JPMorgan Active China 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 Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 98.0% | ||
Automobile Components — 2.1% | ||
Fuyao Glass Industry Group Co. Ltd., Class A | 34,900 | 217,440 |
Banks — 10.3% | ||
Agricultural Bank of China Ltd., Class H | 366,000 | 163,782 |
China Construction Bank Corp., Class H | 692,000 | 483,214 |
China Merchants Bank Co. Ltd., Class H | 107,000 | 443,497 |
1,090,493 | ||
Beverages — 4.0% | ||
Chongqing Brewery Co. Ltd., Class A | 8,600 | 73,800 |
Kweichow Moutai Co. Ltd., Class A | 1,800 | 354,011 |
427,811 | ||
Broadline Retail — 6.0% | ||
Alibaba Group Holding Ltd. | 64,000 | 629,774 |
Chemicals — 1.7% | ||
Wanhua Chemical Group Co. Ltd., Class A | 16,600 | 178,244 |
Electrical Equipment — 1.0% | ||
Hongfa Technology Co. Ltd., Class A | 27,700 | 105,067 |
Electronic Equipment, Instruments & Components — 9.6% | ||
BOE Technology Group Co. Ltd., Class A | 408,500 | 223,129 |
Foxconn Industrial Internet Co. Ltd., Class A * | 86,331 | 290,137 |
Luxshare Precision Industry Co. Ltd., Class A | 49,400 | 262,473 |
Sunny Optical Technology Group Co. Ltd. | 28,600 | 160,392 |
Xiamen Faratronic Co. Ltd., Class A | 6,600 | 79,229 |
1,015,360 | ||
Entertainment — 3.7% | ||
iQIYI, Inc., ADR * | 37,144 | 123,689 |
NetEase, Inc. | 14,700 | 271,121 |
394,810 | ||
Food Products — 3.0% | ||
Angel Yeast Co. Ltd., Class A | 24,400 | 101,195 |
Anjoy Foods Group Co. Ltd., Class A | 5,700 | 62,706 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 44,300 | 153,950 |
317,851 | ||
Gas Utilities — 2.6% | ||
China Resources Gas Group Ltd. | 24,800 | 84,166 |
ENN Energy Holdings Ltd. | 26,600 | 186,127 |
270,293 | ||
Health Care Equipment & Supplies — 1.1% | ||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3,200 | 113,992 |
Hotels, Restaurants & Leisure — 4.5% | ||
H World Group Ltd., ADR | 4,021 | 120,630 |
Meituan * (a) | 25,700 | 355,859 |
476,489 |
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Household Durables — 5.5% | ||
Haier Smart Home Co. Ltd., Class H | 93,200 | 304,709 |
Jason Furniture Hangzhou Co. Ltd., Class A | 24,100 | 84,669 |
Midea Group Co. Ltd., Class A | 15,100 | 133,225 |
Oppein Home Group, Inc., Class A | 8,500 | 53,514 |
576,117 | ||
Independent Power and Renewable Electricity Producers — 3.3% | ||
China Yangtze Power Co. Ltd., Class A | 83,900 | 346,782 |
Insurance — 5.5% | ||
China Pacific Insurance Group Co. Ltd., Class H | 85,400 | 226,994 |
PICC Property & Casualty Co. Ltd., Class H | 106,000 | 139,000 |
Ping An Insurance Group Co. of China Ltd., Class H | 49,500 | 214,960 |
580,954 | ||
Interactive Media & Services — 14.3% | ||
Kanzhun Ltd., ADR | 10,057 | 136,574 |
Tencent Holdings Ltd. | 29,800 | 1,375,164 |
1,511,738 | ||
Machinery — 2.5% | ||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 13,200 | 83,685 |
Zhuzhou CRRC Times Electric Co. Ltd., Class A | 4,141 | 31,207 |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 40,400 | 149,097 |
263,989 | ||
Media — 0.8% | ||
Focus Media Information Technology Co. Ltd., Class A | 111,700 | 89,613 |
Metals & Mining — 1.5% | ||
Zijin Mining Group Co. Ltd., Class H | 76,000 | 154,156 |
Oil, Gas & Consumable Fuels — 4.4% | ||
China Petroleum & Chemical Corp., Class H | 386,000 | 247,381 |
PetroChina Co. Ltd., Class H | 254,000 | 220,567 |
467,948 | ||
Pharmaceuticals — 1.3% | ||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 23,790 | 135,937 |
Real Estate Management & Development — 2.1% | ||
KE Holdings, Inc., ADR | 16,143 | 223,580 |
Semiconductors & Semiconductor Equipment — 3.0% | ||
Flat Glass Group Co. Ltd., Class H | 65,000 | 94,329 |
Montage Technology Co. Ltd., Class A | 27,124 | 224,008 |
318,337 | ||
Software — 0.8% | ||
Kingdee International Software Group Co. Ltd. * | 110,000 | 88,151 |
Technology Hardware, Storage & Peripherals — 2.1% | ||
Lenovo Group Ltd. | 170,000 | 220,186 |
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Textiles, Apparel & Luxury Goods — 1.3% | ||
Shenzhou International Group Holdings Ltd. | 16,000 | 135,448 |
Total Common Stocks (Cost $11,383,222) | 10,350,560 | |
Short-Term Investments — 0.5% | ||
Investment Companies — 0.5% | ||
JPMorgan Prime Money Market Fund Class IM, 5.38% (b) (c)(Cost $58,785) | 58,773 | 58,791 |
Total Investments — 98.5% (Cost $11,442,007) | 10,409,351 | |
Other Assets Less Liabilities — 1.5% | 154,793 | |
NET ASSETS — 100.0% | 10,564,144 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of July 31, 2024. |
JPMorgan Active China 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 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.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Automobile Components | $217,440 | $— | $— | $217,440 |
Banks | — | 1,090,493 | — | 1,090,493 |
Beverages | — | 427,811 | — | 427,811 |
Broadline Retail | — | 629,774 | — | 629,774 |
Chemicals | — | 178,244 | — | 178,244 |
Electrical Equipment | — | 105,067 | — | 105,067 |
Electronic Equipment, Instruments & Components | — | 1,015,360 | — | 1,015,360 |
Entertainment | 123,689 | 271,121 | — | 394,810 |
JPMorgan Active China 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 | |
Food Products | $— | $317,851 | $— | $317,851 |
Gas Utilities | — | 270,293 | — | 270,293 |
Health Care Equipment & Supplies | — | 113,992 | — | 113,992 |
Hotels, Restaurants & Leisure | 120,630 | 355,859 | — | 476,489 |
Household Durables | — | 576,117 | — | 576,117 |
Independent Power and Renewable Electricity Producers | 346,782 | — | — | 346,782 |
Insurance | — | 580,954 | — | 580,954 |
Interactive Media & Services | 136,574 | 1,375,164 | — | 1,511,738 |
Machinery | — | 263,989 | — | 263,989 |
Media | — | 89,613 | — | 89,613 |
Metals & Mining | — | 154,156 | — | 154,156 |
Oil, Gas & Consumable Fuels | — | 467,948 | — | 467,948 |
Pharmaceuticals | 135,937 | — | — | 135,937 |
Real Estate Management & Development | 223,580 | — | — | 223,580 |
Semiconductors & Semiconductor Equipment | — | 318,337 | — | 318,337 |
Software | — | 88,151 | — | 88,151 |
Technology Hardware, Storage & Peripherals | — | 220,186 | — | 220,186 |
Textiles, Apparel & Luxury Goods | — | 135,448 | — | 135,448 |
Total Common Stocks | 1,304,632 | 9,045,928 | — | 10,350,560 |
Short-Term Investments | ||||
Investment Companies | 58,791 | — | — | 58,791 |
Total Investments in Securities | $1,363,423 | $9,045,928 | $— | $10,409,351 |
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended July 31, 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) | $10,004 | $1,078,196 | $1,029,402 | $(12 ) | $5 | $58,791 | 58,773 | $1,107 | $— |
(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. |