JPMorgan International Research Enhanced 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 International Research Enhanced 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 — 96.9% | ||
Australia — 6.1% | ||
ANZ Group Holdings Ltd. | 456,233 | 7,915,268 |
Aurizon Holdings Ltd. | 969,063 | 2,483,529 |
BHP Group Ltd. | 1,322,068 | 41,145,228 |
Brambles Ltd. | 574,791 | 5,437,969 |
Commonwealth Bank of Australia | 399,220 | 28,404,011 |
Dexus, REIT | 796,769 | 4,409,951 |
Endeavour Group Ltd. | 925,170 | 3,781,484 |
Glencore plc | 822,795 | 5,003,776 |
Goodman Group, REIT | 1,638,409 | 22,654,542 |
GPT Group (The), REIT | 1,383,806 | 4,044,672 |
Insurance Australia Group Ltd. | 1,514,481 | 6,045,829 |
Macquarie Group Ltd. | 185,611 | 21,889,095 |
Medibank Pvt Ltd. | 3,954,581 | 9,336,398 |
Mirvac Group, REIT | 4,501,609 | 7,095,892 |
National Australia Bank Ltd. | 643,918 | 12,334,926 |
Newcrest Mining Ltd. | 268,637 | 4,818,531 |
QBE Insurance Group Ltd. | 1,439,186 | 15,279,698 |
Rio Tinto Ltd. | 595,038 | 47,117,968 |
Rio Tinto plc | 302,394 | 19,987,578 |
Santos Ltd. | 3,174,271 | 17,080,729 |
Wesfarmers Ltd. | 260,342 | 8,698,587 |
Westpac Banking Corp. | 1,820,705 | 27,366,779 |
Woodside Energy Group Ltd. | 238,928 | 6,158,414 |
Woolworths Group Ltd. | 796,607 | 20,686,974 |
349,177,828 | ||
Belgium — 0.6% | ||
KBC Group NV | 420,249 | 31,629,956 |
China — 0.6% | ||
BOC Hong Kong Holdings Ltd. | 3,599,000 | 10,984,306 |
Prosus NV * | 278,040 | 21,995,023 |
Xinyi Glass Holdings Ltd. | 1,401,300 | 2,331,899 |
35,311,228 | ||
Denmark — 3.1% | ||
Carlsberg A/S, Class B | 205,094 | 30,760,439 |
Genmab A/S * | 16,784 | 6,918,361 |
Novo Nordisk A/S, Class B | 812,384 | 130,998,741 |
Vestas Wind Systems A/S * | 214,159 | 5,727,998 |
174,405,539 | ||
Finland — 1.1% | ||
Kone OYJ, Class B | 195,882 | 10,047,335 |
Nokia OYJ | 2,000,684 | 7,864,566 |
Nordea Bank Abp | 3,957,581 | 44,793,265 |
62,705,166 | ||
France — 12.4% | ||
Air Liquide SA | 402,636 | 72,391,518 |
Airbus SE | 271,770 | 40,031,727 |
JPMorgan International Research Enhanced 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 | ||
Alstom SA | 479,346 | 14,677,690 |
AXA SA | 257,945 | 7,928,930 |
BNP Paribas SA | 661,990 | 43,656,807 |
Capgemini SE | 237,922 | 43,115,885 |
Engie SA | 2,301,988 | 37,764,863 |
Kering SA | 26,267 | 15,081,595 |
Legrand SA | 347,324 | 34,820,852 |
L'Oreal SA | 150,731 | 70,106,403 |
LVMH Moet Hennessy Louis Vuitton SE | 138,717 | 128,835,903 |
Orange SA | 1,548,347 | 17,502,266 |
Pernod Ricard SA | 64,806 | 14,287,887 |
Safran SA | 250,796 | 41,635,422 |
Societe Generale SA | 565,467 | 15,378,850 |
TotalEnergies SE | 634,935 | 38,576,443 |
Veolia Environnement SA | 233,343 | 7,597,402 |
Vinci SA | 504,885 | 59,297,415 |
702,687,858 | ||
Germany — 8.1% | ||
adidas AG | 72,480 | 14,632,624 |
Allianz SE (Registered) | 296,236 | 70,800,209 |
BASF SE | 62,628 | 3,357,551 |
Bayer AG (Registered) | 250,655 | 14,659,168 |
Brenntag SE | 78,883 | 6,120,106 |
Deutsche Telekom AG (Registered) | 2,192,176 | 47,792,138 |
DHL Group | 755,706 | 38,860,835 |
Dr Ing hc F Porsche AG (Preference) | 132,841 | 16,244,153 |
Infineon Technologies AG | 1,113,305 | 48,913,598 |
Mercedes-Benz Group AG | 138,764 | 11,082,099 |
Merck KGaA | 46,846 | 8,232,012 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 82,299 | 30,981,111 |
RWE AG | 1,026,634 | 44,184,944 |
SAP SE | 350,251 | 47,778,306 |
Siemens AG (Registered) | 254,758 | 43,421,520 |
Symrise AG | 26,506 | 2,895,298 |
Zalando SE * (a) | 227,970 | 7,870,592 |
457,826,264 | ||
Hong Kong — 2.2% | ||
AIA Group Ltd. | 4,321,200 | 43,232,490 |
CK Asset Holdings Ltd. | 1,578,848 | 9,143,226 |
CLP Holdings Ltd. | 343,500 | 2,799,915 |
Hong Kong Exchanges & Clearing Ltd. | 560,800 | 23,644,464 |
Link, REIT | 620,900 | 3,490,178 |
Prudential plc | 1,375,648 | 19,102,704 |
Sun Hung Kai Properties Ltd. | 665,000 | 8,350,157 |
Techtronic Industries Co. Ltd. | 1,402,000 | 15,927,496 |
125,690,630 |
JPMorgan International Research Enhanced 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 | ||
Ireland — 0.5% | ||
Kingspan Group plc | 335,765 | 26,949,674 |
Italy — 1.0% | ||
Enel SpA | 999,535 | 6,891,992 |
FinecoBank Banca Fineco SpA | 1,346,124 | 20,901,584 |
UniCredit SpA | 1,174,649 | 29,742,415 |
57,535,991 | ||
Japan — 22.9% | ||
AGC, Inc. | 194,300 | 7,020,768 |
Ajinomoto Co., Inc. | 721,800 | 28,124,862 |
Asahi Group Holdings Ltd. | 716,900 | 28,180,825 |
Asahi Kasei Corp. | 1,084,500 | 7,390,600 |
Bridgestone Corp. | 694,300 | 28,810,258 |
Central Japan Railway Co. | 220,800 | 28,137,281 |
Daiichi Sankyo Co. Ltd. | 1,269,800 | 39,109,356 |
Daikin Industries Ltd. | 170,583 | 34,491,669 |
Daiwa House Industry Co. Ltd. | 888,600 | 24,151,199 |
Denso Corp. | 418,100 | 29,111,255 |
Dentsu Group, Inc. | 806,300 | 26,979,915 |
Fast Retailing Co. Ltd. | 32,000 | 8,016,411 |
Fuji Electric Co. Ltd. | 339,500 | 15,348,660 |
Hitachi Ltd. | 642,300 | 42,047,862 |
Honda Motor Co. Ltd. | 942,872 | 30,060,080 |
Hoya Corp. | 312,000 | 36,335,337 |
ITOCHU Corp. | 933,800 | 37,767,826 |
Japan Airlines Co. Ltd. | 220,200 | 4,767,467 |
Kao Corp. | 271,000 | 10,295,724 |
Keyence Corp. | 107,500 | 48,239,789 |
Komatsu Ltd. | 98,200 | 2,751,019 |
Konami Group Corp. | 234,300 | 13,143,451 |
Kyowa Kirin Co. Ltd. | 921,800 | 17,602,400 |
Mitsubishi Corp. | 983,100 | 50,301,752 |
Mitsubishi UFJ Financial Group, Inc. | 2,217,550 | 17,856,277 |
Mitsui Fudosan Co. Ltd. | 1,121,100 | 23,032,948 |
Murata Manufacturing Co. Ltd. | 452,000 | 26,849,575 |
NIDEC Corp. | 99,400 | 5,936,663 |
Nintendo Co. Ltd. | 235,500 | 10,652,786 |
Nippon Paint Holdings Co. Ltd. | 1,208,300 | 11,070,764 |
Nippon Steel Corp. | 182,600 | 4,173,574 |
Nippon Telegraph & Telephone Corp. | 29,052,500 | 33,315,047 |
Nomura Research Institute Ltd. | 551,900 | 15,682,195 |
Ono Pharmaceutical Co. Ltd. | 223,700 | 4,099,377 |
ORIX Corp. | 1,185,900 | 22,812,605 |
Osaka Gas Co. Ltd. | 330,400 | 5,198,792 |
Otsuka Corp. | 498,000 | 20,738,387 |
Recruit Holdings Co. Ltd. | 409,600 | 14,186,774 |
Renesas Electronics Corp. * | 634,800 | 12,247,731 |
Seven & i Holdings Co. Ltd. | 360,600 | 14,959,523 |
JPMorgan International Research Enhanced 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 | ||
Shimadzu Corp. | 244,700 | 7,431,742 |
Shin-Etsu Chemical Co. Ltd. | 1,427,100 | 47,015,600 |
Shionogi & Co. Ltd. | 153,000 | 6,411,933 |
Shiseido Co. Ltd. | 447,400 | 19,615,835 |
SoftBank Group Corp. | 158,400 | 8,056,610 |
Sony Group Corp. | 610,115 | 57,147,181 |
Sumitomo Electric Industries Ltd. | 1,293,700 | 16,587,788 |
Sumitomo Metal Mining Co. Ltd. | 523,800 | 18,089,549 |
Sumitomo Mitsui Financial Group, Inc. | 1,067,900 | 50,032,915 |
Suzuki Motor Corp. | 574,700 | 23,083,167 |
T&D Holdings, Inc. | 1,487,800 | 24,189,872 |
Takeda Pharmaceutical Co. Ltd. | 130,100 | 3,977,788 |
Terumo Corp. | 937,000 | 30,685,902 |
Tokio Marine Holdings, Inc. | 1,435,100 | 33,000,107 |
Tokyo Electron Ltd. | 290,300 | 43,570,275 |
Toyota Motor Corp. | 3,009,200 | 50,595,973 |
Yamato Holdings Co. Ltd. | 1,017,800 | 19,061,329 |
1,299,552,350 | ||
Macau — 0.1% | ||
Sands China Ltd. * | 2,237,600 | 8,620,381 |
Netherlands — 6.2% | ||
Adyen NV * (a) | 8,346 | 15,490,304 |
ASML Holding NV | 186,881 | 133,857,032 |
Koninklijke Ahold Delhaize NV | 749,424 | 25,831,616 |
Koninklijke KPN NV | 7,812,946 | 28,269,239 |
NN Group NV | 767,218 | 29,411,256 |
Shell plc | 3,227,862 | 97,829,316 |
Wolters Kluwer NV | 177,808 | 22,328,430 |
353,017,193 | ||
Singapore — 1.1% | ||
DBS Group Holdings Ltd. | 1,290,465 | 33,290,183 |
Oversea-Chinese Banking Corp. Ltd. | 713,700 | 7,142,538 |
Sea Ltd., ADR * | 125,769 | 8,366,154 |
United Overseas Bank Ltd. | 611,000 | 13,859,618 |
62,658,493 | ||
South Korea — 0.1% | ||
Delivery Hero SE * (a) | 112,102 | 5,088,279 |
Spain — 2.1% | ||
Banco Bilbao Vizcaya Argentaria SA | 1,679,306 | 13,310,811 |
Banco Santander SA | 2,647,088 | 10,726,747 |
Iberdrola SA | 5,340,093 | 66,652,539 |
Industria de Diseno Textil SA | 765,941 | 29,318,552 |
120,008,649 | ||
Sweden — 2.5% | ||
Atlas Copco AB, Class A | 3,601,006 | 51,155,477 |
JPMorgan International Research Enhanced 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 | ||
Sandvik AB | 710,511 | 14,432,274 |
Skandinaviska Enskilda Banken AB, Class A | 2,236,082 | 27,106,320 |
Volvo AB, Class B | 2,265,765 | 49,979,675 |
142,673,746 | ||
Switzerland — 5.5% | ||
Cie Financiere Richemont SA (Registered) | 205,160 | 33,037,510 |
DSM-Firmenich AG | 188,420 | 20,820,363 |
Givaudan SA (Registered) | 1,842 | 6,217,621 |
Julius Baer Group Ltd. | 160,679 | 11,380,499 |
Lonza Group AG (Registered) | 84,890 | 49,324,167 |
Novartis AG (Registered) | 711,965 | 74,540,754 |
SGS SA (Registered) | 237,123 | 23,023,469 |
Sika AG (Registered) | 125,606 | 39,093,323 |
UBS Group AG (Registered) | 741,204 | 16,446,488 |
Zurich Insurance Group AG | 74,910 | 36,218,876 |
310,103,070 | ||
United Kingdom — 12.7% | ||
3i Group plc | 2,055,496 | 52,150,369 |
AstraZeneca plc | 718,349 | 103,209,709 |
Barclays plc | 14,745,125 | 29,258,943 |
Berkeley Group Holdings plc | 474,359 | 26,449,198 |
BP plc | 12,884,263 | 79,939,805 |
British American Tobacco plc | 575,150 | 19,341,215 |
DCC plc | 139,995 | 8,105,540 |
Diageo plc | 1,363,517 | 59,507,007 |
HSBC Holdings plc | 4,374,629 | 36,337,501 |
InterContinental Hotels Group plc | 486,407 | 35,948,992 |
Intertek Group plc | 67,147 | 3,761,473 |
Lloyds Banking Group plc | 54,083,639 | 31,246,755 |
London Stock Exchange Group plc | 150,768 | 16,372,622 |
Reckitt Benckiser Group plc | 369,307 | 27,665,579 |
RELX plc | 1,748,149 | 58,837,011 |
SSE plc (b) | 1,165,080 | 25,192,700 |
Standard Chartered plc | 4,082,671 | 39,216,323 |
Taylor Wimpey plc | 4,771,298 | 7,003,601 |
Tesco plc | 8,017,650 | 26,555,053 |
Unilever plc | 604,657 | 32,547,376 |
718,646,772 | ||
United States — 8.0% | ||
CSL Ltd. | 164,878 | 29,697,219 |
GSK plc | 1,916,110 | 34,109,008 |
Nestle SA (Registered) | 1,185,013 | 145,186,861 |
Roche Holding AG | 345,100 | 106,998,761 |
Sanofi | 177,038 | 18,887,221 |
JPMorgan International Research Enhanced 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 States — continued | ||
Schneider Electric SE | 354,856 | 63,296,413 |
Stellantis NV | 2,771,588 | 56,867,109 |
455,042,592 | ||
Total Common Stocks (Cost $4,675,283,955) | 5,499,331,659 | |
Short-Term Investments — 3.1% | ||
Investment Companies — 2.8% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (c) (d)(Cost $154,782,084) | 154,752,914 | 154,783,865 |
Investment of Cash Collateral from Securities Loaned — 0.3% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (c) (d) | 15,997,571 | 16,000,771 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (c) (d) | 2,446,276 | 2,446,276 |
Total Investment of Cash Collateral from Securities Loaned (Cost $18,447,047) | 18,447,047 | |
Total Short-Term Investments (Cost $173,229,131) | 173,230,912 | |
Total Investments — 100.0% (Cost $4,848,513,086) | 5,672,562,571 | |
Other Assets Less Liabilities — 0.0% ^ | 1,316,260 | |
NET ASSETS — 100.0% | 5,673,878,831 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT | Real Estate Investment Trust |
^ | Amount rounds to less than 0.1% of net assets. | |
* | 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 $17,634,891. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of July 31, 2023. |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Summary of Investments by Industry, July 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 10.3 % |
Pharmaceuticals | 9.9 |
Insurance | 5.7 |
Oil, Gas & Consumable Fuels | 4.2 |
Semiconductors & Semiconductor Equipment | 4.2 |
Chemicals | 3.7 |
Textiles, Apparel & Luxury Goods | 3.4 |
Automobiles | 3.3 |
Food Products | 3.1 |
Machinery | 2.8 |
Capital Markets | 2.5 |
Metals & Mining | 2.5 |
Beverages | 2.3 |
Personal Care Products | 2.3 |
Diversified Telecommunication Services | 2.2 |
Electrical Equipment | 2.2 |
Professional Services | 2.2 |
Electric Utilities | 1.8 |
Trading Companies & Distributors | 1.7 |
Industrial Conglomerates | 1.7 |
Consumer Staples Distribution & Retail | 1.6 |
Household Durables | 1.6 |
Electronic Equipment, Instruments & Components | 1.5 |
Aerospace & Defense | 1.4 |
IT Services | 1.4 |
Automobile Components | 1.3 |
Building Products | 1.3 |
Health Care Equipment & Supplies | 1.2 |
Real Estate Management & Development | 1.1 |
Construction & Engineering | 1.0 |
Air Freight & Logistics | 1.0 |
Others (each less than 1.0%) | 10.5 |
Short-Term Investments | 3.1 |
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
SPI 200 Index | 938 | 09/21/2023 | AUD | 116,182,068 | 4,461,880 |
Abbreviations | |
AUD | Australian Dollar |
SPI | Australian Securities Exchange |
JPMorgan International Research Enhanced 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.
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.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $349,177,828 | $— | $349,177,828 |
Belgium | — | 31,629,956 | — | 31,629,956 |
China | — | 35,311,228 | — | 35,311,228 |
Denmark | — | 174,405,539 | — | 174,405,539 |
Finland | — | 62,705,166 | — | 62,705,166 |
France | — | 702,687,858 | — | 702,687,858 |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Germany | $— | $457,826,264 | $— | $457,826,264 |
Hong Kong | — | 125,690,630 | — | 125,690,630 |
Ireland | 26,949,674 | — | — | 26,949,674 |
Italy | — | 57,535,991 | — | 57,535,991 |
Japan | — | 1,299,552,350 | — | 1,299,552,350 |
Macau | — | 8,620,381 | — | 8,620,381 |
Netherlands | — | 353,017,193 | — | 353,017,193 |
Singapore | 8,366,154 | 54,292,339 | — | 62,658,493 |
South Korea | — | 5,088,279 | — | 5,088,279 |
Spain | — | 120,008,649 | — | 120,008,649 |
Sweden | — | 142,673,746 | — | 142,673,746 |
Switzerland | 20,820,363 | 289,282,707 | — | 310,103,070 |
United Kingdom | — | 718,646,772 | — | 718,646,772 |
United States | — | 455,042,592 | — | 455,042,592 |
Total Common Stocks | 56,136,191 | 5,443,195,468 | — | 5,499,331,659 |
Short-Term Investments | ||||
Investment Companies | 154,783,865 | — | — | 154,783,865 |
Investment of Cash Collateral from Securities Loaned | 18,447,047 | — | — | 18,447,047 |
Total Short-Term Investments | 173,230,912 | — | — | 173,230,912 |
Total Investments in Securities | $229,367,103 | $5,443,195,468 | $— | $5,672,562,571 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $4,461,880 | $— | $— | $4,461,880 |
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 Prime Money Market Fund Class IM Shares, 5.43% (a) (b) | $124,239,979 | $375,772,805 | $345,237,883 | $(10,314 ) | $19,278 | $154,783,865 | 154,752,914 | $4,903,582 | $— |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
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) | $56,261,418 | $610,000,000 | $650,264,256 | $3,511 | $98 | $16,000,771 | 15,997,571 | $1,477,496 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 7,523,073 | 425,312,682 | 430,389,479 | — | — | 2,446,276 | 2,446,276 | 269,421 | — |
Total | $188,024,470 | $1,411,085,487 | $1,425,891,618 | $(6,803 ) | $19,376 | $173,230,912 | $6,650,499 | $— |
(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. |