JPMorgan ActiveBuilders Emerging Markets Equity ETF
Schedule of Portfolio Investments as of July 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 ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.9% | ||
Australia — 0.1% | ||
Rio Tinto plc | 8,913 | 579,638 |
Austria — 0.1% | ||
Erste Group Bank AG | 9,241 | 480,682 |
Raiffeisen Bank International AG | 14,198 | 276,795 |
757,477 | ||
Brazil — 4.6% | ||
Arcos Dorados Holdings, Inc., Class A | 79,213 | 765,198 |
Atacadao SA * | 511,354 | 836,262 |
B3 SA - Brasil Bolsa Balcao | 1,507,923 | 2,884,599 |
Banco BTG Pactual SA | 96,214 | 552,842 |
Banco do Brasil SA | 943,631 | 4,424,404 |
BB Seguridade Participacoes SA | 181,849 | 1,127,524 |
CCR SA | 107,966 | 237,076 |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 21,037 | 327,486 |
Cia Energetica de Minas Gerais (Preference) | 226,677 | 437,231 |
Cury Construtora e Incorporadora SA | 102,278 | 402,700 |
Gerdau SA (Preference) | 124,569 | 402,372 |
Itau Unibanco Holding SA (Preference) | 841,883 | 5,059,202 |
Itausa SA (Preference) | 736,435 | 1,317,632 |
Localiza Rent a Car SA | 223,447 | 1,728,745 |
Lojas Renner SA | 715,129 | 1,673,985 |
MercadoLibre, Inc. * | 3,357 | 5,602,497 |
Natura & Co. Holding SA | 108,268 | 284,253 |
NU Holdings Ltd., Class A * | 207,993 | 2,522,955 |
Petroleo Brasileiro SA, ADR | 430,581 | 6,144,391 |
Porto Seguro SA | 131,701 | 712,973 |
Raia Drogasil SA | 426,456 | 2,093,771 |
Rumo SA | 117,681 | 459,393 |
Suzano SA | 63,782 | 603,861 |
Telefonica Brasil SA | 60,977 | 522,323 |
TIM SA | 777,433 | 2,387,492 |
TOTVS SA | 49,189 | 242,025 |
Vale SA, ADR | 151,013 | 1,638,491 |
Vibra Energia SA | 101,659 | 416,618 |
WEG SA | 271,745 | 2,428,632 |
48,236,933 | ||
Chile — 0.4% | ||
Banco de Chile | 3,218,232 | 383,403 |
Banco Santander Chile | 68,568,037 | 3,414,297 |
3,797,700 | ||
China — 24.7% | ||
Agricultural Bank of China Ltd., Class H | 618,000 | 276,550 |
Airtac International Group | 30,562 | 783,417 |
Alibaba Group Holding Ltd. | 1,725,886 | 16,983,106 |
Angel Yeast Co. Ltd., Class A | 201,109 | 834,067 |
Anjoy Foods Group Co. Ltd., Class A | 79,000 | 869,085 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
China — continued | ||
Asymchem Laboratories Tianjin Co. Ltd., Class H (a) | 38,700 | 233,087 |
Avary Holding Shenzhen Co. Ltd., Class A | 104,300 | 539,528 |
Baidu, Inc., Class A * | 155,650 | 1,725,786 |
Bank of Hangzhou Co. Ltd., Class A | 184,700 | 344,308 |
Beijing Kingsoft Office Software, Inc., Class A | 30,868 | 901,073 |
Beijing New Building Materials plc, Class A | 65,500 | 235,642 |
BOC Hong Kong Holdings Ltd. | 95,500 | 277,840 |
BOE Technology Group Co. Ltd., Class A | 1,282,200 | 700,357 |
Budweiser Brewing Co. APAC Ltd. (a) | 1,080,128 | 1,311,543 |
BYD Co. Ltd., Class H | 11,000 | 325,653 |
BYD Electronic International Co. Ltd. | 111,000 | 431,998 |
China CITIC Bank Corp. Ltd., Class H | 821,000 | 491,311 |
China Construction Bank Corp., Class H | 12,163,000 | 8,493,252 |
China Mengniu Dairy Co. Ltd. | 452,000 | 756,329 |
China Merchants Bank Co. Ltd., Class H | 2,319,000 | 9,611,853 |
China Oilfield Services Ltd., Class H | 290,000 | 255,459 |
China Overseas Land & Investment Ltd. | 1,054,500 | 1,704,743 |
China Pacific Insurance Group Co. Ltd., Class H | 1,201,200 | 3,192,811 |
China Petroleum & Chemical Corp., Class H | 3,668,000 | 2,350,762 |
China Resources Gas Group Ltd. | 627,400 | 2,129,258 |
China Resources Land Ltd. | 237,000 | 708,415 |
China Resources Mixc Lifestyle Services Ltd. (a) | 240,682 | 674,682 |
China Resources Power Holdings Co. Ltd. | 192,000 | 528,160 |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 156,410 | 893,734 |
China Shenhua Energy Co. Ltd., Class H | 132,000 | 548,871 |
China Yangtze Power Co. Ltd., Class A | 1,247,275 | 5,155,327 |
Chongqing Brewery Co. Ltd., Class A | 182,500 | 1,566,113 |
CITIC Securities Co. Ltd., Class H | 644,000 | 968,515 |
CMOC Group Ltd., Class H | 630,000 | 502,462 |
Contemporary Amperex Technology Co. Ltd., Class A | 46,600 | 1,201,089 |
CSPC Pharmaceutical Group Ltd. | 986,000 | 733,432 |
Eastern Air Logistics Co. Ltd., Class A * | 147,000 | 326,251 |
ENN Energy Holdings Ltd. | 66,900 | 468,117 |
Flat Glass Group Co. Ltd., Class H (b) | 266,000 | 386,024 |
Focus Media Information Technology Co. Ltd., Class A | 1,952,300 | 1,566,256 |
Foxconn Industrial Internet Co. Ltd., Class A * | 856,000 | 2,876,801 |
Full Truck Alliance Co. Ltd., ADR | 109,099 | 829,152 |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | 953,200 | 4,977,769 |
Ganfeng Lithium Group Co. Ltd. (a) | 159,400 | 334,720 |
Geely Automobile Holdings Ltd. | 241,000 | 244,870 |
Great Wall Motor Co. Ltd., Class H | 278,000 | 379,575 |
Gree Electric Appliances, Inc. of Zhuhai, Class A | 115,300 | 638,807 |
H World Group Ltd. | 926,486 | 2,786,444 |
Haier Smart Home Co. Ltd., Class H | 2,103,200 | 6,876,235 |
Haitian International Holdings Ltd. | 156,000 | 452,600 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 382,921 | 835,925 |
Hisense Home Appliances Group Co. Ltd. | 132,000 | 426,745 |
Hongfa Technology Co. Ltd., Class A | 216,500 | 821,191 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
China — continued | ||
Huayu Automotive Systems Co. Ltd., Class A | 569,146 | 1,228,293 |
Industrial & Commercial Bank of China Ltd., Class H | 517,000 | 286,409 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,650,413 | 5,735,449 |
iQIYI, Inc., ADR * | 126,993 | 422,887 |
Jason Furniture Hangzhou Co. Ltd., Class A | 110,436 | 387,987 |
JD Health International, Inc. * (a) | 270,420 | 750,563 |
JD.com, Inc., Class A | 235,602 | 3,106,554 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 149,900 | 950,333 |
Jiangxi Copper Co. Ltd., Class H | 131,000 | 230,290 |
Jiayou International Logistics Co. Ltd., Class A | 208,160 | 526,964 |
Kanzhun Ltd., ADR | 102,523 | 1,392,262 |
KE Holdings, Inc., Class A | 473,568 | 2,189,644 |
Kingdee International Software Group Co. Ltd. * | 1,040,000 | 833,426 |
Kweichow Moutai Co. Ltd., Class A | 31,100 | 6,116,520 |
Lenovo Group Ltd. | 1,400,000 | 1,813,295 |
Lens Technology Co. Ltd., Class A | 229,700 | 568,942 |
Luxshare Precision Industry Co. Ltd., Class A | 518,800 | 2,756,503 |
Luzhou Laojiao Co. Ltd., Class A | 47,400 | 857,812 |
Meituan * (a) | 483,828 | 6,699,407 |
Midea Group Co. Ltd., Class A | 770,612 | 6,798,990 |
Montage Technology Co. Ltd., Class A | 77,828 | 642,754 |
NARI Technology Co. Ltd., Class A | 199,048 | 661,589 |
NetEase, Inc. | 621,748 | 11,467,258 |
Ningbo Tuopu Group Co. Ltd., Class A | 76,965 | 391,161 |
Oppein Home Group, Inc., Class A | 56,584 | 356,240 |
PDD Holdings, Inc., ADR * | 50,174 | 6,466,927 |
PetroChina Co. Ltd., Class H | 2,736,000 | 2,375,873 |
PICC Property & Casualty Co. Ltd., Class H | 1,546,000 | 2,027,301 |
Ping An Insurance Group Co. of China Ltd., Class H | 1,339,500 | 5,816,942 |
Qingdao Haier Biomedical Co. Ltd., Class A | 51,162 | 225,620 |
Sailun Group Co. Ltd., Class A | 103,800 | 189,599 |
Shanghai Baosight Software Co. Ltd., Class A | 335,101 | 1,491,302 |
Shanghai Pudong Development Bank Co. Ltd., Class A | 312,306 | 363,337 |
Shenzhen Inovance Technology Co. Ltd., Class A | 64,900 | 418,755 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 57,500 | 2,048,295 |
Shenzhou International Group Holdings Ltd. | 395,200 | 3,345,559 |
Sichuan Swellfun Co. Ltd., Class A | 80,700 | 418,937 |
Silergy Corp. | 192,414 | 2,660,220 |
Sinoma International Engineering Co., Class A | 238,400 | 336,175 |
Sinopharm Group Co. Ltd., Class H | 764,800 | 1,793,871 |
Sinotrans Ltd., Class H | 933,000 | 433,129 |
SITC International Holdings Co. Ltd. | 190,000 | 424,038 |
Sunny Optical Technology Group Co. Ltd. | 51,888 | 290,994 |
Sunresin New Materials Co. Ltd., Class A | 93,100 | 510,746 |
SUPCON Technology Co. Ltd., Class A | 131,881 | 690,127 |
Tencent Holdings Ltd. | 1,131,600 | 52,219,328 |
Tingyi Cayman Islands Holding Corp. | 1,550,000 | 1,889,908 |
Tongwei Co. Ltd., Class A | 199,600 | 501,195 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
China — continued | ||
Topsports International Holdings Ltd. (a) | 1,560,652 | 695,145 |
Trip.com Group Ltd. * | 59,268 | 2,530,253 |
Venustech Group, Inc., Class A | 190,400 | 407,385 |
Vipshop Holdings Ltd., ADR | 26,086 | 355,813 |
Wanhua Chemical Group Co. Ltd., Class A | 196,400 | 2,108,862 |
Weichai Power Co. Ltd., Class H | 384,000 | 614,572 |
Wuliangye Yibin Co. Ltd., Class A | 156,300 | 2,747,115 |
Xiamen Faratronic Co. Ltd., Class A | 38,500 | 462,167 |
Xiaomi Corp., Class B * (a) | 474,600 | 1,019,361 |
Yifeng Pharmacy Chain Co. Ltd., Class A | 128,316 | 372,022 |
Yum China Holdings, Inc. | 91,283 | 2,760,398 |
Zhejiang Dingli Machinery Co. Ltd., Class A | 40,200 | 292,282 |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 100,900 | 417,696 |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 237,924 | 608,068 |
Zhejiang Supor Co. Ltd., Class A | 191,773 | 1,333,383 |
Zhongji Innolight Co. Ltd., Class A | 67,860 | 1,236,011 |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 586,200 | 2,163,387 |
Zijin Mining Group Co. Ltd., Class H | 970,000 | 1,967,514 |
ZTO Express Cayman, Inc. | 12,806 | 243,364 |
260,911,608 | ||
Colombia — 0.1% | ||
Bancolombia SA (Preference) | 30,899 | 259,335 |
Ecopetrol SA | 597,137 | 320,605 |
579,940 | ||
Czech Republic — 0.0% ^ | ||
Komercni Banka A/S | 12,142 | 419,483 |
Georgia — 0.1% | ||
Bank of Georgia Group plc | 7,689 | 452,031 |
TBC Bank Group plc | 9,176 | 365,682 |
817,713 | ||
Greece — 0.5% | ||
Alpha Services and Holdings SA | 250,602 | 462,383 |
Eurobank Ergasias Services and Holdings SA | 303,085 | 694,450 |
Hellenic Telecommunications Organization SA | 50,728 | 833,449 |
JUMBO SA | 18,233 | 488,581 |
Metlen Energy & Metals SA | 13,501 | 533,553 |
Motor Oil Hellas Corinth Refineries SA | 13,251 | 337,766 |
National Bank of Greece SA | 86,264 | 757,143 |
OPAP SA | 50,511 | 880,662 |
Piraeus Financial Holdings SA | 119,606 | 505,330 |
5,493,317 | ||
Hong Kong — 0.9% | ||
AIA Group Ltd. | 460,800 | 3,082,227 |
ASMPT Ltd. | 38,300 | 400,448 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Hong Kong — continued | ||
Hong Kong Exchanges & Clearing Ltd. | 94,600 | 2,790,421 |
Techtronic Industries Co. Ltd. | 255,500 | 3,272,110 |
9,545,206 | ||
Hungary — 0.4% | ||
MOL Hungarian Oil & Gas plc | 56,398 | 439,595 |
OTP Bank Nyrt. | 58,975 | 3,023,151 |
Richter Gedeon Nyrt. | 21,568 | 614,870 |
4,077,616 | ||
India — 18.4% | ||
Aavas Financiers Ltd. * | 16,382 | 328,841 |
Apollo Hospitals Enterprise Ltd. | 4,246 | 336,179 |
Asian Paints Ltd. | 15,068 | 556,127 |
Axis Bank Ltd. | 15,551 | 217,237 |
Bajaj Auto Ltd. | 44,021 | 5,085,978 |
Bajaj Finance Ltd. | 7,056 | 574,971 |
Bajaj Finserv Ltd. | 111,186 | 2,198,241 |
Bank of Baroda | 173,214 | 525,811 |
Bharat Electronics Ltd. | 167,975 | 635,599 |
Bharti Airtel Ltd. | 23,832 | 425,733 |
Biocon Ltd. | 89,328 | 387,343 |
Birlasoft Ltd. | 37,676 | 304,992 |
Britannia Industries Ltd. * | 32,708 | 2,261,669 |
Canara Bank | 347,865 | 477,988 |
Cholamandalam Investment and Finance Co. Ltd. | 162,920 | 2,760,445 |
Coal India Ltd. | 79,524 | 497,414 |
Coforge Ltd. | 34,829 | 2,632,519 |
Colgate-Palmolive India Ltd. | 77,663 | 3,169,451 |
Computer Age Management Services Ltd. | 31,062 | 1,686,550 |
Crompton Greaves Consumer Electricals Ltd. | 428,029 | 2,310,809 |
Cummins India Ltd. | 39,058 | 1,800,865 |
Delhivery Ltd. * | 332,910 | 1,610,541 |
Dr Lal PathLabs Ltd. (a) | 8,039 | 297,064 |
Dr Reddy's Laboratories Ltd. | 37,095 | 2,995,400 |
Eicher Motors Ltd. | 33,803 | 2,007,363 |
Endurance Technologies Ltd. (a) | 37,300 | 1,160,541 |
Havells India Ltd. | 98,095 | 2,169,509 |
HCL Technologies Ltd. | 151,475 | 2,980,563 |
HDFC Asset Management Co. Ltd. (a) | 20,603 | 1,013,874 |
HDFC Bank Ltd., ADR | 166,562 | 9,995,386 |
HDFC Bank Ltd. | 504,033 | 9,740,064 |
HDFC Life Insurance Co. Ltd. (a) | 464,010 | 3,972,752 |
Hero MotoCorp Ltd. | 5,850 | 384,332 |
Hindalco Industries Ltd. | 38,712 | 310,529 |
Hindustan Aeronautics Ltd. (a) | 6,853 | 403,862 |
Hindustan Unilever Ltd. | 144,361 | 4,670,439 |
ICICI Bank Ltd. | 895,269 | 13,049,867 |
Info Edge India Ltd. | 32,406 | 2,725,134 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
India — continued | ||
Infosys Ltd. | 774,118 | 17,165,921 |
InterGlobe Aviation Ltd. * (a) | 12,958 | 692,943 |
ITC Ltd. | 457,849 | 2,714,436 |
Kajaria Ceramics Ltd. | 29,536 | 523,427 |
Kotak Mahindra Bank Ltd. | 442,616 | 9,588,816 |
Mahanagar Gas Ltd. (a) | 21,998 | 491,992 |
Mahindra & Mahindra Ltd. | 261,665 | 9,108,686 |
MakeMyTrip Ltd. * | 9,047 | 846,709 |
Manappuram Finance Ltd. | 192,702 | 494,090 |
Maruti Suzuki India Ltd. | 7,225 | 1,133,628 |
Metropolis Healthcare Ltd. (a) | 25,271 | 641,169 |
Multi Commodity Exchange of India Ltd. | 21,169 | 1,087,203 |
Natco Pharma Ltd. | 36,495 | 595,410 |
NMDC Ltd. | 136,073 | 393,986 |
Oil & Natural Gas Corp. Ltd. | 442,267 | 1,766,847 |
Oil India Ltd. | 193,495 | 1,336,542 |
Petronet LNG Ltd. | 114,069 | 503,033 |
Power Finance Corp. Ltd. | 214,786 | 1,433,725 |
REC Ltd. | 88,694 | 685,134 |
Reliance Industries Ltd. | 289,649 | 10,442,549 |
Shriram Finance Ltd. | 107,296 | 3,764,348 |
State Bank of India | 86,654 | 905,944 |
Sun TV Network Ltd. | 60,008 | 646,446 |
Supreme Industries Ltd. | 14,555 | 932,758 |
Syngene International Ltd. (a) | 37,057 | 358,108 |
Tata Consultancy Services Ltd. | 285,132 | 14,972,481 |
Tata Motors Ltd. | 464,972 | 6,439,646 |
Tata Steel Ltd. | 1,322,748 | 2,618,893 |
Triveni Turbine Ltd. | 85,299 | 607,939 |
Tube Investments of India Ltd. | 49,506 | 2,450,984 |
UltraTech Cement Ltd. | 32,459 | 4,615,109 |
United Spirits Ltd. | 167,237 | 2,828,879 |
Vedanta Ltd. | 86,511 | 466,682 |
WNS Holdings Ltd. * | 35,448 | 2,111,992 |
Zensar Technologies Ltd. | 59,614 | 566,567 |
194,595,004 | ||
Indonesia — 1.8% | ||
Adaro Energy Indonesia Tbk. PT | 1,456,100 | 288,354 |
Astra International Tbk. PT | 1,064,200 | 309,355 |
Bank Central Asia Tbk. PT | 10,511,300 | 6,642,288 |
Bank Mandiri Persero Tbk. PT | 5,497,900 | 2,168,313 |
Bank Negara Indonesia Persero Tbk. PT | 1,649,900 | 505,320 |
Bank Rakyat Indonesia Persero Tbk. PT | 21,577,670 | 6,208,760 |
Indofood CBP Sukses Makmur Tbk. PT | 375,900 | 252,565 |
Sumber Alfaria Trijaya Tbk. PT | 1,491,400 | 260,491 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Indonesia — continued | ||
Telkom Indonesia Persero Tbk. PT | 12,407,700 | 2,203,662 |
United Tractors Tbk. PT | 175,700 | 278,786 |
19,117,894 | ||
Kazakhstan — 0.1% | ||
NAC Kazatomprom JSC, GDR (a) | 22,916 | 871,422 |
Macau — 0.1% | ||
MGM China Holdings Ltd. | 211,600 | 308,736 |
Sands China Ltd. * | 309,512 | 580,222 |
888,958 | ||
Malaysia — 0.4% | ||
CIMB Group Holdings Bhd. | 361,500 | 584,520 |
Gamuda Bhd. | 177,800 | 304,057 |
Hong Leong Bank Bhd. | 76,700 | 322,040 |
Inari Amertron Bhd. | 257,400 | 212,220 |
Malayan Banking Bhd. | 229,000 | 509,387 |
Petronas Chemicals Group Bhd. | 203,100 | 256,475 |
Press Metal Aluminium Holdings Bhd. | 228,100 | 266,324 |
Public Bank Bhd. | 1,604,700 | 1,471,127 |
Tenaga Nasional Bhd. | 202,800 | 621,487 |
YTL Power International Bhd. | 240,500 | 244,538 |
4,792,175 | ||
Mexico — 3.0% | ||
Alsea SAB de CV | 125,493 | 377,334 |
America Movil SAB de CV | 806,751 | 674,205 |
Arca Continental SAB de CV | 94,642 | 932,501 |
Banco del Bajio SA (a) | 101,180 | 303,795 |
BBB Foods, Inc., Class A * (b) | 25,653 | 696,479 |
Bolsa Mexicana de Valores SAB de CV | 308,918 | 480,845 |
Cemex SAB de CV | 599,739 | 384,997 |
Coca-Cola Femsa SAB de CV | 41,315 | 373,301 |
Corp. Inmobiliaria Vesta SAB de CV | 234,199 | 686,218 |
Fomento Economico Mexicano SAB de CV | 163,403 | 1,802,599 |
Gentera SAB de CV | 583,651 | 688,251 |
Gruma SAB de CV, Class B | 21,384 | 401,270 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 130,748 | 2,093,961 |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 72,101 | 2,165,429 |
Grupo Comercial Chedraui SA de CV | 38,065 | 283,419 |
Grupo Financiero Banorte SAB de CV, Class O | 731,011 | 5,489,547 |
Grupo Mexico SAB de CV | 322,706 | 1,814,886 |
Kimberly-Clark de Mexico SAB de CV, Class A | 1,330,192 | 2,370,371 |
Regional SAB de CV | 115,853 | 839,905 |
Southern Copper Corp. | 14,834 | 1,581,453 |
TF Administradora Industrial S de RL de CV, REIT | 125,002 | 267,904 |
Wal-Mart de Mexico SAB de CV | 2,256,141 | 7,507,957 |
32,216,627 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Panama — 0.0% ^ | ||
Copa Holdings SA, Class A | 5,563 | 493,716 |
Peru — 0.5% | ||
Credicorp Ltd. | 28,103 | 4,795,496 |
Poland — 0.5% | ||
Bank Polska Kasa Opieki SA | 31,314 | 1,268,566 |
Dino Polska SA * (a) | 10,785 | 957,772 |
InPost SA * | 19,566 | 338,991 |
KRUK SA | 3,820 | 427,538 |
LPP SA | 180 | 690,110 |
Powszechna Kasa Oszczednosci Bank Polski SA | 64,965 | 965,473 |
Powszechny Zaklad Ubezpieczen SA | 79,299 | 971,105 |
5,619,555 | ||
Portugal — 0.1% | ||
Jeronimo Martins SGPS SA | 90,731 | 1,585,827 |
Qatar — 0.3% | ||
Ooredoo QPSC | 180,068 | 516,811 |
Qatar Gas Transport Co. Ltd. | 611,864 | 757,243 |
Qatar National Bank QPSC | 400,623 | 1,680,281 |
2,954,335 | ||
Romania — 0.1% | ||
Banca Transilvania SA | 92,464 | 583,223 |
Russia — 0.0% ^ | ||
Gazprom PJSC, ADR ‡ * | 12,780 | 1,426 |
Gazprom PJSC ‡ * | 1,135,066 | 63,563 |
GMK Norilskiy Nickel PAO, ADR ‡ * | 2,018 | 969 |
GMK Norilskiy Nickel PAO ‡ | 203,600 | 9,581 |
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ * (a) | 12,378 | 1,869 |
Moscow Exchange MICEX-RTS PJSC ‡ | 571,670 | 13,582 |
Rosneft Oil Co. PJSC ‡ | 141,777 | 10,275 |
Sberbank of Russia PJSC ‡ | 629,236 | 19,321 |
Severstal PAO, GDR ‡ * (a) | 98,048 | 31,375 |
VTB Bank PJSC ‡ | 33,690 | 795 |
X5 Retail Group NV, GDR ‡ * (a) | 1,062 | 256 |
153,012 | ||
Saudi Arabia — 2.5% | ||
Ades Holding Co. * | 102,000 | 554,599 |
Al Rajhi Bank | 191,457 | 4,365,373 |
Aldrees Petroleum and Transport Services Co. | 19,392 | 583,016 |
Alinma Bank | 195,550 | 1,688,978 |
AlKhorayef Water & Power Technologies Co. * | 8,563 | 412,754 |
Arab National Bank | 74,904 | 428,431 |
Arabian Centres Co. (a) | 63,908 | 340,455 |
Bupa Arabia for Cooperative Insurance Co. | 9,923 | 609,360 |
Catrion Catering Holding Co. | 18,241 | 564,116 |
Elm Co. | 4,949 | 1,206,938 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Saudi Arabia — continued | ||
Etihad Etisalat Co. | 50,660 | 703,686 |
Leejam Sports Co. JSC | 15,766 | 839,970 |
Riyad Bank | 116,312 | 850,868 |
Riyadh Cables Group Co. | 43,704 | 1,139,240 |
Saudi Arabian Oil Co. (a) | 285,069 | 2,097,203 |
Saudi Aramco Base Oil Co. | 20,207 | 700,701 |
Saudi Awwal Bank | 78,202 | 818,252 |
Saudi National Bank (The) | 584,085 | 5,901,808 |
Saudi Telecom Co. | 147,989 | 1,520,133 |
United International Transportation Co. | 52,620 | 1,254,453 |
26,580,334 | ||
Singapore — 0.0% ^ | ||
Singapore Telecommunications Ltd. | 146,100 | 337,370 |
South Africa — 3.3% | ||
Absa Group Ltd. | 55,865 | 490,170 |
AVI Ltd. | 277,773 | 1,491,675 |
Bid Corp. Ltd. | 118,675 | 2,953,826 |
Bidvest Group Ltd. (The) | 156,580 | 2,353,269 |
Capitec Bank Holdings Ltd. | 24,235 | 3,779,594 |
Clicks Group Ltd. | 162,375 | 3,156,115 |
Exxaro Resources Ltd. | 29,201 | 312,863 |
FirstRand Ltd. | 1,263,697 | 5,678,314 |
Foschini Group Ltd. (The) | 71,287 | 526,144 |
Gold Fields Ltd. | 108,562 | 1,890,025 |
Harmony Gold Mining Co. Ltd. | 87,700 | 859,952 |
Mr Price Group Ltd. | 42,348 | 502,944 |
Naspers Ltd., Class N | 8,625 | 1,668,034 |
Shoprite Holdings Ltd. | 192,365 | 3,223,598 |
Standard Bank Group Ltd. | 262,577 | 3,200,317 |
Truworths International Ltd. | 71,536 | 355,843 |
Vodacom Group Ltd. | 345,918 | 1,941,509 |
34,384,192 | ||
South Korea — 13.7% | ||
APR Corp. * | 3,140 | 571,324 |
APRILBIO Co. Ltd. * | 43,848 | 577,566 |
BGF retail Co. Ltd. | 12,684 | 958,039 |
BNK Financial Group, Inc. | 67,059 | 466,248 |
CJ CheilJedang Corp. | 3,862 | 1,090,471 |
CJ Logistics Corp. | 3,879 | 279,759 |
Coupang, Inc. * | 30,697 | 636,963 |
Coway Co. Ltd. | 14,609 | 668,360 |
Daeduck Electronics Co. Ltd. | 29,176 | 473,851 |
DB Insurance Co. Ltd. | 5,554 | 448,747 |
DL Holdings Co. Ltd. | 7,815 | 321,447 |
Doosan Enerbility Co. Ltd. * | 33,123 | 456,194 |
Eugene Technology Co. Ltd. | 27,796 | 934,774 |
Hana Financial Group, Inc. | 84,952 | 4,024,861 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
South Korea — continued | ||
Hankook Tire & Technology Co. Ltd. | 47,830 | 1,561,924 |
Hanmi Pharm Co. Ltd. | 1,988 | 420,116 |
Hansol Chemical Co. Ltd. | 2,844 | 339,850 |
HD Hyundai Heavy Industries Co. Ltd. * | 7,070 | 1,092,573 |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. * | 3,379 | 512,580 |
HK inno N Corp. | 16,150 | 466,612 |
HMM Co. Ltd. | 25,690 | 341,693 |
Hugel, Inc. * | 13,528 | 2,422,407 |
Hyundai Glovis Co. Ltd. | 13,907 | 1,237,832 |
Hyundai Marine & Fire Insurance Co. Ltd. | 30,150 | 793,397 |
Hyundai Mobis Co. Ltd. | 8,606 | 1,392,367 |
Hyundai Motor Co. | 24,826 | 4,524,538 |
Industrial Bank of Korea | 85,596 | 873,407 |
Kakao Corp. | 12,030 | 345,707 |
KakaoBank Corp. | 12,923 | 202,978 |
KB Financial Group, Inc. | 72,317 | 4,675,012 |
Kia Corp. | 77,906 | 6,392,710 |
KIWOOM Securities Co. Ltd. | 13,745 | 1,335,983 |
Korea Investment Holdings Co. Ltd. | 18,378 | 987,383 |
Korean Air Lines Co. Ltd. | 36,911 | 573,652 |
Kumho Petrochemical Co. Ltd. | 4,954 | 502,494 |
LG Chem Ltd. | 15,622 | 3,513,143 |
LG Energy Solution Ltd. * | 4,376 | 1,041,706 |
LG H&H Co. Ltd. | 5,201 | 1,337,975 |
NAVER Corp. | 26,755 | 3,412,400 |
NCSoft Corp. | 2,419 | 310,401 |
Orion Corp. | 4,423 | 283,433 |
Park Systems Corp. | 2,965 | 359,147 |
Samsung Biologics Co. Ltd. * (a) | 3,966 | 2,721,035 |
Samsung C&T Corp. | 19,591 | 2,231,453 |
Samsung Electro-Mechanics Co. Ltd. | 28,106 | 3,285,662 |
Samsung Electronics Co. Ltd. | 771,258 | 47,557,522 |
Samsung Fire & Marine Insurance Co. Ltd. | 13,091 | 3,559,826 |
Samsung Heavy Industries Co. Ltd. * | 106,250 | 910,904 |
Samsung Life Insurance Co. Ltd. | 35,835 | 2,529,076 |
Samsung SDI Co. Ltd. | 2,670 | 627,795 |
Samsung SDS Co. Ltd. | 3,107 | 336,211 |
Samsung Securities Co. Ltd. | 7,191 | 235,268 |
Shinhan Financial Group Co. Ltd. | 150,195 | 6,605,718 |
SK Hynix, Inc. | 90,273 | 12,947,272 |
SK Telecom Co. Ltd. | 29,920 | 1,183,904 |
SK, Inc. | 13,192 | 1,446,887 |
SM Entertainment Co. Ltd. | 6,408 | 330,303 |
S-Oil Corp. | 34,679 | 1,710,778 |
SOLUM Co. Ltd. * | 36,036 | 475,296 |
SOOP Co. Ltd. | 10,644 | 803,935 |
Soulbrain Co. Ltd. | 1,912 | 369,370 |
ST Pharm Co. Ltd. | 5,459 | 355,989 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
South Korea — continued | ||
Tokai Carbon Korea Co. Ltd. | 4,000 | 333,459 |
WONIK IPS Co. Ltd. * | 18,426 | 511,145 |
144,230,832 | ||
Spain — 0.4% | ||
Banco Bilbao Vizcaya Argentaria SA | 369,379 | 3,871,541 |
Taiwan — 19.3% | ||
Accton Technology Corp. | 318,000 | 4,984,739 |
Acer, Inc. | 759,000 | 1,024,473 |
Advantech Co. Ltd. | 271,629 | 2,889,198 |
Allis Electric Co. Ltd. | 185,000 | 783,801 |
ASE Technology Holding Co. Ltd. | 1,012,000 | 4,723,115 |
ASPEED Technology, Inc. | 13,158 | 1,657,904 |
Asustek Computer, Inc. | 51,000 | 715,207 |
AUO Corp. | 840,000 | 458,641 |
Cathay Financial Holding Co. Ltd. | 328,000 | 628,062 |
Chailease Holding Co. Ltd. | 503,973 | 2,351,113 |
China Steel Corp. | 2,590,000 | 1,833,131 |
CTBC Financial Holding Co. Ltd. | 3,097,000 | 3,361,539 |
Delta Electronics, Inc. | 475,000 | 6,100,818 |
E.Sun Financial Holding Co. Ltd. | 3,398,465 | 2,753,385 |
Elan Microelectronics Corp. | 57,000 | 241,218 |
Elite Material Co. Ltd. | 30,000 | 407,651 |
eMemory Technology, Inc. | 26,000 | 1,846,917 |
Evergreen Marine Corp. Taiwan Ltd. | 235,000 | 1,220,574 |
Faraday Technology Corp. | 142,000 | 1,311,352 |
Fubon Financial Holding Co. Ltd. | 319,930 | 866,359 |
Global Unichip Corp. | 11,696 | 420,999 |
Gudeng Precision Industrial Co. Ltd. | 48,000 | 674,095 |
Hon Hai Precision Industry Co. Ltd. | 858,000 | 5,263,761 |
Insyde Software Corp. | 28,000 | 353,181 |
Jentech Precision Industrial Co. Ltd. | 19,000 | 682,668 |
Largan Precision Co. Ltd. | 37,000 | 3,210,131 |
Lite-On Technology Corp. | 253,000 | 773,752 |
Lotes Co. Ltd. | 18,519 | 797,732 |
Makalot Industrial Co. Ltd. | 68,000 | 932,031 |
Materials Analysis Technology, Inc. | 71,000 | 580,303 |
MediaTek, Inc. | 170,000 | 6,474,473 |
Mega Financial Holding Co. Ltd. | 1,465,750 | 1,932,762 |
Nan Ya Plastics Corp. | 582,000 | 890,558 |
Nien Made Enterprise Co. Ltd. | 86,000 | 1,044,472 |
Novatek Microelectronics Corp. | 64,000 | 1,032,164 |
Parade Technologies Ltd. | 52,400 | 1,189,224 |
Powertech Technology, Inc. | 90,000 | 452,558 |
Poya International Co. Ltd. | 36,360 | 568,615 |
President Chain Store Corp. | 209,000 | 1,770,279 |
Primax Electronics Ltd. | 115,000 | 322,159 |
Quanta Computer, Inc. | 1,183,000 | 10,078,867 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Taiwan — continued | ||
Realtek Semiconductor Corp. | 323,000 | 5,095,315 |
Shiny Chemical Industrial Co. Ltd. | 86,000 | 403,625 |
Taiwan Mobile Co. Ltd. | 453,000 | 1,457,302 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,546,000 | 103,441,482 |
TCC Group Holdings Co. Ltd. | 530,961 | 561,773 |
Tong Yang Industry Co. Ltd. | 214,000 | 608,816 |
Uni-President Enterprises Corp. | 209,000 | 537,111 |
United Microelectronics Corp. | 898,000 | 1,430,597 |
Vanguard International Semiconductor Corp. | 446,000 | 1,589,754 |
Wistron Corp. | 572,000 | 1,721,060 |
Wiwynn Corp. | 51,000 | 3,232,583 |
Yageo Corp. | 65,000 | 1,585,072 |
Yuanta Financial Holding Co. Ltd. | 1,987,000 | 1,993,516 |
ZillTek Technology Corp. | 20,000 | 200,537 |
203,462,524 | ||
Thailand — 1.3% | ||
Advanced Info Service PCL | 129,100 | 843,886 |
Airports of Thailand PCL | 518,600 | 818,383 |
Bangchak Corp. PCL, NVDR | 338,800 | 299,650 |
Bangkok Dusit Medical Services PCL, Class F | 798,900 | 588,333 |
Bumrungrad Hospital PCL, NVDR | 39,700 | 274,107 |
Central Pattana PCL, NVDR | 203,000 | 315,153 |
CP ALL PCL | 388,300 | 629,102 |
Gulf Energy Development PCL | 254,900 | 339,676 |
Intouch Holdings PCL, NVDR | 129,200 | 298,533 |
Kasikornbank PCL, NVDR | 62,400 | 230,498 |
Krung Thai Bank PCL, NVDR | 1,351,000 | 686,024 |
Minor International PCL, NVDR | 227,000 | 184,971 |
PTT Exploration & Production PCL | 572,200 | 2,354,913 |
PTT Global Chemical PCL | 177,100 | 132,741 |
PTT PCL | 721,400 | 642,571 |
SCB X PCL | 917,500 | 2,651,213 |
Siam Cement PCL (The) (Registered) | 228,900 | 1,412,765 |
Thai Oil PCL | 361,063 | 511,278 |
True Corp. PCL, NVDR * | 1,716,700 | 447,050 |
13,660,847 | ||
Turkey — 0.7% | ||
Akbank TAS | 227,885 | 425,937 |
Aselsan Elektronik Sanayi ve Ticaret A/S | 166,171 | 313,825 |
BIM Birlesik Magazalar A/S | 174,499 | 3,295,789 |
Ford Otomotiv Sanayi A/S | 12,296 | 369,054 |
KOC Holding A/S | 77,369 | 502,512 |
Turk Hava Yollari AO * | 77,370 | 675,749 |
Turkcell Iletisim Hizmetleri A/S | 165,793 | 528,651 |
Turkiye Is Bankasi A/S, Class C | 963,352 | 436,330 |
Turkiye Petrol Rafinerileri A/S | 83,602 | 412,232 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Turkey — continued | ||
Turkiye Sigorta A/S | 260,224 | 473,024 |
Yapi ve Kredi Bankasi A/S | 412,148 | 375,837 |
7,808,940 | ||
United Arab Emirates — 0.7% | ||
Abu Dhabi Commercial Bank PJSC | 98,839 | 239,477 |
Abu Dhabi Islamic Bank PJSC | 250,697 | 836,806 |
ADNOC Drilling Co. PJSC | 389,927 | 467,112 |
Adnoc Gas plc | 374,624 | 318,357 |
ADNOC Logistics & Services | 363,923 | 465,685 |
Aldar Properties PJSC | 668,867 | 1,345,765 |
Dubai Electricity & Water Authority PJSC | 1,945,911 | 1,260,912 |
Dubai Islamic Bank PJSC | 172,267 | 274,374 |
Emaar Properties PJSC | 724,839 | 1,703,089 |
Emirates NBD Bank PJSC | 170,183 | 884,982 |
7,796,559 | ||
United Kingdom — 0.2% | ||
Anglogold Ashanti plc | 17,096 | 492,288 |
HSBC Holdings plc | 129,600 | 1,161,063 |
1,653,351 | ||
United States — 0.6% | ||
EPAM Systems, Inc. * | 6,374 | 1,371,239 |
ExlService Holdings, Inc. * | 79,761 | 2,812,372 |
Genpact Ltd. | 12,424 | 430,740 |
Globant SA * | 11,380 | 2,215,800 |
6,830,151 | ||
Total Common Stocks (Cost $988,548,649) | 1,054,500,516 | |
Short-Term Investments — 0.0% ^ | ||
Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.40% (c) (d) | 50 | 50 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | 580,685 | 580,685 |
Total Investment of Cash Collateral from Securities Loaned (Cost $580,735) | 580,735 | |
Total Investments — 99.9% (Cost $989,129,384) | 1,055,081,251 | |
Other Assets Less Liabilities — 0.1% | 782,514 | |
NET ASSETS — 100.0% | 1,055,863,765 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
APAC | Asia Pacific |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)NVDR | Non-Voting Depositary Receipt |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
REIT | Real Estate Investment Trust |
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. | |
(b) | The security or a portion of this security is on loan at July 31, 2024. The total value of securities on loan at July 31, 2024 is $567,819. | |
(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, 2024. |
Summary of Investments by Industry, July 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 | 17.3 % |
Semiconductors & Semiconductor Equipment | 14.5 |
Technology Hardware, Storage & Peripherals | 6.7 |
Interactive Media & Services | 5.9 |
IT Services | 4.1 |
Oil, Gas & Consumable Fuels | 3.7 |
Automobiles | 3.4 |
Broadline Retail | 3.4 |
Electronic Equipment, Instruments & Components | 3.1 |
Consumer Staples Distribution & Retail | 3.0 |
Insurance | 2.9 |
Household Durables | 2.0 |
Hotels, Restaurants & Leisure | 1.8 |
Beverages | 1.8 |
Metals & Mining | 1.7 |
Food Products | 1.6 |
Machinery | 1.4 |
Financial Services | 1.4 |
Automobile Components | 1.3 |
Entertainment | 1.2 |
Capital Markets | 1.2 |
Chemicals | 1.1 |
Electrical Equipment | 1.1 |
Wireless Telecommunication Services | 1.0 |
Others (each less than 1.0%) | 13.3 |
Short-Term Investments | 0.1 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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 Fund 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 Fund. 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 July 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 | $— | $579,638 | $— | $579,638 |
Austria | — | 757,477 | — | 757,477 |
Brazil | 48,236,933 | — | — | 48,236,933 |
Chile | 3,797,700 | — | — | 3,797,700 |
China | 24,823,294 | 236,088,314 | — | 260,911,608 |
Colombia | 579,940 | — | — | 579,940 |
Czech Republic | — | 419,483 | — | 419,483 |
Georgia | 365,682 | 452,031 | — | 817,713 |
Greece | 2,126,386 | 3,366,931 | — | 5,493,317 |
Hong Kong | — | 9,545,206 | — | 9,545,206 |
Hungary | 1,054,465 | 3,023,151 | — | 4,077,616 |
India | 12,954,087 | 181,640,917 | — | 194,595,004 |
Indonesia | 7,722,484 | 11,395,410 | — | 19,117,894 |
Kazakhstan | — | 871,422 | — | 871,422 |
Macau | — | 888,958 | — | 888,958 |
Malaysia | 1,130,874 | 3,661,301 | — | 4,792,175 |
Mexico | 32,216,627 | — | — | 32,216,627 |
Panama | 493,716 | — | — | 493,716 |
Peru | 4,795,496 | — | — | 4,795,496 |
Poland | 957,772 | 4,661,783 | — | 5,619,555 |
Portugal | 1,585,827 | — | — | 1,585,827 |
Qatar | 516,811 | 2,437,524 | — | 2,954,335 |
Romania | 583,223 | — | — | 583,223 |
Russia | — | — | 153,012 | 153,012 |
Saudi Arabia | 1,746,975 | 24,833,359 | — | 26,580,334 |
Singapore | — | 337,370 | — | 337,370 |
South Africa | 11,238,742 | 23,145,450 | — | 34,384,192 |
South Korea | 1,208,287 | 143,022,545 | — | 144,230,832 |
Spain | — | 3,871,541 | — | 3,871,541 |
Taiwan | — | 203,462,524 | — | 203,462,524 |
Thailand | 7,925,929 | 5,734,918 | — | 13,660,847 |
Turkey | 7,495,115 | 313,825 | — | 7,808,940 |
United Arab Emirates | 7,238,725 | 557,834 | — | 7,796,559 |
United Kingdom | — | 1,653,351 | — | 1,653,351 |
United States | 6,830,151 | — | — | 6,830,151 |
Total Common Stocks | 187,625,241 | 866,722,263 | 153,012 | 1,054,500,516 |
Short-Term Investments | ||||
Investment of Cash Collateral from Securities Loaned | 580,735 | — | — | 580,735 |
Total Investments in Securities | $188,205,976 | $866,722,263 | $153,012 | $1,055,081,251 |
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 July 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 July 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 July 31, 2024 | Shares at July 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.38% (a) (b) | $4,916,639 | $121,077,102 | $125,992,544 | $(734 ) | $(463 ) | $— | — | $120,804 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.40% (a) (b) | — | 3,500,000 | 3,499,750 | (200 ) | — | 50 | 50 | 4,480 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | — | 17,461,087 | 16,880,402 | — | — | 580,685 | 580,685 | 49,969 | — |
Total | $4,916,639 | $142,038,189 | $146,372,696 | $(934 ) | $(463 ) | $580,735 | $175,253 | $— |
(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, 2024. |