JPMorgan International Value 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. |
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., 2024. |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 98.3% | ||
Australia — 5.0% | ||
BHP Group Ltd. | 4,509 | 137,948 |
BlueScope Steel Ltd. | 2,945 | 44,965 |
Coronado Global Resources, Inc., CHDI (a) | 31,236 | 33,225 |
Glencore plc | 14,063 | 74,407 |
JB Hi-Fi Ltd. | 962 | 35,789 |
Perseus Mining Ltd. | 30,296 | 35,674 |
Qantas Airways Ltd. * | 5,402 | 19,476 |
QBE Insurance Group Ltd. | 1,829 | 18,832 |
Rio Tinto plc | 1,880 | 130,133 |
Stanmore Resources Ltd. | 7,353 | 18,869 |
Ventia Services Group Pty. Ltd. | 17,538 | 37,627 |
Whitehaven Coal Ltd. | 7,042 | 38,497 |
625,442 | ||
Austria — 1.4% | ||
ANDRITZ AG | 293 | 18,038 |
Erste Group Bank AG | 1,258 | 54,193 |
OMV AG | 850 | 37,835 |
Telekom Austria AG | 4,150 | 36,148 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,237 | 34,962 |
181,176 | ||
Belgium — 0.5% | ||
Ageas SA | 962 | 41,339 |
Proximus SADP | 1,918 | 18,201 |
59,540 | ||
Brazil — 2.1% | ||
Banco do Brasil SA | 4,070 | 46,447 |
Cia de Saneamento de Minas Gerais Copasa MG | 7,944 | 34,169 |
Gerdau SA (Preference) | 5,528 | 23,509 |
Petroleo Brasileiro SA (Preference) | 13,269 | 109,138 |
Vale SA | 4,020 | 55,167 |
268,430 | ||
Canada — 4.7% | ||
Air Canada * | 1,448 | 19,623 |
ARC Resources Ltd. | 1,543 | 23,964 |
Canadian Natural Resources Ltd. | 288 | 18,431 |
CI Financial Corp. | 2,726 | 33,253 |
Dundee Precious Metals, Inc. | 5,519 | 35,344 |
EQB, Inc. | 548 | 37,630 |
Fairfax Financial Holdings Ltd. | 51 | 53,163 |
First Capital REIT, REIT | 1,621 | 19,062 |
Manulife Financial Corp. | 3,481 | 76,950 |
NuVista Energy Ltd. * | 3,561 | 27,599 |
Quebecor, Inc., Class B | 1,550 | 37,688 |
Russel Metals, Inc. | 1,185 | 38,861 |
SmartCentres REIT, REIT | 1,942 | 35,620 |
Suncor Energy, Inc. | 2,189 | 72,486 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Canada — continued | ||
Teck Resources Ltd., Class B | 800 | 32,019 |
Whitecap Resources, Inc. | 4,016 | 25,988 |
587,681 | ||
China — 8.0% | ||
Agricultural Bank of China Ltd., Class H | 127,000 | 49,173 |
Alibaba Group Holding Ltd. | 18,900 | 169,514 |
Bank of Communications Co. Ltd., Class H | 44,000 | 26,031 |
China CITIC Bank Corp. Ltd., Class H | 49,000 | 24,285 |
China Coal Energy Co. Ltd., Class H | 41,000 | 45,025 |
China Construction Bank Corp., Class H | 150,000 | 89,080 |
China Feihe Ltd. (a) | 59,000 | 27,030 |
China Merchants Bank Co. Ltd., Class H | 10,500 | 38,277 |
China Pacific Insurance Group Co. Ltd., Class H | 17,000 | 31,280 |
China Resources Pharmaceutical Group Ltd. (a) | 52,500 | 32,010 |
CSPC Pharmaceutical Group Ltd. | 50,000 | 36,784 |
Industrial & Commercial Bank of China Ltd., Class H | 112,000 | 54,559 |
JD.com, Inc., Class A | 2,000 | 22,552 |
Jiangxi Copper Co. Ltd., Class H | 21,000 | 29,369 |
Kunlun Energy Co. Ltd. | 46,000 | 41,211 |
Lenovo Group Ltd. | 30,000 | 31,412 |
Livzon Pharmaceutical Group, Inc., Class H | 11,000 | 33,486 |
People's Insurance Co. Group of China Ltd. (The), Class H | 105,000 | 32,642 |
PetroChina Co. Ltd., Class H | 68,000 | 49,189 |
PICC Property & Casualty Co. Ltd., Class H | 26,000 | 32,340 |
Ping An Insurance Group Co. of China Ltd., Class H | 11,500 | 48,341 |
Sinotruk Hong Kong Ltd. | 18,000 | 40,881 |
Yangzijiang Shipbuilding Holdings Ltd. | 16,000 | 19,975 |
1,004,446 | ||
Denmark — 1.3% | ||
AP Moller - Maersk A/S, Class B | 7 | 12,907 |
D/S Norden A/S | 677 | 36,427 |
Danske Bank A/S | 1,853 | 49,756 |
Jyske Bank A/S (Registered) | 476 | 36,460 |
Sydbank A/S | 705 | 31,287 |
166,837 | ||
Finland — 1.3% | ||
Fortum OYJ | 2,937 | 40,149 |
Nordea Bank Abp | 6,046 | 74,510 |
UPM-Kymmene OYJ | 1,318 | 47,939 |
162,598 | ||
France — 5.9% | ||
AXA SA | 2,414 | 81,027 |
BNP Paribas SA | 1,487 | 99,903 |
Cie de Saint-Gobain SA | 738 | 52,181 |
Credit Agricole SA | 2,458 | 35,210 |
Eiffage SA | 384 | 40,178 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
France — continued | ||
Engie SA | 3,784 | 60,440 |
Eurazeo SE | 268 | 22,828 |
Renault SA | 1,000 | 37,660 |
SCOR SE | 1,096 | 32,695 |
TotalEnergies SE | 2,592 | 168,158 |
Trigano SA | 121 | 19,060 |
Unibail-Rodamco-Westfield, REIT * | 377 | 26,995 |
Vallourec SA * | 2,234 | 31,960 |
Vicat SACA | 973 | 37,855 |
746,150 | ||
Germany — 5.2% | ||
Allianz SE (Registered) | 482 | 128,779 |
Bayerische Motoren Werke AG | 642 | 66,802 |
Commerzbank AG | 4,164 | 47,818 |
Deutsche Bank AG (Registered) | 4,469 | 57,729 |
Deutsche Lufthansa AG (Registered) * | 2,629 | 21,861 |
Deutsche Telekom AG (Registered) | 4,499 | 110,441 |
E.ON SE | 3,632 | 49,138 |
Fresenius SE & Co. KGaA | 1,496 | 41,997 |
KION Group AG | 176 | 8,030 |
LEG Immobilien SE * | 309 | 25,641 |
RWE AG | 414 | 15,287 |
SAF-Holland SE | 1,129 | 18,230 |
Schaeffler AG (Preference) | 5,810 | 36,715 |
TUI AG * | 3,378 | 23,283 |
651,751 | ||
Greece — 0.5% | ||
Hellenic Telecommunications Organization SA | 2,405 | 33,393 |
National Bank of Greece SA * | 3,391 | 25,782 |
59,175 | ||
Hong Kong — 0.7% | ||
Bank of East Asia Ltd. (The) | 25,200 | 28,656 |
Pacific Basin Shipping Ltd. | 122,000 | 33,960 |
United Laboratories International Holdings Ltd. (The) | 36,000 | 31,120 |
93,736 | ||
Hungary — 0.3% | ||
OTP Bank Nyrt. | 884 | 40,955 |
India — 0.4% | ||
State Bank of India, GDR (a) | 590 | 45,575 |
Indonesia — 0.2% | ||
United Tractors Tbk. PT | 20,700 | 30,069 |
Ireland — 1.3% | ||
AerCap Holdings NV * | 458 | 35,064 |
AIB Group plc | 3,562 | 15,646 |
Bank of Ireland Group plc | 4,015 | 36,922 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Ireland — continued | ||
Cairn Homes plc | 12,817 | 19,665 |
Glenveagh Properties plc * (a) | 14,476 | 19,180 |
Greencore Group plc * | 27,845 | 36,135 |
162,612 | ||
Italy — 4.6% | ||
Assicurazioni Generali SpA | 2,553 | 56,949 |
BFF Bank SpA (a) | 1,712 | 18,501 |
BPER Banca | 10,456 | 37,713 |
Danieli & C Officine Meccaniche SpA | 1,110 | 37,727 |
Eni SpA | 4,219 | 67,256 |
Intesa Sanpaolo SpA | 26,454 | 81,513 |
Mediobanca Banca di Credito Finanziario SpA | 1,975 | 26,157 |
MFE-MediaForEurope NV, Class B | 10,571 | 38,191 |
Pirelli & C SpA (a) | 3,600 | 19,510 |
Saipem SpA * | 11,504 | 16,502 |
Saras SpA | 19,643 | 33,258 |
UniCredit SpA | 2,358 | 69,071 |
Unipol Gruppo SpA | 6,217 | 38,605 |
Webuild SpA | 17,356 | 36,506 |
577,459 | ||
Japan — 17.9% | ||
ANA Holdings, Inc. * | 1,000 | 22,098 |
Cosmo Energy Holdings Co. Ltd. | 900 | 37,380 |
Credit Saison Co. Ltd. | 1,200 | 22,274 |
ENEOS Holdings, Inc. | 7,400 | 29,885 |
Fujikura Ltd. | 4,000 | 32,882 |
Fukuyama Transporting Co. Ltd. | 600 | 16,594 |
Gunma Bank Ltd. (The) | 6,900 | 34,025 |
Hitachi Ltd. | 1,000 | 78,550 |
Hitachi Zosen Corp. | 5,700 | 35,171 |
Honda Motor Co. Ltd. | 7,300 | 81,600 |
Inpex Corp. | 3,200 | 43,496 |
Isuzu Motors Ltd. | 3,200 | 43,664 |
ITOCHU Corp. | 1,600 | 72,615 |
Japan Airlines Co. Ltd. | 1,100 | 21,137 |
Japan Petroleum Exploration Co. Ltd. | 900 | 36,610 |
Japan Tobacco, Inc. | 1,900 | 50,079 |
JFE Holdings, Inc. | 2,500 | 39,472 |
Marubeni Corp. | 3,400 | 57,993 |
Mazda Motor Corp. | 3,500 | 42,432 |
Mitsubishi Chemical Group Corp. | 6,900 | 41,605 |
Mitsubishi Corp. | 5,100 | 87,898 |
Mitsubishi Motors Corp. | 8,600 | 27,099 |
Mitsubishi UFJ Financial Group, Inc. | 14,100 | 132,068 |
Mitsui & Co. Ltd. | 1,400 | 56,780 |
Mitsui Fudosan Co. Ltd. | 1,600 | 40,166 |
Mizuho Financial Group, Inc. | 4,100 | 74,463 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Japan — continued | ||
MS&AD Insurance Group Holdings, Inc. | 900 | 37,165 |
Nippon Steel Corp. | 2,100 | 50,536 |
Nissan Motor Co. Ltd. | 8,700 | 34,155 |
Niterra Co. Ltd. | 1,400 | 37,700 |
ORIX Corp. | 2,800 | 54,066 |
Panasonic Holdings Corp. | 3,100 | 29,198 |
Sankyo Co. Ltd. | 600 | 36,700 |
SBI Holdings, Inc. | 1,700 | 41,762 |
SBI Sumishin Net Bank Ltd. | 1,600 | 18,440 |
Sekisui House Ltd. | 1,400 | 31,604 |
Shimamura Co. Ltd. | 200 | 21,942 |
SKY Perfect JSAT Holdings, Inc. | 7,400 | 38,941 |
Sojitz Corp. | 1,500 | 35,402 |
Subaru Corp. | 2,300 | 45,883 |
Sumitomo Corp. | 2,500 | 57,495 |
Sumitomo Electric Industries Ltd. | 2,100 | 27,912 |
Sumitomo Mitsui Financial Group, Inc. | 1,800 | 93,624 |
Sumitomo Realty & Development Co. Ltd. | 1,500 | 47,174 |
Suzuki Motor Corp. | 800 | 35,935 |
Toho Gas Co. Ltd. | 900 | 18,081 |
Tokyo Gas Co. Ltd. | 1,500 | 34,458 |
Tokyo Steel Manufacturing Co. Ltd. | 2,900 | 35,027 |
Tokyo Tatemono Co. Ltd. | 1,200 | 18,494 |
Toyota Boshoku Corp. | 1,700 | 28,012 |
Toyota Tsusho Corp. | 700 | 45,872 |
Tsubakimoto Chain Co. | 1,200 | 34,705 |
2,248,319 | ||
Mexico — 0.4% | ||
Grupo Mexico SAB de CV | 8,546 | 44,052 |
Netherlands — 3.5% | ||
Aegon Ltd. | 4,751 | 28,028 |
ASR Nederland NV | 549 | 25,872 |
ING Groep NV | 4,560 | 64,791 |
Koninklijke Heijmans N.V., CVA | 1,373 | 19,864 |
NN Group NV | 1,182 | 48,448 |
OCI NV | 765 | 21,852 |
Shell plc | 7,332 | 227,309 |
436,164 | ||
Norway — 1.5% | ||
Aker Solutions ASA | 7,954 | 29,502 |
DNB Bank ASA | 1,868 | 36,313 |
Equinor ASA | 1,844 | 52,770 |
Hoegh Autoliners ASA | 3,843 | 38,696 |
Norwegian Air Shuttle ASA * | 18,967 | 23,222 |
Wallenius Wilhelmsen ASA | 818 | 7,952 |
188,455 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Poland — 0.4% | ||
ORLEN SA | 2,895 | 45,140 |
Singapore — 1.3% | ||
DBS Group Holdings Ltd. | 1,500 | 35,528 |
Hafnia Ltd. | 4,011 | 29,168 |
Oversea-Chinese Banking Corp. Ltd. | 5,100 | 48,783 |
United Overseas Bank Ltd. | 2,200 | 46,373 |
159,852 | ||
South Africa — 1.7% | ||
Absa Group Ltd. | 4,345 | 37,939 |
Kumba Iron Ore Ltd. | 999 | 29,508 |
Mr Price Group Ltd. | 4,540 | 41,548 |
MTN Group Ltd. | 6,976 | 35,598 |
Nedbank Group Ltd. | 3,477 | 40,392 |
Sibanye Stillwater Ltd. | 24,977 | 30,101 |
215,086 | ||
South Korea — 6.4% | ||
DB Insurance Co. Ltd. * | 352 | 23,220 |
Doosan Bobcat, Inc. | 861 | 32,790 |
Hana Financial Group, Inc. | 1,402 | 50,132 |
Hankook Tire & Technology Co. Ltd. * | 1,169 | 44,742 |
Hyundai Glovis Co. Ltd. * | 270 | 35,354 |
Hyundai Marine & Fire Insurance Co. Ltd. * | 1,446 | 36,726 |
Hyundai Mobis Co. Ltd. | 185 | 28,999 |
Hyundai Motor Co. | 306 | 44,508 |
KB Financial Group, Inc. | 1,147 | 48,676 |
Kia Corp. * | 806 | 61,910 |
Korean Air Lines Co. Ltd. * | 2,222 | 37,358 |
KT Corp. * | 797 | 21,111 |
Kumho Petrochemical Co. Ltd. * | 361 | 33,663 |
LG Uplus Corp. | 2,419 | 18,521 |
Samsung Electronics Co. Ltd. | 3,247 | 176,432 |
Samsung Fire & Marine Insurance Co. Ltd. * | 206 | 40,763 |
Samsung Life Insurance Co. Ltd. | 605 | 31,439 |
SK Telecom Co. Ltd. | 950 | 35,719 |
802,063 | ||
Spain — 2.7% | ||
Banco Bilbao Vizcaya Argentaria SA | 9,822 | 91,929 |
Banco de Sabadell SA | 28,426 | 36,895 |
Banco Santander SA | 23,852 | 95,863 |
CaixaBank SA | 8,085 | 34,474 |
Grupo Catalana Occidente SA | 1,036 | 37,133 |
Repsol SA | 3,218 | 47,524 |
343,818 | ||
Sweden — 1.9% | ||
Betsson AB, Class B * | 2,471 | 26,892 |
NCC AB, Class B | 1,510 | 19,283 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Sweden — continued | ||
Skandinaviska Enskilda Banken AB, Class A | 4,365 | 61,992 |
SSAB AB, Class B | 5,159 | 39,407 |
Svenska Handelsbanken AB, Class A | 3,346 | 36,071 |
Swedbank AB, Class A | 2,682 | 54,654 |
238,299 | ||
Switzerland — 3.8% | ||
Adecco Group AG (Registered) | 914 | 39,524 |
Aryzta AG * | 8,883 | 15,944 |
Novartis AG (Registered) | 2,276 | 235,370 |
Sandoz Group AG * | 1,239 | 42,491 |
UBS Group AG (Registered) | 1,784 | 53,400 |
Zurich Insurance Group AG | 187 | 95,013 |
481,742 | ||
Taiwan — 3.2% | ||
ASE Technology Holding Co. Ltd. | 12,000 | 51,885 |
Compeq Manufacturing Co. Ltd. | 15,000 | 33,269 |
Globalwafers Co. Ltd. | 2,000 | 36,949 |
Hon Hai Precision Industry Co. Ltd. | 21,000 | 68,696 |
Pegatron Corp. | 16,000 | 42,179 |
Powertech Technology, Inc. | 9,000 | 41,784 |
Sercomm Corp. | 9,000 | 37,280 |
Unimicron Technology Corp. | 6,000 | 33,662 |
United Microelectronics Corp. | 33,000 | 51,403 |
397,107 | ||
Thailand — 0.7% | ||
Bangchak Corp. PCL, NVDR | 20,600 | 24,346 |
Krung Thai Bank PCL, NVDR | 71,500 | 32,047 |
PTT Exploration & Production PCL, NVDR | 6,500 | 27,432 |
83,825 | ||
Turkey — 0.2% | ||
Tofas Turk Otomobil Fabrikasi A/S | 3,166 | 25,682 |
United Arab Emirates — 0.5% | ||
Emaar Properties PJSC | 15,810 | 31,966 |
Emirates NBD Bank PJSC | 5,517 | 26,586 |
58,552 | ||
United Kingdom — 6.0% | ||
3i Group plc | 2,228 | 69,748 |
BP plc | 21,315 | 124,489 |
Centrica plc | 22,411 | 39,220 |
Currys plc * | 31,452 | 19,722 |
Derwent London plc, REIT | 1,078 | 29,054 |
Direct Line Insurance Group plc * | 17,963 | 38,332 |
Future plc | 2,317 | 20,763 |
Harbour Energy plc | 4,995 | 17,556 |
HSBC Holdings plc | 17,705 | 138,235 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
United Kingdom — continued | ||
International Consolidated Airlines Group SA * | 8,865 | 16,549 |
Investec plc | 5,751 | 37,442 |
JD Sports Fashion plc | 9,363 | 13,836 |
Kier Group plc * | 13,230 | 21,427 |
Lloyds Banking Group plc | 122,610 | 65,726 |
Marks & Spencer Group plc | 5,608 | 17,521 |
Paragon Banking Group plc | 2,962 | 26,381 |
Shaftesbury Capital plc, REIT | 12,503 | 21,063 |
Vodafone Group plc | 47,089 | 40,032 |
757,096 | ||
United States — 2.8% | ||
GSK plc | 5,104 | 100,946 |
Holcim AG | 1,012 | 77,295 |
Roche Holding AG | 297 | 84,561 |
Stellantis NV | 3,807 | 83,855 |
346,657 | ||
Total Common Stocks (Cost $11,809,901) | 12,335,541 | |
Exchange-Traded Funds — 1.5% | ||
United States — 1.5% | ||
iShares MSCI India ETF(Cost $174,886) | 3,759 | 187,536 |
Total Investments — 99.8% (Cost $11,984,787) | 12,523,077 | |
Other Assets Less Liabilities — 0.2% | 24,105 | |
NET ASSETS — 100.0% | 12,547,182 |
Percentages indicated are based on net assets. |
Abbreviations | |
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest |
CVA | Certificaten Van Aandelen (Dutch Certificate) |
ETF | Exchange Traded Fund |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
OYJ | Public Limited Company |
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 |
* | 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 International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)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 | 21.1 % |
Oil, Gas & Consumable Fuels | 11.9 |
Insurance | 9.2 |
Metals & Mining | 7.3 |
Automobiles | 5.2 |
Pharmaceuticals | 4.8 |
Trading Companies & Distributors | 3.9 |
Capital Markets | 2.3 |
Diversified Telecommunication Services | 2.2 |
Technology Hardware, Storage & Peripherals | 2.0 |
Automobile Components | 1.9 |
Machinery | 1.8 |
Broadline Retail | 1.5 |
U.S. Equity | 1.5 |
Semiconductors & Semiconductor Equipment | 1.5 |
Passenger Airlines | 1.5 |
Construction & Engineering | 1.4 |
Real Estate Management & Development | 1.3 |
Multi-Utilities | 1.2 |
Electronic Equipment, Instruments & Components | 1.1 |
Specialty Retail | 1.1 |
Marine Transportation | 1.0 |
Financial Services | 1.0 |
Others (each less than 1.0%) | 12.3 |
JPMorgan International Value 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.
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 the Underlying Funds are valued at each Underlying Fund’s net asset value (“NAV”) per unit as of the report date.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“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 | $— | $625,442 | $— | $625,442 |
Austria | 36,148 | 145,028 | — | 181,176 |
Belgium | — | 59,540 | — | 59,540 |
Brazil | 268,430 | — | — | 268,430 |
Canada | 587,681 | — | — | 587,681 |
China | — | 1,004,446 | — | 1,004,446 |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Denmark | $— | $166,837 | $— | $166,837 |
Finland | — | 162,598 | — | 162,598 |
France | — | 746,150 | — | 746,150 |
Germany | — | 651,751 | — | 651,751 |
Greece | — | 59,175 | — | 59,175 |
Hong Kong | — | 93,736 | — | 93,736 |
Hungary | 40,955 | — | — | 40,955 |
India | — | 45,575 | — | 45,575 |
Indonesia | — | 30,069 | — | 30,069 |
Ireland | 90,379 | 72,233 | — | 162,612 |
Italy | 75,918 | 501,541 | — | 577,459 |
Japan | — | 2,248,319 | — | 2,248,319 |
Mexico | 44,052 | — | — | 44,052 |
Netherlands | — | 436,164 | — | 436,164 |
Norway | 38,696 | 149,759 | — | 188,455 |
Poland | — | 45,140 | — | 45,140 |
Singapore | — | 159,852 | — | 159,852 |
South Africa | 147,046 | 68,040 | — | 215,086 |
South Korea | — | 802,063 | — | 802,063 |
Spain | — | 343,818 | — | 343,818 |
Sweden | — | 238,299 | — | 238,299 |
Switzerland | — | 481,742 | — | 481,742 |
Taiwan | — | 397,107 | — | 397,107 |
Thailand | — | 83,825 | — | 83,825 |
Turkey | — | 25,682 | — | 25,682 |
United Arab Emirates | 26,586 | 31,966 | — | 58,552 |
United Kingdom | 41,149 | 715,947 | — | 757,096 |
United States | — | 346,657 | — | 346,657 |
Total Common Stocks | 1,397,040 | 10,938,501 | — | 12,335,541 |
Exchange-Traded Funds | 187,536 | — | — | 187,536 |
Total Investments in Securities | $1,584,576 | $10,938,501 | $— | $12,523,077 |
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 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) | $— | $168,581 | $168,581 | $— | $— | $— | — | $53 | $— |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)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 U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | $— | $116,813 | $116,813 | $— | $— | $— | — | $618 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | 336,217 | 369,767 | 705,984 | — | — | — | — | 972 | — |
Total | $336,217 | $655,161 | $991,378 | $— | $— | $— | $1,643 | $— |
(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. |