltd. | 359,100 | 1,008,176 |
Singapore Telecommunications Ltd. | 1,638,100 | 3,286,135 |
STMicroelectronics NV | 151,434 | 8,099,653 |
United Overseas Bank Ltd. | 355,300 | 8,059,448 |
UOL Group Ltd. | 107,200 | 567,214 |
Venture Corp. Ltd. | 62,900 | 709,130 |
55,003,439 | ||
South Africa — 0.2% | ||
Anglo American plc | 308,713 | 9,493,476 |
South Korea — 0.1% | ||
Delivery Hero SE * (a) | 44,536 | 2,021,477 |
Spain — 2.4% | ||
Acciona SA | 5,721 | 857,571 |
ACS Actividades de Construccion y Servicios SA | 50,068 | 1,751,316 |
Aena SME SA (a) | 16,970 | 2,709,977 |
Amadeus IT Group SA | 103,973 | 7,458,620 |
Banco Bilbao Vizcaya Argentaria SA | 1,391,719 | 11,031,288 |
Banco Santander SA | 3,876,083 | 15,706,981 |
CaixaBank SA | 934,990 | 3,782,222 |
JPMorgan BetaBuilders International 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 | ||
Spain — continued | ||
Cellnex Telecom SA (a) | 136,955 | 5,593,116 |
Corp. ACCIONA Energias Renovables SA | 12,960 | 407,926 |
EDP Renovaveis SA | 67,703 | 1,293,189 |
Endesa SA | 73,531 | 1,575,978 |
Iberdrola SA | 1,353,896 | 16,898,696 |
Industria de Diseno Textil SA | 258,949 | 9,912,003 |
Naturgy Energy Group SA | 42,655 | 1,300,582 |
Redeia Corp. SA | 99,901 | 1,670,910 |
Repsol SA | 306,361 | 4,677,342 |
Telefonica SA | 1,332,894 | 5,679,149 |
92,306,866 | ||
Sweden — 3.1% | ||
Alfa Laval AB | 67,729 | 2,535,335 |
Assa Abloy AB, Class B | 228,886 | 5,503,082 |
Atlas Copco AB, Class A | 588,934 | 8,366,329 |
Atlas Copco AB, Class B | 360,238 | 4,448,551 |
Axfood AB | 25,091 | 639,288 |
Beijer Ref AB | 77,725 | 1,056,945 |
Boliden AB | 63,132 | 1,856,666 |
Castellum AB (b) | 99,639 | 1,134,701 |
Electrolux AB, Class B | 52,191 | 644,624 |
Embracer Group AB * (b) | 193,195 | 554,527 |
Epiroc AB, Class A | 144,484 | 2,884,715 |
Epiroc AB, Class B | 90,280 | 1,533,774 |
EQT AB | 76,823 | 1,835,078 |
Essity AB, Class A | 6,512 | 161,391 |
Essity AB, Class B | 139,108 | 3,449,361 |
Evolution AB (a) | 44,330 | 5,466,450 |
Fastighets AB Balder, Class B * | 150,926 | 704,292 |
Getinge AB, Class B | 50,600 | 942,831 |
H & M Hennes & Mauritz AB, Class B | 162,323 | 2,730,237 |
Hexagon AB, Class B | 491,151 | 4,762,108 |
Holmen AB, Class B | 21,453 | 826,385 |
Husqvarna AB, Class B | 96,064 | 942,249 |
Industrivarden AB, Class A | 42,242 | 1,199,544 |
Industrivarden AB, Class C (b) | 39,626 | 1,122,636 |
Indutrade AB | 61,569 | 1,292,108 |
Investment AB Latour, Class B | 31,530 | 635,381 |
Investor AB, Class A | 129,493 | 2,629,796 |
Investor AB, Class B | 420,486 | 8,588,001 |
Kinnevik AB, Class B * | 56,176 | 766,730 |
L E Lundbergforetagen AB, Class B | 14,774 | 651,082 |
Lifco AB, Class B | 49,049 | 988,919 |
Nibe Industrier AB, Class B | 353,889 | 3,187,748 |
Nordnet AB publ | 37,619 | 558,164 |
Saab AB, Class B | 18,845 | 993,304 |
Sagax AB, Class B | 43,472 | 965,324 |
JPMorgan BetaBuilders International 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 | ||
Sweden — continued | ||
Sagax AB, Class D | 22,839 | 57,417 |
Sandvik AB | 251,863 | 5,115,974 |
Securitas AB, Class B | 116,378 | 990,584 |
Skandinaviska Enskilda Banken AB, Class A | 392,845 | 4,762,161 |
Skandinaviska Enskilda Banken AB, Class C | 3,176 | 40,430 |
Skanska AB, Class B | 92,658 | 1,477,839 |
SKF AB, Class A | 3,299 | 63,206 |
SKF AB, Class B | 86,780 | 1,653,371 |
SSAB AB, Class A | 51,087 | 324,170 |
SSAB AB, Class B | 146,143 | 894,096 |
Svenska Cellulosa AB SCA, Class A | 7,060 | 93,683 |
Svenska Cellulosa AB SCA, Class B | 138,368 | 1,838,562 |
Svenska Handelsbanken AB, Class A | 354,592 | 3,113,303 |
Svenska Handelsbanken AB, Class B (b) | 7,950 | 86,739 |
Swedbank AB, Class A | 211,626 | 3,881,582 |
Swedish Orphan Biovitrum AB * (b) | 46,611 | 912,321 |
Tele2 AB, Class B | 127,237 | 957,402 |
Telefonaktiebolaget LM Ericsson, Class A | 12,406 | 67,178 |
Telefonaktiebolaget LM Ericsson, Class B | 709,089 | 3,567,055 |
Telia Co. AB | 544,506 | 1,170,134 |
Trelleborg AB, Class B | 48,639 | 1,294,899 |
Volvo AB, Class A | 44,285 | 1,004,205 |
Volvo AB, Class B | 366,611 | 8,086,937 |
Volvo Car AB, Class B * (b) | 124,157 | 613,708 |
118,624,612 | ||
Switzerland — 5.9% | ||
ABB Ltd. (Registered) | 394,497 | 15,830,194 |
Alcon, Inc. | 115,325 | 9,813,195 |
Baloise Holding AG (Registered) | 10,603 | 1,641,227 |
Barry Callebaut AG (Registered) | 817 | 1,531,876 |
Chocoladefabriken Lindt & Spruengli AG | 241 | 2,947,487 |
Chocoladefabriken Lindt & Spruengli AG (Registered) | 24 | 2,916,851 |
Cie Financiere Richemont SA (Registered) | 120,471 | 19,399,794 |
DSM-Firmenich AG | 47,830 | 5,285,203 |
EMS-Chemie Holding AG (Registered) | 1,579 | 1,317,913 |
Geberit AG (Registered) | 8,126 | 4,611,525 |
Givaudan SA (Registered) | 1,827 | 6,166,989 |
Julius Baer Group Ltd. | 49,340 | 3,494,631 |
Kuehne + Nagel International AG (Registered) | 13,094 | 4,097,060 |
Lonza Group AG (Registered) | 17,183 | 9,983,946 |
Novartis AG (Registered) | 554,766 | 58,082,456 |
Partners Group Holding AG | 5,233 | 5,874,745 |
Schindler Holding AG | 9,389 | 2,279,807 |
Schindler Holding AG (Registered) | 4,812 | 1,115,719 |
SGS SA (Registered) | 35,022 | 3,400,463 |
Sika AG (Registered) | 35,557 | 11,066,679 |
Sonova Holding AG (Registered) | 11,863 | 3,306,754 |
JPMorgan BetaBuilders International 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 | ||
Switzerland — continued | ||
Straumann Holding AG (Registered) | 26,873 | 4,446,755 |
Swatch Group AG (The) | 6,669 | 2,134,351 |
Swatch Group AG (The) (Registered) | 12,717 | 763,691 |
Swiss Life Holding AG (Registered) | 7,118 | 4,526,009 |
Swisscom AG (Registered) | 5,856 | 3,765,736 |
UBS Group AG (Registered) | 854,632 | 18,963,328 |
Zurich Insurance Group AG | 34,716 | 16,785,136 |
225,549,520 | ||
United Arab Emirates — 0.0% ^ | ||
NMC Health plc ‡ * | 300 | — |
United Kingdom — 11.6% | ||
3i Group plc | 224,631 | 5,699,155 |
abrdn plc | 463,439 | 1,379,181 |
Admiral Group plc | 63,786 | 1,741,551 |
Ashtead Group plc | 103,695 | 7,671,753 |
Associated British Foods plc | 80,765 | 2,125,495 |
AstraZeneca plc | 357,702 | 51,393,291 |
Auto Trader Group plc (a) | 212,678 | 1,763,862 |
Aviva plc | 648,210 | 3,229,489 |
B&M European Value Retail SA | 197,131 | 1,400,205 |
BAE Systems plc | 705,100 | 8,432,334 |
Barclays plc | 3,409,363 | 6,765,243 |
Barratt Developments plc | 232,498 | 1,360,953 |
Berkeley Group Holdings plc | 26,008 | 1,450,148 |
BP plc | 4,219,312 | 26,178,523 |
British American Tobacco plc | 515,950 | 17,350,430 |
British Land Co. plc (The), REIT | 217,143 | 942,228 |
BT Group plc | 1,610,424 | 2,523,513 |
Bunzl plc | 77,946 | 2,889,299 |
Burberry Group plc | 88,682 | 2,531,450 |
Centrica plc | 1,363,421 | 2,416,191 |
CK Hutchison Holdings Ltd. | 619,500 | 3,820,661 |
CNH Industrial NV | 229,873 | 3,320,049 |
Coca-Cola Europacific Partners plc | 46,558 | 2,951,312 |
Compass Group plc | 412,066 | 10,720,990 |
ConvaTec Group plc (a) | 373,796 | 1,001,453 |
Croda International plc | 32,894 | 2,490,510 |
DCC plc | 23,468 | 1,358,769 |
Dechra Pharmaceuticals plc | 26,353 | 1,256,313 |
Diageo plc | 538,074 | 23,482,783 |
DS Smith plc | 318,870 | 1,267,780 |
easyJet plc * | 131,614 | 764,437 |
Entain plc | 135,897 | 2,420,528 |
Halma plc | 87,617 | 2,516,177 |
Hargreaves Lansdown plc | 81,265 | 889,137 |
Hiscox Ltd. | 81,901 | 1,133,630 |
Howden Joinery Group plc | 134,413 | 1,272,751 |
JPMorgan BetaBuilders International 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 | ||
United Kingdom — continued | ||
HSBC Holdings plc | 4,686,091 | 38,924,635 |
Imperial Brands plc | 221,480 | 5,232,564 |
Informa plc | 325,755 | 3,169,558 |
InterContinental Hotels Group plc | 43,330 | 3,202,400 |
Intermediate Capital Group plc | 68,085 | 1,228,801 |
Intertek Group plc | 37,250 | 2,086,688 |
ITV plc | 838,692 | 778,880 |
J Sainsbury plc | 407,130 | 1,449,581 |
JD Sports Fashion plc | 573,177 | 1,161,047 |
Johnson Matthey plc | 46,063 | 1,065,316 |
Kingfisher plc | 452,423 | 1,426,658 |
Land Securities Group plc, REIT | 173,940 | 1,444,536 |
Legal & General Group plc | 1,378,608 | 4,131,508 |
Lloyds Banking Group plc | 15,525,547 | 8,969,866 |
London Stock Exchange Group plc | 87,608 | 9,513,774 |
M&G plc | 549,739 | 1,416,073 |
Melrose Industries plc | 311,914 | 2,122,753 |
National Grid plc | 894,631 | 11,858,182 |
NatWest Group plc | 1,167,571 | 3,665,055 |
Next plc | 29,651 | 2,681,663 |
Ocado Group plc * | 168,278 | 2,025,828 |
Pearson plc | 165,687 | 1,832,757 |
Pepco Group NV * (a) | 27,960 | 240,938 |
Persimmon plc | 73,919 | 1,098,949 |
Phoenix Group Holdings plc | 196,856 | 1,390,812 |
Reckitt Benckiser Group plc | 169,988 | 12,734,165 |
RELX plc | 457,535 | 15,399,140 |
Rentokil Initial plc | 581,621 | 4,742,632 |
Rightmove plc | 192,024 | 1,406,958 |
Rolls-Royce Holdings plc * | 1,931,219 | 4,579,188 |
Sage Group plc (The) | 254,060 | 3,055,983 |
Schroders plc | 212,722 | 1,255,016 |
Segro plc, REIT | 282,455 | 2,767,937 |
Severn Trent plc | 58,468 | 1,916,225 |
Smith & Nephew plc | 204,221 | 3,106,816 |
Smiths Group plc | 81,130 | 1,769,417 |
Spirax-Sarco Engineering plc | 16,995 | 2,427,223 |
SSE plc (b) | 241,927 | 5,231,224 |
St. James's Place plc | 125,985 | 1,520,782 |
Standard Chartered plc | 561,202 | 5,390,657 |
Tate & Lyle plc | 92,975 | 890,720 |
Taylor Wimpey plc | 844,660 | 1,239,843 |
Tesco plc | 1,685,733 | 5,583,273 |
Unilever plc | 606,813 | 32,605,837 |
United Utilities Group plc | 157,373 | 2,018,081 |
Vodafone Group plc | 6,185,236 | 5,883,776 |
Weir Group plc (The) | 60,107 | 1,415,624 |
Whitbread plc | 46,490 | 2,088,383 |
JPMorgan BetaBuilders International 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 | ||
United Kingdom — continued | ||
Wise plc, Class A * | 109,117 | 1,088,320 |
WPP plc | 248,114 | 2,709,094 |
444,856,710 | ||
United States — 6.8% | ||
CSL Ltd. | 111,320 | 20,050,549 |
Experian plc | 223,756 | 8,647,182 |
GSK plc | 924,874 | 16,463,843 |
Haleon plc | 1,172,206 | 5,059,739 |
Holcim Ltd. | 130,775 | 9,114,618 |
James Hardie Industries plc, CHDI * | 102,019 | 2,989,861 |
Nestle SA (Registered) | 616,227 | 75,499,648 |
QIAGEN NV * | 53,278 | 2,499,885 |
Roche Holding AG | 162,147 | 50,273,915 |
Roche Holding AG | 6,156 | 2,041,152 |
Sanofi | 265,079 | 28,279,836 |
Schneider Electric SE | 131,799 | 23,509,265 |
Stellantis NV | 499,222 | 10,242,977 |
Swiss Re AG | 66,682 | 6,957,558 |
Tenaris SA | 106,593 | 1,771,313 |
263,401,341 | ||
Total Common Stocks (Cost $3,444,723,875) | 3,820,446,340 | |
Short-Term Investments — 0.9% | ||
Investment Companies — 0.5% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (d) (e)(Cost $19,019,013) | 19,019,013 | 19,019,013 |
Investment of Cash Collateral from Securities Loaned — 0.4% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (d) (e) | 13,006,526 | 13,009,127 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (d) (e) | 1,546,655 | 1,546,655 |
Total Investment of Cash Collateral from Securities Loaned (Cost $14,555,782) | 14,555,782 | |
Total Short-Term Investments (Cost $33,574,795) | 33,574,795 | |
Total Investments — 100.1% (Cost $3,478,298,670) | 3,854,021,135 | |
Liabilities in Excess of Other Assets — (0.1)% | (3,411,042 ) | |
NET ASSETS — 100.0% | 3,850,610,093 |
Percentages indicated are based on net assets. |
Abbreviations | |
APAC | Asia Pacific |
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest |
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. |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
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 $12,261,698. | |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of July 31, 2023. |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Summary of Investments by Industry, July 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 9.7 % |
Pharmaceuticals | 9.0 |
Insurance | 5.0 |
Oil, Gas & Consumable Fuels | 4.3 |
Semiconductors & Semiconductor Equipment | 3.4 |
Automobiles | 3.4 |
Metals & Mining | 3.3 |
Textiles, Apparel & Luxury Goods | 3.3 |
Food Products | 3.1 |
Machinery | 3.1 |
Chemicals | 3.1 |
Capital Markets | 2.6 |
Trading Companies & Distributors | 2.1 |
Health Care Equipment & Supplies | 2.1 |
Personal Care Products | 2.0 |
Beverages | 1.9 |
Electrical Equipment | 1.9 |
Diversified Telecommunication Services | 1.8 |
Electric Utilities | 1.7 |
Hotels, Restaurants & Leisure | 1.7 |
Aerospace & Defense | 1.6 |
Industrial Conglomerates | 1.6 |
Professional Services | 1.5 |
Financial Services | 1.4 |
Electronic Equipment, Instruments & Components | 1.4 |
Consumer Staples Distribution & Retail | 1.4 |
Software | 1.4 |
Household Durables | 1.3 |
Real Estate Management & Development | 1.2 |
Building Products | 1.1 |
Broadline Retail | 1.0 |
Others (each less than 1.0%) | 15.7 |
Short-Term Investments | 0.9 |
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
MSCI EAFE E-Mini Index | 264 | 09/15/2023 | USD | 29,119,200 | 860,004 |
Abbreviations | |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
USD | United States Dollar |
JPMorgan BetaBuilders International 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 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 International 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 | $7,032,491 | $284,064,599 | $— | $291,097,090 |
Austria | 245,718 | 10,898,247 | — | 11,143,965 |
Belgium | — | 34,193,181 | — | 34,193,181 |
Brazil | — | 1,541,092 | — | 1,541,092 |
Chile | — | 1,718,395 | — | 1,718,395 |
China | — | 30,679,897 | — | 30,679,897 |
Denmark | — | 107,838,372 | — | 107,838,372 |
Finland | 152,975 | 42,380,518 | — | 42,533,493 |
France | — | 378,671,223 | — | 378,671,223 |
Germany | — | 298,208,534 | — | 298,208,534 |
Hong Kong | — | 86,460,504 | — | 86,460,504 |
Ireland | 19,038,759 | — | — | 19,038,759 |
Israel | — | 16,937,946 | — | 16,937,946 |
Italy | — | 90,928,270 | — | 90,928,270 |
Japan | 791,200 | 925,611,109 | — | 926,402,309 |
Jordan | — | 1,104,058 | — | 1,104,058 |
Luxembourg | — | 5,749,788 | — | 5,749,788 |
Macau | — | 5,528,250 | — | 5,528,250 |
Mexico | — | 338,052 | — | 338,052 |
Netherlands | 5,644,227 | 201,056,484 | — | 206,700,711 |
New Zealand | — | 7,426,393 | — | 7,426,393 |
Norway | — | 26,671,252 | — | 26,671,252 |
Poland | — | 11,819,113 | — | 11,819,113 |
Portugal | — | 6,453,186 | — | 6,453,186 |
Russia | — | — | 5,066 | 5,066 |
Singapore | — | 55,003,439 | — | 55,003,439 |
South Africa | — | 9,493,476 | — | 9,493,476 |
South Korea | — | 2,021,477 | — | 2,021,477 |
Spain | — | 92,306,866 | — | 92,306,866 |
Sweden | 746,896 | 117,877,716 | — | 118,624,612 |
Switzerland | 5,285,203 | 220,264,317 | — | 225,549,520 |
United Arab Emirates | — | — | — | — |
United Kingdom | 3,842,032 | 441,014,678 | — | 444,856,710 |
United States | — | 263,401,341 | — | 263,401,341 |
Total Common Stocks | 42,779,501 | 3,777,661,773 | 5,066 | 3,820,446,340 |
Short-Term Investments | ||||
Investment Companies | 19,019,013 | — | — | 19,019,013 |
Investment of Cash Collateral from Securities Loaned | 14,555,782 | — | — | 14,555,782 |
Total Short-Term Investments | 33,574,795 | — | — | 33,574,795 |
Total Investments in Securities | $76,354,296 | $3,777,661,773 | $5,066 | $3,854,021,135 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $860,004 | $— | $— | $860,004 |
JPMorgan BetaBuilders International Equity 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 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) | $14,009,724 | $221,000,000 | $222,000,000 | $(695 ) | $98 | $13,009,127 | 13,006,526 | $889,814 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 3,852,619 | 192,718,580 | 195,024,544 | — | — | 1,546,655 | 1,546,655 | 200,734 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 12,102,999 | 159,121,175 | 152,205,161 | — | — | 19,019,013 | 19,019,013 | 546,469 | — |
Total | $29,965,342 | $572,839,755 | $569,229,705 | $(695 ) | $98 | $33,574,795 | $1,637,017 | $— |
(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. |