JPMorgan Diversified Return 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. |
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© J.P. Morgan Chase & Co., 2023. |
JPMorgan Diversified Return 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 — 99.5% | ||
Brazil — 9.5% | ||
Ambev SA | 459,310 | 1,438,516 |
Auren Energia SA | 110,993 | 328,607 |
Banco do Brasil SA | 140,780 | 1,435,859 |
Banco Santander Brasil SA | 11,178 | 67,889 |
BB Seguridade Participacoes SA | 150,894 | 993,675 |
Bradespar SA (Preference) | 118,056 | 585,443 |
Caixa Seguridade Participacoes S/A | 116,350 | 265,240 |
CCR SA | 308,091 | 864,577 |
Centrais Eletricas Brasileiras SA | 27,390 | 223,696 |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 62,682 | 765,771 |
Cia Energetica de Minas Gerais (Preference) | 360,660 | 967,862 |
Cia Paranaense de Energia (Preference) | 515,109 | 909,576 |
Cielo SA | 737,700 | 737,895 |
CPFL Energia SA | 82,210 | 624,996 |
CSN Mineracao SA | 352,275 | 331,509 |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference) | 139,754 | 744,764 |
Embraer SA * | 217,469 | 851,251 |
Engie Brasil Energia SA | 52,527 | 489,530 |
Gerdau SA (Preference) | 146,088 | 904,564 |
Hypera SA | 65,028 | 593,658 |
Itau Unibanco Holding SA (Preference) | 254,044 | 1,537,560 |
Itausa SA (Preference) | 413,540 | 858,781 |
M Dias Branco SA | 46,512 | 411,735 |
Marfrig Global Foods SA | 127,703 | 200,652 |
Metalurgica Gerdau SA (Preference) | 190,407 | 552,447 |
Neoenergia SA | 14,328 | 58,963 |
Petroleo Brasileiro SA (Preference) | 500,387 | 3,293,057 |
Rumo SA | 156,101 | 767,507 |
Sao Martinho SA | 78,823 | 558,574 |
Telefonica Brasil SA | 92,494 | 827,189 |
TIM SA | 220,756 | 667,111 |
TOTVS SA | 22,389 | 140,004 |
Transmissora Alianca de Energia Eletrica S/A | 87,229 | 667,580 |
Unipar Carbocloro SA (Preference), Class B | 8,921 | 152,263 |
Vale SA | 257,562 | 3,777,304 |
WEG SA | 140,631 | 1,187,501 |
29,783,106 | ||
Chile — 1.4% | ||
Banco de Chile | 6,194,771 | 689,666 |
Banco Santander Chile | 6,372,920 | 340,241 |
CAP SA | 14,047 | 107,159 |
Cencosud SA | 425,779 | 915,054 |
Cia Cervecerias Unidas SA | 31,851 | 264,088 |
Cia Sud Americana de Vapores SA | 7,089,235 | 536,586 |
Colbun SA | 2,886,094 | 455,647 |
Embotelladora Andina SA (Preference), Class B | 130,161 | 357,648 |
Empresas CMPC SA | 101,457 | 200,267 |
JPMorgan Diversified Return 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 | ||
Chile — continued | ||
Enel Americas SA * | 3,338,666 | 451,287 |
Sociedad Quimica y Minera de Chile SA (Preference), Class B | 1,841 | 134,990 |
4,452,633 | ||
China — 19.9% | ||
3SBio, Inc. (a) | 300,000 | 289,004 |
Agricultural Bank of China Ltd., Class A | 1,810,500 | 917,352 |
An Hui Wenergy Co. Ltd., Class A | 312,300 | 292,293 |
Angang Steel Co. Ltd., Class H | 327,800 | 98,402 |
Anhui Conch Cement Co. Ltd., Class H | 500 | 1,509 |
Anhui Expressway Co. Ltd., Class A | 294,200 | 422,296 |
ANTA Sports Products Ltd. | 17,800 | 210,946 |
BAIC Motor Corp. Ltd., Class H (a) | 555,000 | 154,512 |
Bank of Beijing Co. Ltd., Class A | 603,400 | 394,373 |
Bank of China Ltd., Class H | 7,006,000 | 2,598,512 |
Bank of Communications Co. Ltd., Class A | 976,700 | 795,983 |
Baoshan Iron & Steel Co. Ltd., Class A | 432,100 | 388,537 |
Beijing Enterprises Holdings Ltd. | 82,000 | 326,134 |
Bosideng International Holdings Ltd. | 786,000 | 360,337 |
BYD Electronic International Co. Ltd. | 116,500 | 449,756 |
CGN Power Co. Ltd., Class H (a) | 2,826,000 | 693,616 |
China CITIC Bank Corp. Ltd., Class H | 1,934,000 | 935,272 |
China Coal Energy Co. Ltd., Class H | 480,000 | 347,879 |
China Communications Services Corp. Ltd., Class H | 738,000 | 351,079 |
China Construction Bank Corp., Class H | 3,230,000 | 1,882,633 |
China Everbright Bank Co. Ltd., Class H | 536,000 | 159,680 |
China Feihe Ltd. (a) | 424,000 | 259,835 |
China International Marine Containers Group Co. Ltd., Class A | 340,600 | 352,412 |
China Lesso Group Holdings Ltd. | 238,000 | 162,614 |
China Medical System Holdings Ltd. | 371,000 | 624,747 |
China Merchants Energy Shipping Co. Ltd., Class A | 356,000 | 318,391 |
China Merchants Port Group Co. Ltd., Class A | 76,700 | 191,766 |
China Merchants Port Holdings Co. Ltd. | 322,000 | 442,991 |
China Minsheng Banking Corp. Ltd., Class H | 331,800 | 126,471 |
China National Accord Medicines Corp. Ltd., Class A | 46,100 | 222,983 |
China National Building Material Co. Ltd., Class H | 634,250 | 400,881 |
China National Chemical Engineering Co. Ltd., Class A | 140,300 | 170,457 |
China Petroleum & Chemical Corp., Class H | 1,682,000 | 941,982 |
China Resources Cement Holdings Ltd. | 134,000 | 58,384 |
China Resources Pharmaceutical Group Ltd. (a) | 462,000 | 359,584 |
China Resources Power Holdings Co. Ltd. | 306,000 | 663,849 |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 71,500 | 501,268 |
China Shenhua Energy Co. Ltd., Class H | 445,500 | 1,335,338 |
China South Publishing & Media Group Co. Ltd., Class A | 330,700 | 525,395 |
China United Network Communications Ltd., Class A | 763,200 | 552,197 |
China Yangtze Power Co. Ltd., Class A | 129,600 | 389,539 |
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 264,800 | 469,020 |
Chongqing Changan Automobile Co. Ltd., Class A | 229,130 | 515,335 |
JPMorgan Diversified Return 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 | ||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 484,000 | 179,042 |
CITIC Ltd. | 747,000 | 843,232 |
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 116,000 | 128,190 |
COSCO SHIPPING Holdings Co. Ltd., Class H | 599,850 | 634,889 |
COSCO SHIPPING Ports Ltd. | 372,000 | 235,035 |
CSG Holding Co. Ltd., Class A | 206,200 | 177,369 |
CSPC Pharmaceutical Group Ltd. | 276,000 | 230,536 |
Dali Foods Group Co. Ltd. (a) | 646,500 | 301,827 |
Daqin Railway Co. Ltd., Class A | 404,300 | 405,066 |
Datang International Power Generation Co. Ltd., Class H | 448,000 | 80,029 |
Dongfeng Motor Group Co. Ltd., Class H | 260,000 | 121,687 |
Dongguan Development Holdings Co. Ltd., Class A | 191,200 | 263,425 |
ENN Energy Holdings Ltd. | 98,300 | 1,194,817 |
Fosun International Ltd. | 44,576 | 32,493 |
Fujian Sunner Development Co. Ltd., Class A | 81,700 | 244,562 |
G-bits Network Technology Xiamen Co. Ltd., Class A | 5,700 | 343,869 |
GD Power Development Co. Ltd., Class A | 895,000 | 462,231 |
Great Wall Motor Co. Ltd., Class H | 468,500 | 641,051 |
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 538,200 | 489,437 |
Guangxi Guiguan Electric Power Co. Ltd., Class A | 413,100 | 320,916 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 74,000 | 221,760 |
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 20,200 | 174,637 |
Haitian International Holdings Ltd. | 168,000 | 420,788 |
Heilongjiang Agriculture Co. Ltd., Class A | 263,400 | 541,481 |
Henan Shuanghui Investment & Development Co. Ltd., Class A | 17,400 | 61,509 |
Hengan International Group Co. Ltd. | 76,500 | 314,668 |
Hopson Development Holdings Ltd. * | 64,123 | 53,811 |
Huabao Flavours & Fragrances Co. Ltd., Class A | 64,700 | 209,691 |
Huadian Power International Corp. Ltd., Class H | 1,058,000 | 468,611 |
Huaibei Mining Holdings Co. Ltd., Class A | 165,100 | 285,794 |
Huapont Life Sciences Co. Ltd., Class A | 426,000 | 312,027 |
Huaxin Cement Co. Ltd., Class H | 201,400 | 196,377 |
Huayu Automotive Systems Co. Ltd., Class A | 98,300 | 271,788 |
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 103,000 | 379,715 |
Hunan Valin Steel Co. Ltd., Class A | 342,800 | 288,053 |
Industrial & Commercial Bank of China Ltd., Class H | 4,232,000 | 2,066,603 |
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 248,816 | 479,161 |
Inner Mongolia ERDOS Resources Co. Ltd., Class A | 194,880 | 266,658 |
Inner Mongolia Yitai Coal Co. Ltd., Class B * | 432,400 | 636,392 |
Jiangling Motors Corp. Ltd., Class A | 119,000 | 326,412 |
Jiangsu Expressway Co. Ltd., Class A | 66,100 | 87,300 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 50,856 | 510,785 |
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 79,000 | 373,588 |
Jiangsu Zhongtian Technology Co. Ltd., Class A | 182,200 | 401,607 |
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 177,700 | 312,878 |
Jointo Energy Investment Co. Ltd. Hebei, Class A | 334,400 | 329,608 |
Joyoung Co. Ltd., Class A | 54,571 | 121,468 |
JOYY, Inc., ADR | 6,785 | 235,847 |
JPMorgan Diversified Return 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 | ||
Kingboard Holdings Ltd. | 181,500 | 505,051 |
KingClean Electric Co. Ltd., Class A | 90,218 | 349,633 |
Kunlun Energy Co. Ltd. | 444,000 | 363,323 |
Kweichow Moutai Co. Ltd., Class A | 8,400 | 2,216,964 |
Li Ning Co. Ltd. | 93,500 | 570,016 |
Livzon Pharmaceutical Group, Inc., Class A | 55,200 | 284,388 |
Maanshan Iron & Steel Co. Ltd., Class H | 250,000 | 52,137 |
Metallurgical Corp. of China Ltd., Class A | 520,800 | 305,646 |
Nanjing Iron & Steel Co. Ltd., Class A | 660,700 | 338,227 |
Ningbo Sanxing Medical Electric Co. Ltd., Class A | 148,700 | 326,179 |
PetroChina Co. Ltd., Class A | 284,000 | 315,393 |
Ping An Insurance Group Co. of China Ltd., Class H | 88,500 | 644,877 |
Qingdao Port International Co. Ltd., Class A | 384,600 | 358,712 |
Qinhuangdao Port Co. Ltd., Class A | 766,200 | 365,508 |
Shaanxi Coal Industry Co. Ltd., Class A | 262,300 | 596,852 |
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 90,100 | 257,236 |
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 107,940 | 511,165 |
Shandong Publishing & Media Co. Ltd., Class A | 421,100 | 521,222 |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 330,000 | 426,180 |
Shanghai International Port Group Co. Ltd., Class A | 444,500 | 337,330 |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 30,900 | 56,085 |
Shanghai Tunnel Engineering Co. Ltd., Class A | 395,200 | 349,685 |
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 27,500 | 46,521 |
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 188,900 | 240,119 |
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 121,000 | 277,013 |
Shenzhen Jinjia Group Co. Ltd., Class A * | 90,800 | 86,460 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 14,800 | 614,145 |
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 72,000 | 323,618 |
Sinoma International Engineering Co., Class A | 132,100 | 249,541 |
Sino-Ocean Group Holding Ltd. * | 90,500 | 5,497 |
Sinopharm Group Co. Ltd., Class H | 148,400 | 467,340 |
Sinotruk Hong Kong Ltd. | 229,000 | 481,161 |
Skyworth Digital Co. Ltd., Class A | 116,500 | 252,462 |
Tangshan Jidong Cement Co. Ltd., Class A | 152,800 | 174,816 |
TangShan Port Group Co. Ltd., Class A | 1,213,600 | 631,716 |
Tian Di Science & Technology Co. Ltd., Class A | 578,700 | 462,853 |
Tianhe Chemicals Group Ltd. ‡ * | 20,000 | — |
Wanxiang Qianchao Co. Ltd., Class A | 790,500 | 617,575 |
Weichai Power Co. Ltd., Class A | 220,056 | 406,750 |
Wuliangye Yibin Co. Ltd., Class A | 35,900 | 911,828 |
Xiamen C & D, Inc., Class A | 190,900 | 299,995 |
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 270,500 | 531,342 |
Yangzijiang Shipbuilding Holdings Ltd. | 704,800 | 816,486 |
Yankuang Energy Group Co. Ltd., Class H | 506,000 | 761,838 |
Yintai Gold Co. Ltd., Class A | 233,620 | 427,755 |
Yuexiu Property Co. Ltd. | 133,400 | 176,046 |
Yunnan Baiyao Group Co. Ltd., Class A | 32,060 | 241,636 |
Zhejiang Expressway Co. Ltd., Class H | 452,000 | 363,046 |
JPMorgan Diversified Return 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 | ||
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | 220,900 | 244,462 |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 157,580 | 615,023 |
Zhejiang Semir Garment Co. Ltd., Class A | 237,700 | 215,892 |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 99,597 | 302,478 |
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 246,700 | 429,113 |
Zhongsheng Group Holdings Ltd. | 83,000 | 291,617 |
Zijin Mining Group Co. Ltd., Class H | 428,000 | 739,209 |
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 540,200 | 295,752 |
62,387,178 | ||
Colombia — 0.2% | ||
Bancolombia SA (Preference) | 69,476 | 528,025 |
Grupo Aval Acciones y Valores SA (Preference) | 540,162 | 70,258 |
598,283 | ||
Czech Republic — 0.5% | ||
CEZ A/S | 25,934 | 1,147,668 |
Moneta Money Bank A/S (a) | 66,398 | 261,287 |
1,408,955 | ||
Egypt — 0.1% | ||
Commercial International Bank Egypt SAE | 259,482 | 423,817 |
Greece — 1.8% | ||
Eurobank Ergasias Services and Holdings SA * | 225,306 | 393,585 |
Hellenic Telecommunications Organization SA | 56,759 | 895,768 |
JUMBO SA | 34,265 | 1,022,482 |
Motor Oil Hellas Corinth Refineries SA | 10,164 | 256,869 |
Mytilineos SA | 28,130 | 1,170,652 |
National Bank of Greece SA * | 73,871 | 508,729 |
OPAP SA | 51,280 | 901,890 |
Piraeus Financial Holdings SA * | 154,178 | 583,982 |
5,733,957 | ||
Hong Kong — 0.1% | ||
Kingboard Laminates Holdings Ltd. | 273,500 | 280,617 |
Hungary — 0.5% | ||
Magyar Telekom Telecommunications plc | 148,963 | 177,094 |
MOL Hungarian Oil & Gas plc | 69,714 | 550,371 |
Richter Gedeon Nyrt. | 33,910 | 855,399 |
1,582,864 | ||
India — 10.1% | ||
Adani Power Ltd. * | 145,218 | 483,060 |
Aurobindo Pharma Ltd. | 23,103 | 231,181 |
Bajaj Auto Ltd. | 14,321 | 859,644 |
Bajaj Holdings & Investment Ltd. | 1,409 | 129,331 |
Bharat Petroleum Corp. Ltd. | 61,899 | 284,277 |
Castrol India Ltd. | 21,560 | 37,968 |
Cipla Ltd. | 57,277 | 819,190 |
Colgate-Palmolive India Ltd. | 9,281 | 228,055 |
JPMorgan Diversified Return 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 | ||
Dabur India Ltd. | 73,465 | 514,671 |
Divi's Laboratories Ltd. | 12,159 | 545,333 |
Dr Reddy's Laboratories Ltd. | 11,287 | 774,349 |
GAIL India Ltd. | 121,070 | 175,442 |
Glenmark Pharmaceuticals Ltd. | 12,639 | 121,104 |
HCL Technologies Ltd. | 77,174 | 1,048,947 |
Hindalco Industries Ltd. | 31,195 | 175,858 |
Hindustan Petroleum Corp. Ltd. | 30,557 | 104,908 |
Hindustan Unilever Ltd. | 96,162 | 2,995,506 |
Hindustan Zinc Ltd. | 20,873 | 81,758 |
ICICI Lombard General Insurance Co. Ltd. (a) | 4,128 | 69,568 |
Indian Oil Corp. Ltd. | 153,649 | 175,249 |
Indus Towers Ltd. * | 130,059 | 272,376 |
Infosys Ltd. | 279,967 | 4,633,769 |
ITC Ltd. | 368,298 | 2,086,925 |
Jindal Steel & Power Ltd. | 31,122 | 253,676 |
Jio Financial Services Ltd. ‡ * | 79,216 | 252,195 |
JSW Steel Ltd. | 48,914 | 486,643 |
Mphasis Ltd. | 3,016 | 84,278 |
Nestle India Ltd. | 3,518 | 964,746 |
NHPC Ltd. | 365,456 | 229,116 |
NMDC Ltd. | 166,174 | 237,311 |
NTPC Ltd. | 308,506 | 820,077 |
Oil & Natural Gas Corp. Ltd. | 244,851 | 528,049 |
Oil India Ltd. | 25,139 | 84,355 |
Petronet LNG Ltd. | 94,980 | 270,040 |
Piramal Enterprises Ltd. | 7,730 | 95,175 |
Power Grid Corp. of India Ltd. | 184,543 | 597,503 |
REC Ltd. | 105,333 | 260,101 |
Reliance Industries Ltd. | 79,216 | 2,459,101 |
Steel Authority of India Ltd. | 117,710 | 135,649 |
Sun Pharmaceutical Industries Ltd. | 51,401 | 714,977 |
Tata Consultancy Services Ltd. | 62,830 | 2,617,435 |
Tata Motors Ltd. | 24,465 | 191,963 |
Tata Power Co. Ltd. (The) | 308,335 | 888,096 |
Tata Steel Ltd. | 634,661 | 952,171 |
Titan Co. Ltd. | 17,835 | 651,766 |
Torrent Power Ltd. | 17,062 | 140,485 |
United Breweries Ltd. | 3,598 | 67,398 |
UPL Ltd. * | 34,216 | 260,163 |
Vedanta Ltd. | 161,094 | 542,117 |
Zydus Lifesciences Ltd. | 18,898 | 145,336 |
31,778,391 | ||
Indonesia — 3.7% | ||
Adaro Energy Indonesia Tbk. PT | 4,305,400 | 688,738 |
Astra International Tbk. PT | 2,717,900 | 1,235,134 |
Bank Central Asia Tbk. PT | 3,337,200 | 2,021,114 |
JPMorgan Diversified Return 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 | ||
Indonesia — continued | ||
Bank Mandiri Persero Tbk. PT | 442,600 | 168,252 |
Bukit Asam Tbk. PT | 2,741,700 | 504,153 |
Charoen Pokphand Indonesia Tbk. PT * | 724,600 | 248,565 |
Gudang Garam Tbk. PT | 157,200 | 291,102 |
Hanjaya Mandala Sampoerna Tbk. PT | 4,760,000 | 287,242 |
Indofood CBP Sukses Makmur Tbk. PT | 566,400 | 420,877 |
Indofood Sukses Makmur Tbk. PT | 1,120,200 | 544,211 |
Kalbe Farma Tbk. PT | 5,345,200 | 678,905 |
Media Nusantara Citra Tbk. PT | 4,436,000 | 185,320 |
Perusahaan Gas Negara Tbk. PT | 5,400,400 | 488,942 |
Sarana Menara Nusantara Tbk. PT | 5,606,900 | 377,351 |
Sumber Alfaria Trijaya Tbk. PT | 1,032,000 | 184,788 |
Telkom Indonesia Persero Tbk. PT | 5,983,700 | 1,474,240 |
Unilever Indonesia Tbk. PT | 1,586,600 | 405,067 |
United Tractors Tbk. PT | 319,200 | 583,139 |
Vale Indonesia Tbk. PT | 471,800 | 215,301 |
XL Axiata Tbk. PT | 2,665,000 | 401,219 |
11,403,660 | ||
Kuwait — 1.9% | ||
Agility Public Warehousing Co. KSC * | 186,708 | 382,884 |
Humansoft Holding Co. KSC | 37,090 | 434,709 |
Kuwait Finance House KSCP | 741,244 | 1,904,249 |
Mobile Telecommunications Co. KSCP | 519,990 | 881,887 |
National Bank of Kuwait SAKP | 724,488 | 2,268,800 |
5,872,529 | ||
Malaysia — 1.9% | ||
Astro Malaysia Holdings Bhd. | 700,200 | 83,083 |
Axiata Group Bhd. | 473,700 | 280,550 |
CELCOMDIGI Bhd. | 540,500 | 529,859 |
Hong Leong Financial Group Bhd. | 16,700 | 67,778 |
IHH Healthcare Bhd. | 5,800 | 7,660 |
Kuala Lumpur Kepong Bhd. | 40,000 | 206,890 |
Malayan Banking Bhd. | 76,408 | 152,871 |
Maxis Bhd. | 667,300 | 597,970 |
Nestle Malaysia Bhd. | 12,200 | 362,293 |
Petronas Chemicals Group Bhd. | 386,400 | 596,064 |
Petronas Gas Bhd. | 196,400 | 743,959 |
PPB Group Bhd. | 177,460 | 657,259 |
RHB Bank Bhd. | 164,200 | 207,299 |
Telekom Malaysia Bhd. | 450,600 | 508,765 |
Tenaga Nasional Bhd. | 468,900 | 998,510 |
6,000,810 | ||
Mexico — 8.1% | ||
Alfa SAB de CV, Class A | 1,114,459 | 686,179 |
America Movil SAB de CV | 2,395,892 | 2,512,503 |
Arca Continental SAB de CV | 98,503 | 988,324 |
JPMorgan Diversified Return 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 | ||
Mexico — continued | ||
Banco del Bajio SA (a) | 153,191 | 464,650 |
Cemex SAB de CV * | 1,646,329 | 1,254,533 |
Coca-Cola Femsa SAB de CV | 117,133 | 986,939 |
Controladora AXTEL SAB de CV * | 1,097,767 | 12,653 |
El Puerto de Liverpool SAB de CV, Class C1 | 65,113 | 407,399 |
Fibra Uno Administracion SA de CV, REIT | 668,640 | 1,005,056 |
Fomento Economico Mexicano SAB de CV | 79,934 | 905,648 |
Gruma SAB de CV, Class B | 56,207 | 1,003,972 |
Grupo Aeroportuario del Centro Norte SAB de CV | 81,015 | 913,251 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 62,587 | 1,190,816 |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 38,351 | 1,088,074 |
Grupo Bimbo SAB de CV | 305,115 | 1,585,796 |
Grupo Carso SAB de CV | 66,334 | 527,622 |
Grupo Financiero Banorte SAB de CV, Class O | 324,201 | 3,074,150 |
Grupo Mexico SAB de CV | 219,641 | 1,142,606 |
Kimberly-Clark de Mexico SAB de CV, Class A | 211,177 | 498,022 |
Megacable Holdings SAB de CV | 149,219 | 378,372 |
Orbia Advance Corp. SAB de CV | 360,360 | 818,423 |
Promotora y Operadora de Infraestructura SAB de CV | 66,839 | 695,253 |
Qualitas Controladora SAB de CV | 47,163 | 347,618 |
Regional SAB de CV | 57,939 | 449,222 |
Wal-Mart de Mexico SAB de CV | 600,787 | 2,502,532 |
25,439,613 | ||
Pakistan — 0.1% | ||
Oil & Gas Development Co. Ltd. | 684,920 | 235,413 |
Philippines — 0.4% | ||
Globe Telecom, Inc. | 3,343 | 116,907 |
Manila Electric Co. | 70,040 | 454,289 |
Metro Pacific Investments Corp. | 4,609,200 | 408,725 |
PLDT, Inc. | 14,160 | 337,899 |
Puregold Price Club, Inc. | 40,800 | 21,549 |
1,339,369 | ||
Qatar — 1.8% | ||
Commercial Bank PSQC (The) | 180,085 | 309,339 |
Industries Qatar QSC | 260,192 | 952,917 |
Mesaieed Petrochemical Holding Co. | 360,292 | 193,196 |
Ooredoo QPSC | 277,482 | 871,324 |
Qatar Electricity & Water Co. QSC | 134,010 | 667,645 |
Qatar Fuel QSC | 67,115 | 309,777 |
Qatar Gas Transport Co. Ltd. | 785,290 | 909,315 |
Qatar International Islamic Bank QSC | 61,313 | 174,824 |
Qatar Islamic Bank SAQ | 170,664 | 991,734 |
Qatar Navigation QSC | 113,909 | 328,535 |
5,708,606 | ||
Romania — 0.1% | ||
NEPI Rockcastle NV | 51,829 | 310,532 |
JPMorgan Diversified Return 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 | ||
Russia — 0.1% | ||
Alrosa PJSC ‡ * | 200,448 | 4,122 |
Federal Grid Co. - Rosseti PJSC ‡ * | 127,925,624 | 2,782 |
Federal Grid Co. - ROSSETI PUBLIC JOINT-STOCK COMPANY ‡ * | 42,872,768 | 851 |
Inter RAO UES PJSC ‡ | 6,142,220 | 4,185 |
LUKOIL PJSC ‡ | 17,853 | 21,998 |
M.Video PJSC ‡ * | 8,526 | 539 |
Magnit PJSC ‡ | 7,858 | 5,824 |
Magnitogorsk Iron & Steel Works PJSC ‡ * | 334,440 | 3,866 |
MMC Norilsk Nickel PJSC ‡ * | 3,087 | 14,762 |
Mobile TeleSystems PJSC ‡ | 120,496 | 6,770 |
Novolipetsk Steel PJSC ‡ * | 155,019 | 6,950 |
PhosAgro PJSC ‡ | 1,940 | 2,386 |
Rostelecom PJSC ‡ * | 157,186 | 2,668 |
RusHydro PJSC ‡ | 35,715,691 | 5,977 |
Sberbank of Russia PJSC ‡ | 537,391 | 16,767 |
Severstal PAO ‡ * | 20,498 | 6,910 |
Sistema PJSFC ‡ | 308,352 | 918 |
Surgutneftegas PJSC (Preference) ‡ | 655,737 | 4,970 |
Tatneft PJSC ‡ | 17,275 | 1,549 |
Unipro PJSC ‡ * | 4,941,067 | 1,948 |
116,742 | ||
Saudi Arabia — 5.4% | ||
Abdullah Al Othaim Markets Co. | 117,454 | 462,628 |
ACWA Power Co. | 55 | 2,704 |
Almarai Co. JSC | 42,865 | 787,169 |
Arab National Bank | 31,317 | 222,349 |
Arabian Centres Co. Ltd. | 26,315 | 160,488 |
Arabian Internet & Communications Services Co. | 9,921 | 964,435 |
Banque Saudi Fransi | 15,176 | 172,281 |
Dr Sulaiman Al Habib Medical Services Group Co. | 15,705 | 1,209,865 |
Elm Co. | 7,269 | 1,317,607 |
Etihad Etisalat Co. | 84,890 | 1,059,998 |
Jarir Marketing Co. | 78,918 | 326,104 |
Mouwasat Medical Services Co. | 434 | 29,019 |
Nahdi Medical Co. | 4,692 | 217,419 |
Riyad Bank | 12,895 | 109,318 |
SABIC Agri-Nutrients Co. | 27,644 | 1,062,480 |
Sahara International Petrochemical Co. | 62,362 | 629,283 |
Saudi Airlines Catering Co. | 29,441 | 973,122 |
Saudi Arabian Mining Co. * | 47,360 | 560,758 |
Saudi Arabian Oil Co. (a) | 266,161 | 2,300,106 |
Saudi Cement Co. | 33,976 | 519,838 |
Saudi Electricity Co. | 173,735 | 1,039,332 |
Saudi Investment Bank (The) | 87,769 | 418,736 |
Saudi Telecom Co. | 168,482 | 1,905,138 |
Yanbu Cement Co. | 50,670 | 540,089 |
16,990,266 |
JPMorgan Diversified Return 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 — 4.0% | ||
African Rainbow Minerals Ltd. | 43,659 | 492,786 |
Anglo American Platinum Ltd. | 8,915 | 445,564 |
Aspen Pharmacare Holdings Ltd. | 19,695 | 211,214 |
AVI Ltd. | 144,668 | 576,289 |
Bid Corp. Ltd. | 29,136 | 690,124 |
Bidvest Group Ltd. (The) | 74,646 | 1,158,273 |
Exxaro Resources Ltd. | 62,188 | 563,400 |
Foschini Group Ltd. (The) | 7,380 | 44,720 |
Impala Platinum Holdings Ltd. | 99,534 | 718,941 |
Investec Ltd. | 67,171 | 419,280 |
MTN Group Ltd. | 233,177 | 1,826,040 |
MultiChoice Group | 100,664 | 498,205 |
Nedbank Group Ltd. | 69,456 | 912,681 |
Netcare Ltd. | 181,247 | 141,886 |
Pepkor Holdings Ltd. (a) | 262,679 | 255,280 |
Pick n Pay Stores Ltd. | 141,612 | 304,782 |
Shoprite Holdings Ltd. | 29,266 | 422,861 |
Sibanye Stillwater Ltd. | 247,507 | 470,365 |
Tiger Brands Ltd. | 51,083 | 456,596 |
Vodacom Group Ltd. | 124,987 | 825,292 |
Woolworths Holdings Ltd. | 228,411 | 1,021,759 |
12,456,338 | ||
Taiwan — 11.7% | ||
Accton Technology Corp. | 79,000 | 963,829 |
Asia Cement Corp. | 387,000 | 496,496 |
Capital Securities Corp. | 814,000 | 413,794 |
Catcher Technology Co. Ltd. | 92,000 | 508,735 |
Cheng Shin Rubber Industry Co. Ltd. | 600,000 | 735,439 |
Chicony Electronics Co. Ltd. | 61,551 | 205,043 |
China Airlines Ltd. | 961,000 | 764,208 |
China Motor Corp. | 166,000 | 467,546 |
China Steel Corp. | 271,000 | 241,101 |
Chunghwa Telecom Co. Ltd. | 476,000 | 1,755,944 |
CTBC Financial Holding Co. Ltd. * | 2,331,395 | 1,950,370 |
E.Sun Financial Holding Co. Ltd. | 1,398,141 | 1,151,560 |
Eclat Textile Co. Ltd. | 32,000 | 553,585 |
Eva Airways Corp. | 577,000 | 676,559 |
Evergreen Marine Corp. Taiwan Ltd. | 156,800 | 519,984 |
Far Eastern New Century Corp. | 822,000 | 777,429 |
Far EasTone Telecommunications Co. Ltd. | 303,000 | 684,133 |
Feng TAY Enterprise Co. Ltd. * | 83,000 | 561,379 |
First Financial Holding Co. Ltd. | 1,313,357 | 1,214,969 |
Formosa Chemicals & Fibre Corp. | 343,000 | 714,037 |
Formosa Taffeta Co. Ltd. | 309,000 | 253,349 |
Fubon Financial Holding Co. Ltd. | 285,185 | 595,243 |
Globalwafers Co. Ltd. | 25,000 | 409,706 |
Hotai Motor Co. Ltd. * | 18,000 | 434,614 |
JPMorgan Diversified Return 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 | ||
Largan Precision Co. Ltd. | 17,000 | 1,179,148 |
Lite-On Technology Corp. | 308,000 | 1,480,955 |
Mega Financial Holding Co. Ltd. | 1,378,013 | 1,767,040 |
Nan Ya Plastics Corp. | 705,000 | 1,571,037 |
Nien Made Enterprise Co. Ltd. | 60,000 | 621,957 |
Novatek Microelectronics Corp. | 18,000 | 243,424 |
Pou Chen Corp. | 746,000 | 742,327 |
President Chain Store Corp. | 115,000 | 1,021,675 |
SinoPac Financial Holdings Co. Ltd. | 2,043,275 | 1,213,382 |
Taiwan Cooperative Financial Holding Co. Ltd. | 1,215,819 | 1,138,120 |
Taiwan Fertilizer Co. Ltd. | 344,000 | 703,151 |
Taiwan Mobile Co. Ltd. | 328,000 | 985,585 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 184,000 | 3,322,599 |
Uni-President Enterprises Corp. | 658,000 | 1,578,587 |
Yang Ming Marine Transport Corp. | 236,000 | 350,084 |
Yuanta Financial Holding Co. Ltd. | 1,801,529 | 1,400,919 |
Yulon Motor Co. Ltd. | 156,000 | 408,008 |
36,777,050 | ||
Thailand — 3.4% | ||
Advanced Info Service PCL | 185,500 | 1,219,370 |
Bangkok Bank PCL | 116,100 | 579,745 |
Bangkok Dusit Medical Services PCL, Class F | 1,106,200 | 922,537 |
Banpu PCL | 1,905,800 | 543,241 |
Bumrungrad Hospital PCL | 94,400 | 596,297 |
Central Retail Corp. PCL, NVDR | 434,700 | 524,169 |
CP Axtra PCL, NVDR | 139,800 | 140,999 |
Digital Telecommunications Infrastructure Fund, Class F | 1,440,300 | 420,787 |
Electricity Generating PCL | 80,100 | 312,416 |
Home Product Center PCL | 1,275,300 | 529,461 |
Intouch Holdings PCL, NVDR | 269,300 | 606,265 |
Krung Thai Bank PCL | 1,602,100 | 960,289 |
Minor International PCL, NVDR | 601,800 | 580,653 |
PTT Exploration & Production PCL | 256,900 | 1,200,370 |
Ratch Group PCL | 365,000 | 386,719 |
Thai Oil PCL | 284,500 | 426,648 |
Thai Union Group PCL, Class F | 415,300 | 165,010 |
TMBThanachart Bank PCL, NVDR | 9,646,100 | 485,026 |
True Corp. PCL, NVDR | 707,100 | 149,902 |
10,749,904 | ||
Turkey — 10.2% | ||
AG Anadolu Grubu Holding A/S | 113,182 | 580,555 |
Akbank TAS | 873,651 | 906,613 |
Akcansa Cimento A/S | 82,677 | 326,501 |
Aksa Enerji Uretim A/S | 282,095 | 413,990 |
Alarko Holding A/S | 170,418 | 658,713 |
Alfa Solar Enerji Sanayi ve Ticaret A/S | 15,661 | 489,138 |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 223,045 | 745,449 |
JPMorgan Diversified Return 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 | ||
Turkey — continued | ||
Arcelik A/S * | 95,427 | 546,911 |
Aselsan Elektronik Sanayi ve Ticaret A/S | 261,835 | 724,937 |
Aygaz A/S | 77,401 | 341,097 |
Bera Holding AS * | 609,608 | 336,902 |
BIM Birlesik Magazalar A/S | 123,108 | 988,584 |
Can2 Termik A/S * | 48,300 | 38,614 |
Cimsa Cimento Sanayi ve Ticaret A/S | 105,943 | 741,211 |
Coca-Cola Icecek A/S | 59,915 | 700,367 |
Dogan Sirketler Grubu Holding A/S | 1,305,260 | 644,012 |
Dogus Otomotiv Servis ve Ticaret A/S | 83,269 | 765,094 |
EGE Endustri ve Ticaret A/S | 824 | 196,687 |
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S | 370,339 | 585,554 |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT | 986,013 | 318,242 |
Enerjisa Enerji A/S (a) | 409,988 | 772,662 |
Enka Insaat ve Sanayi A/S | 499,458 | 623,150 |
Eregli Demir ve Celik Fabrikalari TAS * | 370,278 | 572,790 |
Europen Endustri Insaat Sanayi ve Ticaret A/S * | 284,217 | 149,900 |
Ford Otomotiv Sanayi A/S | 24,906 | 877,814 |
Girisim Elektrik Taahhut Ticaret ve Sanayi A/S * | 125,499 | 441,577 |
Haci Omer Sabanci Holding A/S | 349,045 | 746,578 |
Is Yatirim Menkul Degerler A/S | 323,209 | 266,152 |
Kimteks Poliuretan Sanayi ve Ticaret A/S | 71,394 | 316,391 |
KOC Holding A/S | 211,380 | 1,059,586 |
Kontrolmatik Enerji ve Muhendislik A/S | 49,778 | 387,800 |
Koza Altin Isletmeleri A/S | 627,042 | 651,711 |
Koza Anadolu Metal Madencilik Isletmeleri A/S * | 297,003 | 671,520 |
Mavi Giyim Sanayi ve Ticaret A/S, Class B (a) | 123,047 | 398,469 |
Migros Ticaret A/S | 56,315 | 616,601 |
MLP Saglik Hizmetleri A/S * (a) | 97,978 | 351,288 |
Nuh Cimento Sanayi A/S | 29,751 | 185,842 |
ODAS Elektrik Uretim ve Sanayi Ticaret A/S * | 991,044 | 439,192 |
Otokar Otomotiv ve Savunma Sanayi AS * | 34,314 | 367,303 |
Oyak Cimento Fabrikalari A/S * | 265,791 | 552,442 |
Pegasus Hava Tasimaciligi A/S * | 16,323 | 510,290 |
Penta Teknoloji Urunleri Dagitim Ticaret A/S * | 44,271 | 39,666 |
Qua Granite Hayal * | 626,647 | 173,973 |
Sok Marketler Ticaret A/S * | 220,297 | 371,703 |
TAV Havalimanlari Holding A/S * | 170,395 | 710,238 |
Tekfen Holding A/S | 249,397 | 414,879 |
Tofas Turk Otomobil Fabrikasi A/S | 71,782 | 804,628 |
Torunlar Gayrimenkul Yatirim Ortakligi A/S, REIT | 197,733 | 177,457 |
Turk Hava Yollari AO * | 130,201 | 1,132,264 |
Turk Telekomunikasyon A/S * | 692,962 | 547,920 |
Turk Traktor ve Ziraat Makineleri A/S | 37,190 | 970,375 |
Turkcell Iletisim Hizmetleri A/S * | 459,457 | 881,433 |
Turkiye Halk Bankasi A/S * | 988,548 | 529,248 |
Turkiye Is Bankasi A/S, Class C | 1,187,583 | 666,709 |
Turkiye Petrol Rafinerileri A/S | 159,776 | 613,282 |
JPMorgan Diversified Return 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 | ||
Turkey — continued | ||
Turkiye Sise ve Cam Fabrikalari A/S | 371,761 | 737,055 |
Ulker Biskuvi Sanayi A/S * | 189,409 | 274,875 |
Yapi ve Kredi Bankasi A/S | 1,295,006 | 684,458 |
Zorlu Enerji Elektrik Uretim A/S * | 1,267,312 | 202,260 |
31,940,652 | ||
United Arab Emirates — 2.4% | ||
Abu Dhabi Commercial Bank PJSC | 441,205 | 1,054,693 |
Abu Dhabi Islamic Bank PJSC | 231,586 | 708,712 |
Abu Dhabi Ports Co. PJSC * | 418,636 | 752,482 |
Air Arabia PJSC | 724,609 | 530,697 |
Aldar Properties PJSC | 631,145 | 888,209 |
Dubai Islamic Bank PJSC | 456,975 | 715,646 |
Emirates Telecommunications Group Co. PJSC | 188,507 | 1,149,502 |
Multiply Group PJSC * | 895,479 | 787,403 |
National Marine Dredging Co. * | 74,004 | 443,149 |
Salik Co. PJSC | 358,146 | 306,199 |
7,336,692 | ||
United States — 0.2% | ||
JBS SA | 185,955 | 738,118 |
Total Common Stocks (Cost $287,907,859) | 311,846,095 | |
Total Investments — 99.5% (Cost $287,907,859) | 311,846,095 | |
Other Assets Less Liabilities — 0.5% | 1,710,100 | |
NET ASSETS — 100.0% | 313,556,195 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American 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 |
REIT | Real Estate Investment Trust |
‡ | 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. |
JPMorgan Diversified Return 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 | 15.5 % |
Oil, Gas & Consumable Fuels | 7.5 |
Metals & Mining | 5.8 |
Wireless Telecommunication Services | 4.8 |
Food Products | 4.2 |
Industrial Conglomerates | 3.9 |
Electric Utilities | 3.6 |
Diversified Telecommunication Services | 3.5 |
IT Services | 3.4 |
Transportation Infrastructure | 3.4 |
Beverages | 3.1 |
Pharmaceuticals | 2.9 |
Consumer Staples Distribution & Retail | 2.8 |
Independent Power and Renewable Electricity Producers | 2.7 |
Chemicals | 2.6 |
Machinery | 2.0 |
Construction Materials | 1.8 |
Automobiles | 1.7 |
Personal Care Products | 1.5 |
Textiles, Apparel & Luxury Goods | 1.4 |
Semiconductors & Semiconductor Equipment | 1.4 |
Specialty Retail | 1.4 |
Health Care Providers & Services | 1.4 |
Gas Utilities | 1.2 |
Passenger Airlines | 1.2 |
Financial Services | 1.0 |
Others (each less than 1.0%) | 14.3 |
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 Emerging Markets E-Mini Index | 19 | 09/15/2023 | USD | 1,001,680 | 66,521 |
Abbreviations | |
MSCI | Morgan Stanley Capital International |
USD | United States Dollar |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 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 NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan Diversified Return 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 | ||||
Brazil | $29,783,106 | $— | $— | $29,783,106 |
Chile | 4,452,633 | — | — | 4,452,633 |
China | 3,631,893 | 58,755,285 | — | 62,387,178 |
Colombia | 598,283 | — | — | 598,283 |
Czech Republic | 1,408,955 | — | — | 1,408,955 |
Egypt | — | 423,817 | — | 423,817 |
Greece | 1,022,482 | 4,711,475 | — | 5,733,957 |
Hong Kong | — | 280,617 | — | 280,617 |
Hungary | 1,032,493 | 550,371 | — | 1,582,864 |
India | — | 31,526,196 | 252,195 | 31,778,391 |
Indonesia | 983,411 | 10,420,249 | — | 11,403,660 |
Kuwait | — | 5,872,529 | — | 5,872,529 |
Malaysia | 1,831,289 | 4,169,521 | — | 6,000,810 |
Mexico | 25,439,613 | — | — | 25,439,613 |
Pakistan | 235,413 | — | — | 235,413 |
Philippines | — | 1,339,369 | — | 1,339,369 |
Qatar | 871,324 | 4,837,282 | — | 5,708,606 |
Romania | 310,532 | — | — | 310,532 |
Russia | — | — | 116,742 | 116,742 |
Saudi Arabia | 680,326 | 16,309,940 | — | 16,990,266 |
South Africa | 8,425,785 | 4,030,553 | — | 12,456,338 |
Taiwan | — | 36,777,050 | — | 36,777,050 |
Thailand | 4,224,877 | 6,525,027 | — | 10,749,904 |
Turkey | 10,783,080 | 21,157,572 | — | 31,940,652 |
United Arab Emirates | 2,294,102 | 5,042,590 | — | 7,336,692 |
United States | 738,118 | — | — | 738,118 |
Total Common Stocks | 98,747,715 | 212,729,443 | 368,937 | 311,846,095 |
Total Investments in Securities | $98,747,715 | $212,729,443 | $368,937 | $311,846,095 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $66,521 | $— | $— | $66,521 |
There were no significant transfers into or out of level 3 for the period ended July 31, 2023.
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 Diversified Return 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 U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | $182,157 | $453,864 | $636,021 | $— | $— | $— | — | $2,422 | $— |
(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. |