JPMorgan Sustainable Infrastructure 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 Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 98.2% | ||
Australia — 3.6% | ||
Goodman Group, REIT | 39,444 | 545,399 |
NEXTDC Ltd. * | 30,111 | 258,428 |
Ramsay Health Care Ltd. | 2,888 | 114,446 |
918,273 | ||
Austria — 0.9% | ||
Verbund AG | 2,815 | 233,242 |
Belgium — 1.3% | ||
Elia Group SA/NV | 1,211 | 149,104 |
Warehouses De Pauw CVA, REIT | 5,662 | 167,297 |
316,401 | ||
Brazil — 2.1% | ||
Transmissora Alianca de Energia Eletrica S/A | 68,067 | 520,929 |
Canada — 3.5% | ||
Canadian National Railway Co. | 7,295 | 884,373 |
China — 2.9% | ||
China Longyuan Power Group Corp. Ltd., Class H | 155,000 | 150,064 |
Contemporary Amperex Technology Co. Ltd., Class A | 4,120 | 137,349 |
NARI Technology Co. Ltd., Class A | 128,740 | 438,418 |
725,831 | ||
France — 6.3% | ||
Engie SA | 60,151 | 986,797 |
Getlink SE | 13,789 | 242,374 |
Neoen SA (a) | 3,481 | 114,460 |
Veolia Environnement SA | 8,193 | 266,755 |
1,610,386 | ||
Germany — 4.8% | ||
E.ON SE | 27,347 | 345,949 |
Encavis AG * | 6,881 | 115,379 |
Vonovia SE | 32,625 | 760,162 |
1,221,490 | ||
Italy — 3.8% | ||
Enel SpA | 34,151 | 235,478 |
Infrastrutture Wireless Italiane SpA (a) | 11,961 | 150,000 |
Terna - Rete Elettrica Nazionale | 69,004 | 583,015 |
968,493 | ||
Japan — 1.0% | ||
Kurita Water Industries Ltd. | 6,400 | 257,377 |
Netherlands — 0.8% | ||
Alfen N.V. * (a) | 3,055 | 211,996 |
Singapore — 0.7% | ||
Parkway Life, REIT | 64,000 | 186,785 |
South Korea — 2.1% | ||
Samsung SDI Co. Ltd. | 997 | 520,439 |
JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Spain — 12.2% | ||
Cellnex Telecom SA (a) | 17,790 | 726,527 |
Corp. ACCIONA Energias Renovables SA | 11,899 | 374,530 |
EDP Renovaveis SA | 14,756 | 281,853 |
Endesa SA | 25,424 | 544,909 |
Iberdrola SA | 68,786 | 858,555 |
Solaria Energia y Medio Ambiente SA * | 20,076 | 314,014 |
3,100,388 | ||
United Kingdom — 14.1% | ||
Assura plc, REIT | 646,889 | 393,175 |
Grainger plc | 130,626 | 422,115 |
LondonMetric Property plc, REIT | 126,059 | 299,060 |
National Grid plc | 36,376 | 482,158 |
Severn Trent plc | 11,038 | 361,758 |
SSE plc | 46,526 | 1,006,039 |
UNITE Group plc (The), REIT | 48,864 | 610,095 |
3,574,400 | ||
United States — 38.1% | ||
Alexandria Real Estate Equities, Inc., REIT | 6,410 | 805,609 |
American Tower Corp., REIT | 1,763 | 335,517 |
CMS Energy Corp. | 7,600 | 464,132 |
Digital Realty Trust, Inc., REIT | 6,844 | 852,899 |
Equinix, Inc., REIT | 512 | 414,679 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | 5,274 | 137,704 |
HCA Healthcare, Inc. | 2,339 | 638,103 |
Itron, Inc. * | 2,882 | 226,727 |
NextEra Energy, Inc. | 3,544 | 259,775 |
Norfolk Southern Corp. | 1,902 | 444,288 |
PG&E Corp. * | 21,429 | 377,365 |
Physicians Realty Trust, REIT | 13,406 | 197,605 |
Prologis, Inc., REIT | 3,592 | 448,102 |
Public Service Enterprise Group, Inc. | 6,088 | 384,275 |
SBA Communications Corp., REIT | 1,115 | 244,129 |
Sempra | 2,609 | 388,793 |
Skyline Champion Corp. * | 2,470 | 172,060 |
SolarEdge Technologies, Inc. * | 1,718 | 414,828 |
Union Pacific Corp. | 3,517 | 816,014 |
Ventas, Inc., REIT | 2,801 | 135,905 |
Welltower, Inc., REIT | 4,349 | 357,270 |
Weyerhaeuser Co., REIT | 11,881 | 404,667 |
Xylem, Inc. | 6,784 | 764,896 |
9,685,342 | ||
Total Common Stocks (Cost $24,143,343) | 24,936,145 | |
Short-Term Investments — 1.3% | ||
Investment Companies — 1.3% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (b) (c)(Cost $343,920) | 343,852 | 343,920 |
JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Total Investments — 99.5% (Cost $24,487,263) | 25,280,065 | |
Other Assets Less Liabilities — 0.5% | 121,291 | |
NET ASSETS — 100.0% | 25,401,356 |
Percentages indicated are based on net assets. |
Abbreviations | |
CVA | Dutch Certification |
REIT | Real Estate Investment Trust |
* | 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) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of July 31, 2023. |
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 |
Electric Utilities | 18.9 % |
Multi-Utilities | 13.1 |
Specialized REITs | 8.9 |
Ground Transportation | 8.5 |
Industrial REITs | 5.8 |
Independent Power and Renewable Electricity Producers | 5.3 |
Health Care REITs | 5.0 |
Real Estate Management & Development | 4.7 |
Machinery | 4.0 |
Diversified Telecommunication Services | 3.5 |
Office REITs | 3.2 |
Electrical Equipment | 3.1 |
Health Care Providers & Services | 3.0 |
Electronic Equipment, Instruments & Components | 3.0 |
Residential REITs | 2.4 |
Semiconductors & Semiconductor Equipment | 1.6 |
Water Utilities | 1.4 |
IT Services | 1.0 |
Transportation Infrastructure | 1.0 |
Others (each less than 1.0%) | 1.2 |
Short-Term Investments | 1.4 |
JPMorgan Sustainable Infrastructure 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 NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
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 | $— | $918,273 | $— | $918,273 |
Austria | — | 233,242 | — | 233,242 |
Belgium | — | 316,401 | — | 316,401 |
Brazil | 520,929 | — | — | 520,929 |
Canada | 884,373 | — | — | 884,373 |
China | — | 725,831 | — | 725,831 |
France | — | 1,610,386 | — | 1,610,386 |
Germany | — | 1,221,490 | — | 1,221,490 |
JPMorgan Sustainable Infrastructure 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 | |
Italy | $— | $968,493 | $— | $968,493 |
Japan | — | 257,377 | — | 257,377 |
Netherlands | — | 211,996 | — | 211,996 |
Singapore | — | 186,785 | — | 186,785 |
South Korea | — | 520,439 | — | 520,439 |
Spain | — | 3,100,388 | — | 3,100,388 |
United Kingdom | 815,290 | 2,759,110 | — | 3,574,400 |
United States | 9,685,342 | — | — | 9,685,342 |
Total Common Stocks | 11,905,934 | 13,030,211 | — | 24,936,145 |
Short-Term Investments | ||||
Investment Companies | 343,920 | — | — | 343,920 |
Total Investments in Securities | $12,249,854 | $13,030,211 | $— | $25,280,065 |
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. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended July 31, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at July 31, 2023 | Shares at July 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (a) (b) | $109,193 | $2,343,651 | $2,108,916 | $(41 ) | $33 | $343,920 | 343,852 | $8,200 | $— |
(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. |