JPMorgan BetaBuilders Japan 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 BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.7% | ||
Air Freight & Logistics — 0.3% | ||
Nippon Express Holdings, Inc. | 228,900 | 11,326,176 |
SG Holdings Co. Ltd. | 1,198,400 | 12,186,110 |
Yamato Holdings Co. Ltd. | 898,000 | 10,906,288 |
34,418,574 | ||
Automobile Components — 2.0% | ||
Aisin Corp. | 481,200 | 16,233,754 |
Bridgestone Corp. | 1,664,200 | 67,855,498 |
Denso Corp. | 6,108,800 | 100,178,291 |
Koito Manufacturing Co. Ltd. | 661,200 | 9,776,707 |
Niterra Co. Ltd. | 568,700 | 16,843,882 |
Sumitomo Electric Industries Ltd. | 2,210,900 | 33,444,456 |
244,332,588 | ||
Automobiles — 8.0% | ||
Honda Motor Co. Ltd. | 13,682,900 | 146,195,995 |
Isuzu Motors Ltd. | 1,700,500 | 23,002,878 |
Mazda Motor Corp. | 1,697,200 | 14,639,057 |
Mitsubishi Motors Corp. | 1,944,600 | 5,543,450 |
Nissan Motor Co. Ltd. | 6,289,300 | 19,963,035 |
Subaru Corp. | 1,699,900 | 32,683,126 |
Suzuki Motor Corp. | 5,206,900 | 59,838,654 |
Toyota Motor Corp. | 33,585,000 | 645,193,343 |
Yamaha Motor Co. Ltd. | 2,574,000 | 23,969,048 |
971,028,586 | ||
Banks — 8.5% | ||
Chiba Bank Ltd. (The) | 2,028,700 | 19,003,798 |
Concordia Financial Group Ltd. | 3,331,700 | 20,998,092 |
Fukuoka Financial Group, Inc. | 534,100 | 14,980,906 |
Japan Post Bank Co. Ltd. | 3,951,900 | 41,124,151 |
Kyoto Financial Group, Inc. | 828,900 | 15,481,702 |
Mitsubishi UFJ Financial Group, Inc. | 33,261,900 | 384,186,680 |
Mizuho Financial Group, Inc. | 7,190,300 | 164,371,297 |
Resona Holdings, Inc. | 6,448,900 | 46,244,679 |
Sumitomo Mitsui Financial Group, Inc. | 3,744,400 | 270,394,085 |
Sumitomo Mitsui Trust Holdings, Inc. | 2,060,300 | 52,077,887 |
1,028,863,277 | ||
Beverages — 0.8% | ||
Asahi Group Holdings Ltd. | 1,437,200 | 52,907,935 |
Kirin Holdings Co. Ltd. | 2,303,900 | 32,571,564 |
Suntory Beverage & Food Ltd. | 353,500 | 12,696,370 |
98,175,869 | ||
Broadline Retail — 0.5% | ||
Pan Pacific International Holdings Corp. | 1,506,500 | 39,303,422 |
Rakuten Group, Inc. * | 4,185,900 | 24,557,332 |
63,860,754 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Building Products — 1.3% | ||
AGC, Inc. | 600,300 | 21,484,599 |
Daikin Industries Ltd. | 830,600 | 120,442,552 |
TOTO Ltd. | 462,200 | 12,726,771 |
154,653,922 | ||
Capital Markets — 1.2% | ||
Daiwa Securities Group, Inc. | 3,976,900 | 32,833,688 |
Japan Exchange Group, Inc. | 1,477,300 | 34,684,676 |
Nomura Holdings, Inc. | 8,322,600 | 51,313,917 |
SBI Holdings, Inc. | 855,400 | 22,234,966 |
141,067,247 | ||
Chemicals — 3.6% | ||
Asahi Kasei Corp. | 3,932,500 | 28,358,296 |
Mitsubishi Chemical Group Corp. | 4,031,900 | 23,813,392 |
Mitsui Chemicals, Inc. | 537,300 | 15,534,426 |
Nippon Paint Holdings Co. Ltd. | 2,753,400 | 17,576,263 |
Nippon Sanso Holdings Corp. | 555,800 | 18,164,525 |
Nissan Chemical Corp. | 364,300 | 11,754,486 |
Nitto Denko Corp. | 392,300 | 34,064,797 |
Shin-Etsu Chemical Co. Ltd. | 5,663,400 | 251,628,753 |
Toray Industries, Inc. | 4,542,000 | 23,614,115 |
Tosoh Corp. | 905,500 | 12,317,814 |
436,826,867 | ||
Commercial Services & Supplies — 0.7% | ||
Dai Nippon Printing Co. Ltd. | 649,300 | 21,360,809 |
Secom Co. Ltd. | 597,100 | 38,126,476 |
TOPPAN Holdings, Inc. | 863,900 | 24,436,409 |
83,923,694 | ||
Construction & Engineering — 0.7% | ||
Kajima Corp. | 1,324,900 | 25,601,731 |
Obayashi Corp. | 1,983,000 | 26,035,461 |
Shimizu Corp. | 1,694,000 | 10,646,703 |
Taisei Corp. | 506,300 | 21,503,244 |
83,787,139 | ||
Consumer Finance — 0.0% ^ | ||
Acom Co. Ltd. | 1,276,500 | 3,675,683 |
Consumer Staples Distribution & Retail — 1.4% | ||
Aeon Co. Ltd. | 2,416,300 | 55,131,744 |
Kobe Bussan Co. Ltd. | 416,600 | 11,185,236 |
MatsukiyoCocokara & Co. | 1,126,300 | 18,367,595 |
Seven & i Holdings Co. Ltd. | 6,783,800 | 81,234,367 |
165,918,942 | ||
Diversified REITs — 0.1% | ||
Nomura Real Estate Master Fund, Inc. | 12,208 | 11,976,659 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Diversified Telecommunication Services — 0.7% | ||
Nippon Telegraph & Telephone Corp. | 78,747,600 | 83,922,366 |
Electric Utilities — 0.6% | ||
Chubu Electric Power Co., Inc. | 2,147,300 | 27,074,274 |
Kansai Electric Power Co., Inc. (The) | 2,180,100 | 37,314,147 |
Tokyo Electric Power Co. Holdings, Inc. * | 2,058,800 | 10,312,037 |
74,700,458 | ||
Electrical Equipment — 1.5% | ||
Fuji Electric Co. Ltd. | 387,100 | 21,773,174 |
Mitsubishi Electric Corp. | 5,790,700 | 96,483,358 |
NIDEC Corp. | 1,433,700 | 63,069,474 |
181,326,006 | ||
Electronic Equipment, Instruments & Components — 4.7% | ||
Hamamatsu Photonics KK | 415,700 | 11,971,731 |
Ibiden Co. Ltd. | 377,800 | 14,644,353 |
Keyence Corp. | 531,100 | 232,228,992 |
Kyocera Corp. | 3,830,000 | 48,238,725 |
Murata Manufacturing Co. Ltd. | 5,320,900 | 118,379,278 |
Omron Corp. | 539,900 | 20,026,983 |
Shimadzu Corp. | 836,200 | 24,663,137 |
TDK Corp. | 1,075,900 | 75,057,287 |
Yokogawa Electric Corp. | 738,900 | 18,703,223 |
563,913,709 | ||
Entertainment — 2.1% | ||
Capcom Co. Ltd. | 929,400 | 19,855,641 |
Konami Group Corp. | 256,500 | 19,298,965 |
Nexon Co. Ltd. | 1,179,500 | 25,404,915 |
Nintendo Co. Ltd. | 2,998,800 | 165,708,908 |
Square Enix Holdings Co. Ltd. | 220,500 | 7,446,712 |
Toho Co. Ltd. | 333,300 | 11,969,552 |
249,684,693 | ||
Financial Services — 0.8% | ||
Mitsubishi HC Capital, Inc. | 2,377,800 | 17,106,896 |
ORIX Corp. | 3,285,200 | 79,467,844 |
Tokyo Century Corp. | 476,700 | 5,077,895 |
101,652,635 | ||
Food Products — 1.3% | ||
Ajinomoto Co., Inc. | 1,358,100 | 55,933,720 |
Kikkoman Corp. | 2,504,500 | 31,341,191 |
MEIJI Holdings Co. Ltd. | 751,000 | 18,966,033 |
Nissin Foods Holdings Co. Ltd. | 670,700 | 19,941,787 |
Toyo Suisan Kaisha Ltd. | 289,700 | 19,452,190 |
Yakult Honsha Co. Ltd. | 822,900 | 16,873,919 |
162,508,840 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Gas Utilities — 0.4% | ||
Osaka Gas Co. Ltd. | 1,158,000 | 26,210,353 |
Tokyo Gas Co. Ltd. | 1,134,700 | 24,860,852 |
51,071,205 | ||
Ground Transportation — 2.0% | ||
Central Japan Railway Co. | 2,788,900 | 65,753,753 |
East Japan Railway Co. | 3,093,200 | 58,935,996 |
Hankyu Hanshin Holdings, Inc. | 654,700 | 18,681,175 |
Keisei Electric Railway Co. Ltd. | 426,800 | 12,765,196 |
Kintetsu Group Holdings Co. Ltd. | 537,400 | 12,446,284 |
Odakyu Electric Railway Co. Ltd. | 965,700 | 9,770,153 |
Tobu Railway Co. Ltd. | 585,600 | 10,286,627 |
Tokyu Corp. | 1,704,500 | 20,650,677 |
West Japan Railway Co. | 1,381,000 | 27,187,803 |
236,477,664 | ||
Health Care Equipment & Supplies — 2.4% | ||
Asahi Intecc Co. Ltd. | 671,000 | 10,637,182 |
Hoya Corp. | 994,300 | 124,586,595 |
Olympus Corp. | 3,306,900 | 57,090,630 |
Sysmex Corp. | 1,691,600 | 27,693,639 |
Terumo Corp. | 4,222,500 | 75,702,517 |
295,710,563 | ||
Health Care Technology — 0.1% | ||
M3, Inc. | 1,274,200 | 11,897,534 |
Hotels, Restaurants & Leisure — 0.9% | ||
McDonald's Holdings Co. Japan Ltd. | 245,100 | 10,154,287 |
Oriental Land Co. Ltd. | 3,118,900 | 89,292,636 |
Zensho Holdings Co. Ltd. | 291,100 | 11,848,874 |
111,295,797 | ||
Household Durables — 3.4% | ||
Panasonic Holdings Corp. | 6,295,100 | 51,564,335 |
Sekisui Chemical Co. Ltd. | 1,094,300 | 16,510,801 |
Sekisui House Ltd. (a) | 1,777,700 | 44,542,668 |
Sony Group Corp. | 3,352,500 | 297,764,492 |
410,382,296 | ||
Household Products — 0.3% | ||
Unicharm Corp. | 1,100,300 | 36,860,730 |
Industrial Conglomerates — 2.4% | ||
Hikari Tsushin, Inc. | 49,500 | 9,269,094 |
Hitachi Ltd. | 13,142,400 | 283,963,664 |
293,232,758 | ||
Industrial REITs — 0.2% | ||
GLP J-REIT | 13,332 | 11,679,950 |
Nippon Prologis REIT, Inc. | 6,855 | 11,325,818 |
23,005,768 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Insurance — 4.6% | ||
Dai-ichi Life Holdings, Inc. | 2,681,300 | 81,753,674 |
Japan Post Holdings Co. Ltd. | 5,820,400 | 61,640,758 |
Japan Post Insurance Co. Ltd. | 543,000 | 11,179,041 |
MS&AD Insurance Group Holdings, Inc. | 3,777,400 | 89,050,497 |
Sompo Holdings, Inc. | 2,652,300 | 60,477,526 |
T&D Holdings, Inc. | 1,468,200 | 27,522,503 |
Tokio Marine Holdings, Inc. | 5,568,200 | 218,457,982 |
550,081,981 | ||
Interactive Media & Services — 0.2% | ||
LY Corp. | 7,606,600 | 19,031,065 |
IT Services — 2.3% | ||
Fujitsu Ltd. | 4,807,300 | 87,301,406 |
NEC Corp. | 720,500 | 62,362,645 |
Nomura Research Institute Ltd. | 1,147,600 | 35,428,378 |
NTT Data Group Corp. | 1,683,900 | 26,225,760 |
Obic Co. Ltd. | 184,600 | 28,148,379 |
Otsuka Corp. | 690,400 | 15,304,635 |
SCSK Corp. | 438,500 | 8,633,152 |
TIS, Inc. | 666,000 | 14,266,681 |
277,671,036 | ||
Leisure Products — 0.7% | ||
Bandai Namco Holdings, Inc. | 1,840,200 | 39,105,661 |
Shimano, Inc. | 233,900 | 41,494,837 |
80,600,498 | ||
Machinery — 4.9% | ||
Daifuku Co. Ltd. | 1,016,400 | 18,395,097 |
FANUC Corp. | 2,565,900 | 76,070,660 |
Hitachi Construction Machinery Co. Ltd. | 295,600 | 7,362,550 |
Hoshizaki Corp. | 328,800 | 10,355,163 |
Kawasaki Heavy Industries Ltd. | 461,700 | 16,940,527 |
Komatsu Ltd. | 2,683,600 | 76,288,239 |
Kubota Corp. | 3,239,600 | 46,575,460 |
Kurita Water Industries Ltd. | 309,000 | 13,187,753 |
Makita Corp. | 705,100 | 23,241,826 |
MINEBEA MITSUMI, Inc. | 1,061,100 | 25,524,048 |
MISUMI Group, Inc. | 797,600 | 14,677,947 |
Mitsubishi Heavy Industries Ltd. | 9,524,500 | 114,161,458 |
NGK Insulators Ltd. | 845,700 | 11,429,650 |
SMC Corp. | 154,600 | 75,223,036 |
Toyota Industries Corp. | 487,900 | 41,017,803 |
Yaskawa Electric Corp. | 719,500 | 25,041,345 |
595,492,562 | ||
Marine Transportation — 0.8% | ||
Kawasaki Kisen Kaisha Ltd. (a) | 1,246,600 | 19,154,212 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Marine Transportation — continued | ||
Mitsui OSK Lines Ltd. (a) | 1,026,400 | 32,601,718 |
Nippon Yusen KK | 1,304,300 | 42,029,640 |
93,785,570 | ||
Media — 0.1% | ||
Dentsu Group, Inc. | 651,900 | 17,238,336 |
Metals & Mining — 0.9% | ||
JFE Holdings, Inc. | 1,802,700 | 26,406,613 |
Nippon Steel Corp. (a) | 2,610,400 | 56,678,049 |
Sumitomo Metal Mining Co. Ltd. | 746,200 | 22,754,696 |
105,839,358 | ||
Office REITs — 0.3% | ||
Japan Real Estate Investment Corp. | 3,924 | 13,610,429 |
Nippon Building Fund, Inc. | 4,676 | 18,045,859 |
31,656,288 | ||
Oil, Gas & Consumable Fuels — 0.9% | ||
ENEOS Holdings, Inc. | 8,364,900 | 43,828,238 |
Idemitsu Kosan Co. Ltd. | 2,909,560 | 19,163,296 |
Inpex Corp. | 2,629,400 | 40,601,869 |
103,593,403 | ||
Passenger Airlines — 0.1% | ||
ANA Holdings, Inc. | 441,200 | 8,439,156 |
Japan Airlines Co. Ltd. | 409,000 | 6,626,980 |
15,066,136 | ||
Personal Care Products — 0.8% | ||
Kao Corp. | 1,318,600 | 57,741,078 |
Shiseido Co. Ltd. | 1,133,400 | 35,420,380 |
93,161,458 | ||
Pharmaceuticals — 5.4% | ||
Astellas Pharma, Inc. | 5,095,600 | 59,098,556 |
Chugai Pharmaceutical Co. Ltd. | 1,871,000 | 81,655,134 |
Daiichi Sankyo Co. Ltd. | 5,439,000 | 221,517,916 |
Eisai Co. Ltd. | 768,200 | 29,296,045 |
Kyowa Kirin Co. Ltd. | 708,500 | 14,944,111 |
Ono Pharmaceutical Co. Ltd. | 1,241,900 | 18,320,923 |
Otsuka Holdings Co. Ltd. | 1,360,800 | 69,357,672 |
Shionogi & Co. Ltd. | 803,700 | 35,354,027 |
Takeda Pharmaceutical Co. Ltd. | 4,448,400 | 124,885,664 |
654,430,048 | ||
Professional Services — 2.1% | ||
Recruit Holdings Co. Ltd. | 4,400,800 | 252,356,356 |
Real Estate Management & Development — 2.4% | ||
Daito Trust Construction Co. Ltd. | 175,200 | 21,069,587 |
Daiwa House Industry Co. Ltd. | 1,814,000 | 51,369,545 |
Hulic Co. Ltd. | 1,554,100 | 15,169,735 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Real Estate Management & Development — continued | ||
Mitsubishi Estate Co. Ltd. | 3,593,800 | 61,252,515 |
Mitsui Fudosan Co. Ltd. | 7,944,800 | 82,307,022 |
Nomura Real Estate Holdings, Inc. | 290,100 | 8,109,662 |
Sumitomo Realty & Development Co. Ltd. | 1,344,500 | 44,439,417 |
Tokyu Fudosan Holdings Corp. | 1,694,200 | 12,232,614 |
295,950,097 | ||
Retail REITs — 0.1% | ||
Japan Metropolitan Fund Invest | 19,805 | 12,366,208 |
Semiconductors & Semiconductor Equipment — 5.0% | ||
Advantest Corp. | 2,011,600 | 89,036,200 |
Disco Corp. | 258,800 | 86,541,904 |
Lasertec Corp. | 226,700 | 40,224,121 |
Renesas Electronics Corp. | 4,193,200 | 72,223,143 |
Rohm Co. Ltd. | 975,100 | 13,294,749 |
SCREEN Holdings Co. Ltd. | 257,700 | 21,837,441 |
SUMCO Corp. | 992,400 | 16,315,445 |
Tokyo Electron Ltd. | 1,267,000 | 265,116,577 |
604,589,580 | ||
Software — 0.2% | ||
Oracle Corp. | 94,400 | 7,705,801 |
Trend Micro, Inc. | 345,800 | 16,575,055 |
24,280,856 | ||
Specialty Retail — 1.5% | ||
ABC-Mart, Inc. | 287,300 | 5,663,182 |
Fast Retailing Co. Ltd. | 493,300 | 135,977,605 |
Nitori Holdings Co. Ltd. | 230,500 | 28,189,110 |
ZOZO, Inc. | 376,400 | 11,019,087 |
180,848,984 | ||
Technology Hardware, Storage & Peripherals — 1.8% | ||
Brother Industries Ltd. | 727,900 | 14,933,859 |
Canon, Inc. | 2,800,000 | 87,644,763 |
FUJIFILM Holdings Corp. | 3,411,100 | 81,102,089 |
Ricoh Co. Ltd. | 1,685,800 | 15,693,640 |
Seiko Epson Corp. | 868,500 | 15,034,101 |
214,408,452 | ||
Textiles, Apparel & Luxury Goods — 0.3% | ||
Asics Corp. | 2,051,600 | 33,482,811 |
Tobacco — 0.8% | ||
Japan Tobacco, Inc. | 3,143,200 | 92,489,232 |
Trading Companies & Distributors — 7.3% | ||
ITOCHU Corp. | 3,859,800 | 197,943,889 |
Marubeni Corp. | 4,775,800 | 89,879,503 |
Mitsubishi Corp. | 11,621,400 | 240,005,776 |
Mitsui & Co. Ltd. | 8,496,500 | 197,151,833 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Trading Companies & Distributors — continued | ||
MonotaRO Co. Ltd. | 708,600 | 10,016,982 |
Sojitz Corp. | 616,200 | 14,575,026 |
Sumitomo Corp. | 3,465,100 | 86,099,213 |
Toyota Tsusho Corp. | 2,007,900 | 40,143,986 |
875,816,208 | ||
Wireless Telecommunication Services — 3.3% | ||
KDDI Corp. | 4,266,400 | 128,376,038 |
SoftBank Corp. | 7,941,500 | 103,594,952 |
SoftBank Group Corp. | 2,735,600 | 167,179,155 |
399,150,145 | ||
Total Common Stocks (Cost $10,546,769,937) | 12,033,539,491 | |
Short-Term Investments — 0.6% | ||
Investment of Cash Collateral from Securities Loaned — 0.6% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.40% (b) (c) | 68,346,063 | 68,352,897 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | 8,757,031 | 8,757,031 |
Total Investment of Cash Collateral from Securities Loaned (Cost $77,107,193) | 77,109,928 | |
Total Investments — 100.3% (Cost $10,623,877,130) | 12,110,649,419 | |
Liabilities in Excess of Other Assets — (0.3)% | (39,877,819 ) | |
NET ASSETS — 100.0% | 12,070,771,600 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
^ | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. | |
(a) | 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 $75,053,696. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of July 31, 2024. |
Futures contracts outstanding as of July 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
TOPIX Index | 198 | 09/12/2024 | JPY | 36,459,597 | (520,035 ) |
Abbreviations | |
JPY | Japanese Yen |
TOPIX | Tokyo Stock Price Index |
JPMorgan BetaBuilders Japan 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.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $— | $12,033,539,491 | $— | $12,033,539,491 |
Short-Term Investments | ||||
Investment of Cash Collateral from Securities Loaned | 77,109,928 | — | — | 77,109,928 |
Total Investments in Securities | $77,109,928 | $12,033,539,491 | $— | $12,110,649,419 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(520,035 ) | $— | $— | $(520,035 ) |
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended July 31, 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 Securities Lending Money Market Fund Agency SL Class Shares, 5.40% (a) (b) | $7,351,631 | $554,000,000 | $493,000,000 | $(1,469 ) | $2,735 | $68,352,897 | 68,346,063 | $1,784,129 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 1,317,980 | 169,595,113 | 162,156,062 | — | — | 8,757,031 | 8,757,031 | 254,683 | — |
Total | $8,669,611 | $723,595,113 | $655,156,062 | $(1,469 ) | $2,735 | $77,109,928 | $2,038,812 | $— |
(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. |