JPMorgan ActiveBuilders Emerging Markets Equity ETF
Schedule of Portfolio Investments as of January 31, 2024
(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., 2024. |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.8% | ||
Australia — 0.1% | ||
Rio Tinto plc | 8,049 | 557,147 |
Austria — 0.0% ^ | ||
Erste Group Bank AG | 8,323 | 358,542 |
Brazil — 6.4% | ||
Ambev SA | 327,365 | 864,930 |
Arcos Dorados Holdings, Inc., Class A | 71,437 | 884,390 |
Atacadao SA | 461,161 | 974,559 |
B3 SA - Brasil Bolsa Balcao | 1,359,882 | 3,590,194 |
Banco Bradesco SA (Preference) | 430,215 | 1,333,785 |
Banco BTG Pactual SA | 86,764 | 631,851 |
Banco do Brasil SA | 425,482 | 4,855,634 |
BB Seguridade Participacoes SA | 164,002 | 1,138,719 |
Centrais Eletricas Brasileiras SA (Preference) | 80,183 | 742,531 |
Cia Energetica de Minas Gerais (Preference) | 237,892 | 554,108 |
Cury Construtora e Incorporadora SA | 92,234 | 344,593 |
Gerdau SA (Preference) | 106,766 | 454,053 |
Itau Unibanco Holding SA (Preference) | 759,236 | 5,037,156 |
Itausa SA (Preference) | 664,129 | 1,345,845 |
Localiza Rent a Car SA | 200,846 | 2,205,722 |
Lojas Renner SA | 644,929 | 2,097,087 |
MercadoLibre, Inc. * | 3,098 | 5,303,187 |
Natura & Co. Holding SA * | 97,630 | 316,868 |
NU Holdings Ltd., Class A * | 187,581 | 1,615,072 |
Petroleo Brasileiro SA, ADR | 394,858 | 6,740,226 |
Porto Seguro SA * | 118,768 | 640,538 |
Raia Drogasil SA | 384,579 | 1,963,880 |
Rumo SA | 106,125 | 494,596 |
SLC Agricola SA | 90,294 | 348,462 |
Suzano SA | 57,518 | 601,023 |
Telefonica Brasil SA | 54,983 | 569,318 |
TIM SA | 701,104 | 2,465,128 |
TOTVS SA | 44,356 | 283,358 |
Transmissora Alianca de Energia Eletrica S/A | 96,525 | 719,301 |
Vale SA, ADR | 239,152 | 3,273,991 |
Vibra Energia SA * | 91,669 | 440,361 |
WEG SA | 245,069 | 1,597,717 |
54,428,183 | ||
Chile — 0.4% | ||
Banco de Chile | 2,902,251 | 325,403 |
Banco Santander Chile | 61,835,911 | 2,859,695 |
3,185,098 | ||
China — 24.8% | ||
Agricultural Bank of China Ltd., Class H | 564,000 | 218,376 |
Aier Eye Hospital Group Co. Ltd., Class A | 314,233 | 560,834 |
Airtac International Group | 26,562 | 796,057 |
Alibaba Group Holding Ltd. | 1,693,586 | 15,189,736 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
China — continued | ||
Aluminum Corp. of China Ltd., Class H | 596,000 | 290,467 |
Angel Yeast Co. Ltd., Class A | 182,209 | 782,896 |
Anhui Heli Co. Ltd., Class A | 103,900 | 254,335 |
Anjoy Foods Group Co. Ltd., Class A | 70,900 | 733,798 |
Anker Innovations Technology Co. Ltd., Class A | 30,200 | 287,935 |
Asymchem Laboratories Tianjin Co. Ltd., Class H (a) | 36,000 | 279,198 |
Avary Holding Shenzhen Co. Ltd., Class A | 93,500 | 227,649 |
Baidu, Inc., Class A * | 140,800 | 1,822,968 |
Bank of China Ltd., Class H | 564,000 | 211,653 |
Beijing Kingsoft Office Software, Inc., Class A | 28,004 | 831,392 |
BOE Technology Group Co. Ltd., Class A | 1,155,300 | 578,546 |
Budweiser Brewing Co. APAC Ltd. (a) | 974,828 | 1,536,468 |
BYD Co. Ltd., Class H | 31,000 | 694,095 |
BYD Electronic International Co. Ltd. | 97,500 | 333,997 |
Chacha Food Co. Ltd., Class A | 127,900 | 542,760 |
China CITIC Bank Corp. Ltd., Class H | 740,000 | 366,746 |
China Construction Bank Corp., Class H | 8,504,000 | 5,050,216 |
China Merchants Bank Co. Ltd., Class H | 2,089,500 | 7,617,034 |
China Merchants Energy Shipping Co. Ltd., Class A | 298,300 | 270,937 |
China Oilfield Services Ltd., Class H | 262,000 | 251,810 |
China Overseas Land & Investment Ltd. | 946,500 | 1,431,856 |
China Pacific Insurance Group Co. Ltd., Class H | 1,082,400 | 1,991,586 |
China Petroleum & Chemical Corp., Class H | 3,290,000 | 1,711,470 |
China Resources Gas Group Ltd. | 565,300 | 1,603,182 |
China Resources Land Ltd. | 216,000 | 655,788 |
China Resources Mixc Lifestyle Services Ltd. (a) | 219,082 | 632,668 |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 109,700 | 798,602 |
China Yangtze Power Co. Ltd., Class A | 1,125,775 | 3,823,448 |
Chongqing Brewery Co. Ltd., Class A | 163,600 | 1,266,811 |
CITIC Securities Co. Ltd., Class H | 576,500 | 1,125,169 |
CMOC Group Ltd., Class H | 549,000 | 300,717 |
Contemporary Amperex Technology Co. Ltd., Class A | 41,200 | 869,487 |
CSPC Pharmaceutical Group Ltd. | 878,000 | 645,936 |
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 99,112 | 314,364 |
Dongfang Electric Corp. Ltd., Class H | 177,800 | 152,240 |
ENN Energy Holdings Ltd. | 61,500 | 457,797 |
Flat Glass Group Co. Ltd., Class H | 239,000 | 359,461 |
Focus Media Information Technology Co. Ltd., Class A | 1,760,600 | 1,384,921 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 113,430 | 536,647 |
Foxconn Industrial Internet Co. Ltd., Class A | 772,300 | 1,427,412 |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | 856,000 | 3,869,902 |
Ganfeng Lithium Group Co. Ltd. (a) | 143,200 | 382,531 |
GF Securities Co. Ltd., Class H | 315,800 | 317,823 |
Gree Electric Appliances, Inc. of Zhuhai, Class A | 104,500 | 513,234 |
Guangdong Dongpeng Holdings Co. Ltd., Class A | 242,700 | 251,178 |
Guangdong Investment Ltd. | 922,000 | 536,021 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 60,100 | 436,897 |
H World Group Ltd. | 834,686 | 2,616,266 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
China — continued | ||
Haier Smart Home Co. Ltd., Class H | 2,332,600 | 6,591,141 |
Hangzhou First Applied Material Co. Ltd., Class A | 85,460 | 270,357 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 345,121 | 743,421 |
Hisense Home Appliances Group Co. Ltd. | 119,000 | 285,683 |
HLA Group Corp. Ltd. | 281,800 | 301,294 |
Hongfa Technology Co. Ltd., Class A | 194,900 | 608,068 |
Huayu Automotive Systems Co. Ltd., Class A | 512,446 | 1,159,358 |
Hundsun Technologies, Inc., Class A | 192,600 | 562,942 |
Imeik Technology Development Co. Ltd., Class A | 10,400 | 392,369 |
Industrial & Commercial Bank of China Ltd., Class H | 463,000 | 225,541 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,488,413 | 5,613,598 |
JA Solar Technology Co. Ltd., Class A | 128,500 | 305,537 |
Jason Furniture Hangzhou Co. Ltd., Class A | 99,636 | 470,360 |
JD Health International, Inc. * (a) | 243,420 | 803,234 |
JD.com, Inc., Class A | 335,302 | 3,780,911 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 297,100 | 2,018,023 |
Jiangxi Copper Co. Ltd., Class H | 118,000 | 165,027 |
Kanzhun Ltd., ADR | 92,452 | 1,286,007 |
KE Holdings, Inc., Class A | 116,268 | 544,277 |
Kingdee International Software Group Co. Ltd. * | 932,000 | 900,931 |
Kunlun Energy Co. Ltd. | 596,000 | 533,955 |
Kweichow Moutai Co. Ltd., Class A | 28,400 | 6,347,931 |
Lenovo Group Ltd. | 186,000 | 194,755 |
Lens Technology Co. Ltd., Class A | 208,100 | 302,297 |
Lingyi iTech Guangdong Co., Class A | 330,900 | 218,344 |
LONGi Green Energy Technology Co. Ltd., Class A | 251,996 | 678,405 |
Luxshare Precision Industry Co. Ltd., Class A | 160,000 | 566,596 |
Luzhou Laojiao Co. Ltd., Class A | 42,000 | 859,459 |
Meituan * (a) | 600,628 | 4,830,988 |
Midea Group Co. Ltd., Class A | 565,212 | 4,580,681 |
Minth Group Ltd. | 98,000 | 158,852 |
Montage Technology Co. Ltd., Class A | 70,277 | 439,625 |
NARI Technology Co. Ltd., Class A | 501,848 | 1,465,846 |
NetEase, Inc. | 527,148 | 10,246,761 |
Ningbo Tuopu Group Co. Ltd., Class A | 47,700 | 323,619 |
Oppein Home Group, Inc., Class A | 51,184 | 436,534 |
PDD Holdings, Inc., ADR * | 45,988 | 5,834,498 |
PetroChina Co. Ltd., Class H | 2,466,000 | 1,783,820 |
PICC Property & Casualty Co. Ltd., Class H | 1,384,000 | 1,721,510 |
Ping An Insurance Group Co. of China Ltd., Class H | 1,513,000 | 6,359,961 |
Qingdao Haier Biomedical Co. Ltd., Class A | 46,120 | 181,708 |
Shanghai Baosight Software Co. Ltd., Class A | 252,251 | 1,438,080 |
Shenzhen Envicool Technology Co. Ltd., Class A | 95,400 | 254,967 |
Shenzhen Inovance Technology Co. Ltd., Class A | 59,500 | 463,404 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 52,100 | 1,947,786 |
Shenzhen Transsion Holdings Co. Ltd., Class A | 19,198 | 364,932 |
Shenzhou International Group Holdings Ltd. | 357,400 | 3,182,793 |
Sichuan Road and Bridge Group Co. Ltd., Class A | 222,500 | 248,805 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
China — continued | ||
Sichuan Swellfun Co. Ltd., Class A | 72,600 | 482,585 |
Silergy Corp. | 272,414 | 3,352,530 |
Sinopharm Group Co. Ltd., Class H | 150,000 | 394,423 |
Sinotrans Ltd., Class H | 852,000 | 355,432 |
Sinotruk Hong Kong Ltd. | 169,500 | 384,967 |
SITC International Holdings Co. Ltd. | 163,000 | 247,327 |
Skshu Paint Co. Ltd., Class A * | 187,956 | 941,581 |
Sunny Optical Technology Group Co. Ltd. | 46,488 | 285,733 |
Sunresin New Materials Co. Ltd., Class A | 85,000 | 521,694 |
SUPCON Technology Co. Ltd., Class A | 118,921 | 583,950 |
Tencent Holdings Ltd. | 772,200 | 26,804,082 |
Tingyi Cayman Islands Holding Corp. | 1,388,000 | 1,382,085 |
Topsports International Holdings Ltd. (a) | 1,398,652 | 906,580 |
Trip.com Group Ltd. * | 53,868 | 1,960,765 |
Tsingtao Brewery Co. Ltd. | 34,000 | 194,028 |
Vipshop Holdings Ltd., ADR * | 23,521 | 373,749 |
Wanhua Chemical Group Co. Ltd., Class A | 177,500 | 1,727,289 |
Warom Technology, Inc. Co., Class A | 85,300 | 190,663 |
Weichai Power Co. Ltd., Class H | 357,000 | 630,271 |
Wuliangye Yibin Co. Ltd., Class A | 214,400 | 3,779,298 |
WuXi AppTec Co. Ltd., Class H (a) | 32,800 | 226,943 |
Wuxi Biologics Cayman, Inc. * (a) | 698,318 | 1,837,648 |
XGD, Inc., Class A | 93,500 | 242,010 |
Xiamen Faratronic Co. Ltd., Class A | 35,800 | 428,555 |
Xiaomi Corp., Class B * (a) | 426,000 | 671,176 |
Xinyi Glass Holdings Ltd. | 969,000 | 803,325 |
Yifeng Pharmacy Chain Co. Ltd., Class A | 96,180 | 507,654 |
Yum China Holdings, Inc. | 82,319 | 2,847,414 |
Yutong Bus Co. Ltd., Class A | 165,800 | 349,380 |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 90,100 | 410,033 |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 213,624 | 624,063 |
Zhejiang Supor Co. Ltd., Class A | 172,873 | 1,217,890 |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 100,000 | 189,170 |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 215,400 | 528,776 |
Zijin Mining Group Co. Ltd., Class H | 862,000 | 1,279,091 |
ZTO Express Cayman, Inc. | 73,056 | 1,187,159 |
211,987,627 | ||
Colombia — 0.1% | ||
Bancolombia SA (Preference) | 27,875 | 219,623 |
Ecopetrol SA | 538,520 | 322,920 |
542,543 | ||
Czech Republic — 0.0% ^ | ||
Komercni Banka A/S | 10,954 | 359,375 |
Georgia — 0.0% ^ | ||
Bank of Georgia Group plc | 6,933 | 333,436 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Ghana — 0.1% | ||
Kosmos Energy Ltd. * | 78,623 | 476,455 |
Greece — 0.6% | ||
Alpha Services and Holdings SA * | 226,005 | 402,485 |
Eurobank Ergasias Services and Holdings SA * | 273,331 | 527,860 |
Hellenic Telecommunications Organization SA | 45,760 | 635,371 |
JUMBO SA | 16,451 | 462,243 |
Motor Oil Hellas Corinth Refineries SA | 11,955 | 326,612 |
Mytilineos SA | 12,178 | 500,109 |
National Bank of Greece SA * | 77,786 | 591,414 |
OPAP SA | 45,543 | 788,477 |
Piraeus Financial Holdings SA * | 107,861 | 436,808 |
4,671,379 | ||
Hong Kong — 1.2% | ||
AIA Group Ltd. | 585,600 | 4,592,521 |
ASMPT Ltd. | 35,600 | 343,554 |
Cathay Pacific Airways Ltd. * | 330,000 | 336,243 |
Hong Kong Exchanges & Clearing Ltd. | 86,500 | 2,622,577 |
Prudential plc | 13,565 | 139,347 |
Techtronic Industries Co. Ltd. | 228,500 | 2,426,923 |
10,461,165 | ||
Hungary — 0.4% | ||
MOL Hungarian Oil & Gas plc | 50,863 | 416,850 |
OTP Bank Nyrt. | 53,197 | 2,464,553 |
Richter Gedeon Nyrt. | 19,462 | 525,369 |
3,406,772 | ||
India — 16.7% | ||
Apollo Tyres Ltd. | 61,588 | 400,954 |
Asian Paints Ltd. | 13,583 | 482,489 |
Axis Bank Ltd. | 262,620 | 3,376,588 |
Bajaj Auto Ltd. | 13,568 | 1,254,266 |
Bank of Baroda | 156,204 | 465,123 |
Bharat Electronics Ltd. | 516,284 | 1,156,356 |
Bharti Airtel Ltd. | 21,483 | 303,051 |
Biocon Ltd. | 80,553 | 260,606 |
Birlasoft Ltd. | 56,829 | 580,594 |
Britannia Industries Ltd. | 54,808 | 3,428,024 |
Canara Bank | 62,742 | 364,228 |
Cholamandalam Investment and Finance Co. Ltd. | 146,936 | 2,093,285 |
Coforge Ltd. | 31,400 | 2,360,490 |
Colgate-Palmolive India Ltd. | 70,049 | 2,169,418 |
Computer Age Management Services Ltd. | 28,011 | 978,465 |
Cummins India Ltd. | 35,224 | 973,205 |
Dr Lal PathLabs Ltd. (a) | 7,256 | 220,211 |
Dr Reddy's Laboratories Ltd. | 14,558 | 1,069,678 |
Eicher Motors Ltd. | 30,482 | 1,411,048 |
Endurance Technologies Ltd. (a) | 28,009 | 710,059 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
India — continued | ||
HCL Technologies Ltd. | 136,598 | 2,590,677 |
HDFC Asset Management Co. Ltd. (a) | 18,578 | 801,378 |
HDFC Bank Ltd., ADR | 151,782 | 8,422,383 |
HDFC Bank Ltd. | 539,957 | 9,495,612 |
HDFC Life Insurance Co. Ltd. (a) | 636,037 | 4,416,499 |
Hindustan Unilever Ltd. | 184,523 | 5,517,547 |
ICICI Bank Ltd. | 698,830 | 8,655,110 |
Indian Oil Corp. Ltd. | 164,014 | 290,447 |
Info Edge India Ltd. | 29,220 | 1,769,189 |
Infosys Ltd. | 957,211 | 19,083,127 |
InterGlobe Aviation Ltd. * (a) | 11,689 | 416,854 |
ITC Ltd. | 412,894 | 2,194,979 |
Jubilant Foodworks Ltd. | 73,463 | 459,649 |
Kajaria Ceramics Ltd. | 26,647 | 443,896 |
Kotak Mahindra Bank Ltd. | 317,372 | 6,975,464 |
Larsen & Toubro Ltd. | 4,813 | 201,498 |
Mahindra & Mahindra Ltd. | 254,157 | 5,053,930 |
Manappuram Finance Ltd. | 173,775 | 386,483 |
Maruti Suzuki India Ltd. | 22,273 | 2,731,807 |
Metropolis Healthcare Ltd. (a) | 22,787 | 448,003 |
Multi Commodity Exchange of India Ltd. | 19,090 | 784,436 |
NCC Ltd. | 230,462 | 597,338 |
Oil & Natural Gas Corp. Ltd. | 398,851 | 1,211,596 |
Oil India Ltd. | 116,335 | 597,417 |
Power Finance Corp. Ltd. | 178,398 | 952,576 |
Power Grid Corp. of India Ltd. | 593,378 | 1,853,326 |
Reliance Industries Ltd. | 261,218 | 8,974,543 |
Shriram Finance Ltd. | 96,766 | 2,876,291 |
State Bank of India | 78,149 | 603,652 |
Sun TV Network Ltd. | 54,122 | 428,954 |
Tata Consultancy Services Ltd. | 202,912 | 9,319,978 |
Triveni Turbine Ltd. * | 56,852 | 257,903 |
Tube Investments of India Ltd. | 44,646 | 2,098,592 |
UltraTech Cement Ltd. | 29,273 | 3,579,268 |
United Spirits Ltd. | 150,821 | 1,977,615 |
WNS Holdings Ltd., ADR * | 31,965 | 2,216,773 |
Zensar Technologies Ltd. | 53,755 | 371,698 |
143,114,626 | ||
Indonesia — 2.2% | ||
Adaro Energy Indonesia Tbk. PT | 1,313,000 | 199,086 |
Astra International Tbk. PT | 958,900 | 310,722 |
Bank Central Asia Tbk. PT | 9,479,900 | 5,735,590 |
Bank Mandiri Persero Tbk. PT | 2,009,300 | 845,947 |
Bank Negara Indonesia Persero Tbk. PT | 1,487,900 | 541,321 |
Bank Rakyat Indonesia Persero Tbk. PT | 19,458,170 | 7,009,525 |
GoTo Gojek Tokopedia Tbk. PT * | 42,600,700 | 236,319 |
Indofood CBP Sukses Makmur Tbk. PT | 338,100 | 251,923 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Indonesia — continued | ||
Sumber Alfaria Trijaya Tbk. PT | 1,345,600 | 225,838 |
Telkom Indonesia Persero Tbk. PT | 11,190,000 | 2,806,753 |
Unilever Indonesia Tbk. PT | 773,500 | 151,955 |
United Tractors Tbk. PT | 159,500 | 231,691 |
18,546,670 | ||
Kazakhstan — 0.0% ^ | ||
Kaspi.KZ JSC, ADR (a) | 1,396 | 128,432 |
Kuwait — 0.1% | ||
National Bank of Kuwait SAKP | 269,744 | 858,872 |
Macau — 0.1% | ||
Sands China Ltd. * | 277,112 | 727,356 |
Malaysia — 0.4% | ||
CIMB Group Holdings Bhd. | 326,400 | 429,916 |
Genting Bhd. | 164,400 | 163,777 |
Hong Leong Bank Bhd. | 68,600 | 278,407 |
IHH Healthcare Bhd. | 160,200 | 206,690 |
Malayan Banking Bhd. | 207,400 | 405,674 |
Petronas Chemicals Group Bhd. | 184,200 | 263,279 |
Press Metal Aluminium Holdings Bhd. | 206,500 | 206,674 |
Public Bank Bhd. | 1,448,100 | 1,342,414 |
Tenaga Nasional Bhd. | 183,900 | 416,788 |
3,713,619 | ||
Mexico — 4.0% | ||
America Movil SAB de CV | 727,533 | 656,456 |
Arca Continental SAB de CV | 85,354 | 970,402 |
Banco del Bajio SA (a) | 91,244 | 348,245 |
Cemex SAB de CV * | 540,852 | 448,419 |
Coca-Cola Femsa SAB de CV | 37,265 | 354,171 |
Corp. Inmobiliaria Vesta SAB de CV | 211,195 | 802,495 |
Fomento Economico Mexicano SAB de CV | 147,365 | 1,995,547 |
Gentera SAB de CV | 526,357 | 714,694 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 211,320 | 3,290,460 |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 65,027 | 1,892,797 |
Grupo Financiero Banorte SAB de CV, Class O | 821,325 | 8,351,398 |
Grupo Mexico SAB de CV | 55,651 | 286,864 |
Kimberly-Clark de Mexico SAB de CV, Class A | 1,199,593 | 2,723,766 |
Qualitas Controladora SAB de CV | 46,043 | 510,094 |
Regional SAB de CV | 104,486 | 967,003 |
Southern Copper Corp. | 13,252 | 1,087,989 |
Wal-Mart de Mexico SAB de CV | 2,062,319 | 8,518,157 |
33,918,957 | ||
Panama — 0.1% | ||
Copa Holdings SA, Class A | 5,023 | 482,509 |
Peru — 0.4% | ||
Credicorp Ltd. | 25,349 | 3,762,552 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Poland — 0.7% | ||
Bank Polska Kasa Opieki SA | 28,236 | 1,086,129 |
Dino Polska SA * (a) | 9,732 | 1,050,351 |
InPost SA * | 17,649 | 265,085 |
KRUK SA | 3,442 | 389,708 |
LPP SA | 153 | 594,935 |
Powszechny Zaklad Ubezpieczen SA | 189,136 | 2,277,229 |
5,663,437 | ||
Portugal — 0.2% | ||
Jeronimo Martins SGPS SA | 81,821 | 1,860,881 |
Qatar — 0.3% | ||
Ooredoo QPSC | 162,383 | 477,204 |
Qatar Gas Transport Co. Ltd. | 551,789 | 525,664 |
Qatar National Bank QPSC | 361,284 | 1,536,712 |
2,539,580 | ||
Russia — 0.0% ^ | ||
Gazprom PJSC, ADR ‡ * | 12,780 | 1,426 |
Gazprom PJSC ‡ * | 1,135,066 | 60,041 |
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ * (a) | 12,378 | 1,869 |
MMC Norilsk Nickel PJSC, ADR ‡ * | 2,018 | 969 |
MMC Norilsk Nickel PJSC ‡ | 2,036 | 9,050 |
Moscow Exchange MICEX-RTS PJSC ‡ | 571,670 | 13,582 |
Rosneft Oil Co. PJSC ‡ | 141,777 | 9,705 |
Sberbank of Russia PJSC ‡ | 629,236 | 18,251 |
Severstal PAO, GDR ‡ * (a) | 98,048 | 31,375 |
VTB Bank PJSC ‡ * | 168,450,798 | 795 |
X5 Retail Group NV, GDR ‡ * (a) | 13,771 | 3,324 |
150,387 | ||
Saudi Arabia — 3.3% | ||
Ades Holding Co. * | 91,983 | 489,582 |
Al Rajhi Bank | 172,665 | 3,854,388 |
Al-Dawaa Medical Services Co. | 12,924 | 396,310 |
Aldrees Petroleum and Transport Services Co. | 13,112 | 564,304 |
Alinma Bank | 141,077 | 1,553,860 |
Arabian Centres Co. Ltd. | 57,644 | 311,981 |
Arabian Contracting Services Co. | 12,612 | 875,081 |
Bupa Arabia for Cooperative Insurance Co. | 8,951 | 492,836 |
Catrion Catering Holding Co. | 16,459 | 505,607 |
Elm Co. | 4,463 | 1,071,316 |
Etihad Etisalat Co. | 45,692 | 634,797 |
Jarir Marketing Co. | 69,743 | 283,428 |
Leejam Sports Co. JSC | 14,227 | 732,955 |
Mouwasat Medical Services Co. | 44,762 | 1,414,616 |
Riyad Bank | 104,891 | 791,646 |
Riyadh Cables Group Co. | 39,411 | 1,107,145 |
Saudi Arabian Oil Co. (a) | 257,070 | 2,094,116 |
Saudi Awwal Bank | 70,534 | 673,837 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Saudi Arabia — continued | ||
Saudi Basic Industries Corp. | 71,010 | 1,472,009 |
Saudi National Bank (The) | 526,737 | 5,688,512 |
Saudi Telecom Co. | 133,463 | 1,452,293 |
Saudia Dairy & Foodstuff Co. | 8,197 | 786,891 |
Theeb Rent A Car Co. | 14,317 | 247,480 |
United International Transportation Co. | 47,463 | 1,048,994 |
28,543,984 | ||
South Africa — 3.8% | ||
Absa Group Ltd. | 50,384 | 439,929 |
AVI Ltd. | 250,503 | 1,114,402 |
Bid Corp. Ltd. | 177,787 | 4,312,373 |
Bidvest Group Ltd. (The) | 141,217 | 1,861,749 |
Capitec Bank Holdings Ltd. | 43,153 | 4,596,098 |
Clicks Group Ltd. | 146,445 | 2,353,914 |
Exxaro Resources Ltd. | 26,339 | 262,406 |
FirstRand Ltd. | 1,599,646 | 5,793,472 |
Gold Fields Ltd. | 97,897 | 1,444,497 |
Mr Price Group Ltd. | 38,190 | 349,498 |
MTN Group Ltd. | 110,799 | 565,402 |
Naspers Ltd., Class N | 13,098 | 2,194,769 |
Sanlam Ltd. | 548,247 | 2,091,669 |
Shoprite Holdings Ltd. | 74,374 | 1,078,478 |
Standard Bank Group Ltd. | 236,792 | 2,526,203 |
Truworths International Ltd. | 64,516 | 269,022 |
Vodacom Group Ltd. | 311,952 | 1,555,553 |
32,809,434 | ||
South Korea — 12.9% | ||
AfreecaTV Co. Ltd. * | 9,591 | 744,412 |
BGF retail Co. Ltd. * | 11,442 | 1,210,997 |
CJ CheilJedang Corp. | 3,484 | 760,802 |
Coupang, Inc. * | 27,673 | 387,422 |
Coway Co. Ltd. * | 13,178 | 546,620 |
DB Insurance Co. Ltd. * | 5,014 | 330,753 |
Eugene Technology Co. Ltd. | 25,069 | 786,763 |
HAESUNG DS Co. Ltd. * | 6,392 | 239,508 |
Hana Financial Group, Inc. | 76,609 | 2,739,343 |
Hankook Tire & Technology Co. Ltd. * | 43,132 | 1,650,840 |
Hansol Chemical Co. Ltd. * | 2,574 | 385,266 |
HK inno N Corp. * | 14,557 | 455,628 |
HL Mando Co. Ltd. * | 5,984 | 157,085 |
Hotel Shilla Co. Ltd. | 9,170 | 399,427 |
HSD Engine Co. Ltd. * | 46,036 | 294,924 |
Hugel, Inc. * | 12,205 | 1,386,464 |
Hyundai Glovis Co. Ltd. * | 6,280 | 822,320 |
Hyundai Marine & Fire Insurance Co. Ltd. * | 27,180 | 690,321 |
Hyundai Mobis Co. Ltd. | 17,264 | 2,706,192 |
Hyundai Motor Co. | 14,743 | 2,144,373 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
South Korea — continued | ||
Industrial Bank of Korea * | 77,199 | 724,313 |
Kakao Corp. * | 10,842 | 423,985 |
KakaoBank Corp. * | 11,654 | 236,870 |
KB Financial Group, Inc. | 143,437 | 6,087,142 |
Kia Corp. * | 70,265 | 5,397,130 |
KIWOOM Securities Co. Ltd. * | 12,395 | 895,908 |
Korea Investment Holdings Co. Ltd. * | 16,569 | 760,785 |
Korean Air Lines Co. Ltd. * | 33,293 | 559,753 |
Kumho Petrochemical Co. Ltd. * | 4,468 | 416,633 |
LG Chem Ltd. | 14,083 | 4,566,907 |
LG Energy Solution Ltd. * | 3,944 | 1,119,468 |
LG H&H Co. Ltd. | 4,688 | 1,062,536 |
Lotte Chemical Corp. * | 1,960 | 191,719 |
Millie Seojae Co. Ltd. * | 19,555 | 356,237 |
NAVER Corp. | 24,136 | 3,599,213 |
NCSoft Corp. * | 11,149 | 1,645,480 |
Nexon Games Co. Ltd. * | 16,654 | 185,799 |
Orion Corp. | 3,991 | 276,037 |
Park Systems Corp. * | 2,668 | 343,062 |
POSCO Holdings, Inc. | 2,717 | 862,050 |
Samsung Biologics Co. Ltd. * (a) | 3,588 | 2,258,547 |
Samsung C&T Corp. | 17,674 | 1,825,804 |
Samsung Electro-Mechanics Co. Ltd. | 25,352 | 2,636,633 |
Samsung Electronics Co. Ltd. | 564,516 | 30,674,016 |
Samsung Fire & Marine Insurance Co. Ltd. * | 6,154 | 1,217,752 |
Samsung Life Insurance Co. Ltd. | 10,577 | 549,640 |
Samsung SDS Co. Ltd. | 2,810 | 319,555 |
Samsung Securities Co. Ltd. | 6,489 | 182,394 |
Shinhan Financial Group Co. Ltd. | 97,322 | 2,981,954 |
SK Hynix, Inc. | 102,141 | 10,228,469 |
SK IE Technology Co. Ltd. * (a) | 20,343 | 1,127,552 |
SK Innovation Co. Ltd. * | 10,124 | 882,243 |
SK Telecom Co. Ltd. | 26,977 | 1,014,299 |
SK, Inc. | 11,896 | 1,630,687 |
SKC Co. Ltd. * | 14,727 | 844,341 |
SM Entertainment Co. Ltd. * | 5,787 | 329,332 |
S-Oil Corp. | 31,277 | 1,590,131 |
SOLUM Co. Ltd. * | 32,499 | 666,958 |
Soulbrain Co. Ltd. | 1,723 | 347,424 |
ST Pharm Co. Ltd. * | 4,919 | 227,534 |
YG Entertainment, Inc. * | 7,749 | 256,866 |
110,342,618 | ||
Spain — 0.0% ^ | ||
Banco Bilbao Vizcaya Argentaria SA | 40,787 | 381,744 |
Taiwan — 16.9% | ||
Accton Technology Corp. | 273,000 | 4,592,558 |
Advantech Co. Ltd. | 373,629 | 4,027,426 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Taiwan — continued | ||
Arcadyan Technology Corp. | 54,000 | 297,323 |
ASE Technology Holding Co. Ltd. | 670,000 | 2,896,930 |
Asia Vital Components Co. Ltd. | 56,000 | 760,554 |
ASPEED Technology, Inc. | 11,500 | 1,129,527 |
AUO Corp. | 781,000 | 456,416 |
Chailease Holding Co. Ltd. | 439,974 | 2,435,487 |
China Steel Corp. | 2,347,000 | 1,880,729 |
Chroma ATE, Inc. | 77,000 | 492,130 |
Chunghwa Telecom Co. Ltd. | 283,000 | 1,072,828 |
CTBC Financial Holding Co. Ltd. | 2,800,000 | 2,540,194 |
Delta Electronics, Inc. | 563,000 | 5,038,058 |
E.Sun Financial Holding Co. Ltd. | 3,007,013 | 2,373,403 |
Eclat Textile Co. Ltd. | 128,000 | 2,234,019 |
Elite Material Co. Ltd. | 27,000 | 396,647 |
eMemory Technology, Inc. | 25,000 | 2,229,738 |
Eva Airways Corp. | 329,000 | 331,626 |
Evergreen Marine Corp. Taiwan Ltd. | 208,000 | 997,686 |
Faraday Technology Corp. | 132,000 | 1,744,632 |
Feng TAY Enterprise Co. Ltd. | 71,520 | 368,759 |
Fubon Financial Holding Co. Ltd. | 1,476,930 | 3,035,902 |
Global Unichip Corp. | 40,000 | 1,963,868 |
Hon Hai Precision Industry Co. Ltd. | 1,096,000 | 3,585,262 |
Jentech Precision Industrial Co. Ltd. | 18,000 | 430,873 |
Largan Precision Co. Ltd. | 34,000 | 2,695,680 |
Lite-On Technology Corp. | 233,000 | 806,906 |
Lotes Co. Ltd. | 17,000 | 536,280 |
Makalot Industrial Co. Ltd. | 61,000 | 699,744 |
MediaTek, Inc. | 147,000 | 4,536,071 |
Mega Financial Holding Co. Ltd. | 1,330,750 | 1,598,525 |
Micro-Star International Co. Ltd. | 149,000 | 864,205 |
Nan Ya Plastics Corp. | 528,000 | 1,023,269 |
Nien Made Enterprise Co. Ltd. | 77,000 | 823,158 |
Novatek Microelectronics Corp. | 358,000 | 5,831,715 |
Nuvoton Technology Corp. | 80,000 | 327,433 |
Pegatron Corp. | 328,000 | 864,664 |
Powertech Technology, Inc. | 83,000 | 385,343 |
Poya International Co. Ltd. | 32,000 | 527,244 |
President Chain Store Corp. | 377,000 | 3,178,622 |
Primax Electronics Ltd. | 144,000 | 301,867 |
Quanta Computer, Inc. | 461,000 | 3,645,136 |
Realtek Semiconductor Corp. | 304,000 | 4,549,482 |
Taiwan Cement Corp. | 476,961 | 485,419 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,682,000 | 53,689,617 |
Unimicron Technology Corp. | 258,000 | 1,447,453 |
United Microelectronics Corp. | 841,000 | 1,309,991 |
Vanguard International Semiconductor Corp. | 922,000 | 2,163,353 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Taiwan — continued | ||
Wiwynn Corp. | 47,000 | 3,313,540 |
Yageo Corp. | 60,000 | 1,055,347 |
143,972,639 | ||
Thailand — 1.5% | ||
Advanced Info Service PCL | 115,600 | 710,332 |
Airports of Thailand PCL | 467,300 | 784,374 |
Bangkok Bank PCL, NVDR | 91,900 | 365,225 |
Bangkok Dusit Medical Services PCL, Class F | 720,600 | 555,295 |
Bumrungrad Hospital PCL, NVDR | 37,000 | 250,329 |
Central Pattana PCL, NVDR | 184,100 | 335,606 |
Central Retail Corp. PCL, NVDR | 157,500 | 147,269 |
CP ALL PCL | 350,500 | 515,972 |
Delta Electronics Thailand PCL, NVDR | 181,400 | 401,441 |
Gulf Energy Development PCL | 230,600 | 282,447 |
Intouch Holdings PCL, NVDR | 115,700 | 240,265 |
Kasikornbank PCL, NVDR | 64,000 | 216,772 |
Krung Thai Bank PCL, NVDR | 1,218,700 | 546,239 |
Minor International PCL, NVDR | 205,400 | 176,598 |
PTT Exploration & Production PCL | 515,500 | 2,171,857 |
PTT Global Chemical PCL | 160,900 | 151,716 |
PTT PCL | 651,200 | 619,491 |
SCB X PCL | 828,400 | 2,424,714 |
Siam Cement PCL (The) (Registered) | 207,300 | 1,577,917 |
Thai Oil PCL | 325,963 | 501,488 |
12,975,347 | ||
Turkey — 0.2% | ||
BIM Birlesik Magazalar A/S | 49,598 | 621,956 |
Ford Otomotiv Sanayi A/S | 11,081 | 322,078 |
Turk Hava Yollari AO * | 69,783 | 625,527 |
Turkiye Petrol Rafinerileri A/S | 75,394 | 371,454 |
1,941,015 | ||
United Arab Emirates — 0.9% | ||
Abu Dhabi Commercial Bank PJSC | 89,146 | 218,439 |
Abu Dhabi Islamic Bank PJSC | 226,073 | 689,369 |
ADNOC Drilling Co. PJSC | 351,641 | 351,359 |
Adnoc Gas plc | 337,850 | 295,830 |
ADNOC Logistics & Services | 308,174 | 329,741 |
Aldar Properties PJSC | 603,203 | 837,565 |
Dubai Electricity & Water Authority PJSC | 1,754,859 | 1,199,226 |
Dubai Islamic Bank PJSC | 155,365 | 267,335 |
Emaar Properties PJSC | 653,667 | 1,321,631 |
Emirates NBD Bank PJSC | 153,470 | 739,574 |
First Abu Dhabi Bank PJSC | 351,347 | 1,400,713 |
7,650,782 | ||
United Kingdom — 0.2% | ||
Anglogold Ashanti plc | 15,422 | 275,978 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
United Kingdom — continued | ||
Endava plc, ADR * | 2,769 | 195,962 |
HSBC Holdings plc | 118,800 | 928,755 |
1,400,695 | ||
United States — 0.8% | ||
EPAM Systems, Inc. * | 5,753 | 1,599,967 |
ExlService Holdings, Inc. * | 29,239 | 914,596 |
Globant SA * | 10,273 | 2,422,476 |
Parade Technologies Ltd. | 47,400 | 1,681,617 |
6,618,656 | ||
Total Common Stocks (Cost $897,473,233) | 852,872,514 | |
NO. OF RIGHTS | ||
Rights — 0.0% ^ | ||
Brazil — 0.0% ^ | ||
Localiza Rent a Car SA, expiring 2/5/2024*(Cost $—) | 688 | 1,388 |
SHARES | ||
Short-Term Investments — 0.6% | ||
Investment Companies — 0.6% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.47% (b) (c)(Cost $5,062,517) | 5,058,585 | 5,062,126 |
Total Investments — 100.4% (Cost $902,535,750) | 857,936,028 | |
Liabilities in Excess of Other Assets — (0.4)% | (3,315,845 ) | |
NET ASSETS — 100.0% | 854,620,183 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
APAC | Asia Pacific |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipt |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
RTS | Russian Trading System |
SGPS | Holding company |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)(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 January 31, 2024. |
Summary of Investments by Industry, January 31, 2024
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 | 18.2 % |
Semiconductors & Semiconductor Equipment | 11.9 |
Technology Hardware, Storage & Peripherals | 5.4 |
IT Services | 4.6 |
Interactive Media & Services | 4.3 |
Broadline Retail | 4.0 |
Oil, Gas & Consumable Fuels | 3.9 |
Insurance | 3.8 |
Consumer Staples Distribution & Retail | 3.5 |
Electronic Equipment, Instruments & Components | 2.9 |
Beverages | 2.4 |
Automobiles | 2.2 |
Food Products | 1.9 |
Hotels, Restaurants & Leisure | 1.9 |
Household Durables | 1.8 |
Chemicals | 1.7 |
Automobile Components | 1.5 |
Entertainment | 1.5 |
Metals & Mining | 1.4 |
Capital Markets | 1.4 |
Machinery | 1.3 |
Financial Services | 1.1 |
Personal Care Products | 1.1 |
Wireless Telecommunication Services | 1.0 |
Others (each less than 1.0%) | 14.7 |
Short-Term Investments | 0.6 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (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 | $— | $557,147 | $— | $557,147 |
Austria | — | 358,542 | — | 358,542 |
Brazil | 54,428,183 | — | — | 54,428,183 |
Chile | 3,185,098 | — | — | 3,185,098 |
China | 12,370,538 | 199,617,089 | — | 211,987,627 |
Colombia | 542,543 | — | — | 542,543 |
Czech Republic | — | 359,375 | — | 359,375 |
Georgia | 333,436 | — | — | 333,436 |
Ghana | 476,455 | — | — | 476,455 |
Greece | 2,605,301 | 2,066,078 | — | 4,671,379 |
Hong Kong | — | 10,461,165 | — | 10,461,165 |
Hungary | 3,406,772 | — | — | 3,406,772 |
India | 11,349,215 | 131,765,411 | — | 143,114,626 |
Indonesia | 151,955 | 18,394,715 | — | 18,546,670 |
Kazakhstan | 128,432 | — | — | 128,432 |
Kuwait | — | 858,872 | — | 858,872 |
Macau | — | 727,356 | — | 727,356 |
Malaysia | 416,788 | 3,296,831 | — | 3,713,619 |
Mexico | 33,918,957 | — | — | 33,918,957 |
Panama | 482,509 | — | — | 482,509 |
Peru | 3,762,552 | — | — | 3,762,552 |
Poland | 594,935 | 5,068,502 | — | 5,663,437 |
Portugal | — | 1,860,881 | — | 1,860,881 |
Qatar | 477,204 | 2,062,376 | — | 2,539,580 |
Russia | — | — | 150,387 | 150,387 |
Saudi Arabia | 4,308,341 | 24,235,643 | — | 28,543,984 |
South Africa | 20,273,032 | 12,536,402 | — | 32,809,434 |
South Korea | 387,422 | 109,955,196 | — | 110,342,618 |
Spain | — | 381,744 | — | 381,744 |
Taiwan | — | 143,972,639 | — | 143,972,639 |
Thailand | 1,329,823 | 11,645,524 | — | 12,975,347 |
Turkey | 322,078 | 1,618,937 | — | 1,941,015 |
United Arab Emirates | 4,632,608 | 3,018,174 | — | 7,650,782 |
United Kingdom | 195,962 | 1,204,733 | — | 1,400,695 |
United States | 4,937,039 | 1,681,617 | — | 6,618,656 |
Total Common Stocks | 165,017,178 | 687,704,949 | 150,387 | 852,872,514 |
Rights | 1,388 | — | — | 1,388 |
Short-Term Investments | ||||
Investment Companies | 5,062,126 | — | — | 5,062,126 |
Total Investments in Securities | $170,080,692 | $687,704,949 | $150,387 | $857,936,028 |
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.
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)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 January 31, 2024 | |||||||||
Security Description | Value at October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at January 31, 2024 | Shares at January 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.47% (a) (b) | $4,916,639 | $57,257,771 | $57,113,264 | $1,835 | $(855 ) | $5,062,126 | 5,058,585 | $48,047 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (a) (b) | — | 500,000 | 500,050 | 50 | — | — | — | 76 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | — | 1,634,444 | 1,634,444 | — | — | — | — | 2,010 | — |
Total | $4,916,639 | $59,392,215 | $59,247,758 | $1,885 | $(855 ) | $5,062,126 | $50,133 | $— |
(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 January 31, 2024. |