JPMorgan BetaBuilders Developed Asia Pacific ex-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 Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.3% | ||
Australia — 63.5% | ||
Ampol Ltd. | 608,024 | 13,318,742 |
ANZ Group Holdings Ltd. | 7,652,691 | 145,592,785 |
APA Group | 3,273,496 | 16,967,046 |
Aristocrat Leisure Ltd. | 1,614,851 | 57,511,480 |
ASX Ltd. | 493,922 | 21,044,132 |
Atlas Arteria Ltd. | 2,794,911 | 9,599,379 |
Aurizon Holdings Ltd. | 4,696,604 | 11,451,599 |
BHP Group Ltd. | 12,921,928 | 358,905,856 |
BlueScope Steel Ltd. | 1,129,631 | 16,403,552 |
Brambles Ltd. | 3,550,476 | 36,195,950 |
Cochlear Ltd. | 158,786 | 35,878,614 |
Coles Group Ltd. | 3,414,918 | 40,472,487 |
Commonwealth Bank of Australia | 4,272,576 | 385,002,525 |
Computershare Ltd. | 1,457,216 | 26,282,379 |
Dexus, REIT | 2,744,321 | 12,652,847 |
Endeavour Group Ltd. | 3,463,873 | 12,458,428 |
Fortescue Ltd. | 4,045,868 | 50,342,079 |
Goodman Group, REIT | 4,419,351 | 102,025,605 |
GPT Group (The), REIT | 4,882,756 | 14,872,975 |
Insurance Australia Group Ltd. | 6,092,793 | 29,476,360 |
Lottery Corp. Ltd. (The) | 5,679,118 | 18,505,773 |
Macquarie Group Ltd. | 986,105 | 135,713,391 |
Medibank Pvt Ltd. | 7,026,853 | 18,293,324 |
Mineral Resources Ltd. (a) | 437,280 | 15,638,352 |
Mirvac Group, REIT | 10,067,895 | 14,175,677 |
National Australia Bank Ltd. | 7,894,744 | 199,394,936 |
Northern Star Resources Ltd. | 2,932,253 | 27,214,634 |
Orica Ltd. | 1,229,857 | 14,471,586 |
Origin Energy Ltd. | 4,395,615 | 30,160,408 |
Pilbara Minerals Ltd. (a) | 6,864,724 | 13,268,578 |
Qantas Airways Ltd. * | 2,155,971 | 9,133,698 |
QBE Insurance Group Ltd. | 3,811,760 | 44,986,591 |
Ramsay Health Care Ltd. | 465,971 | 14,190,517 |
REA Group Ltd. | 130,090 | 17,490,560 |
Reece Ltd. | 883,481 | 16,009,951 |
Rio Tinto Ltd. | 947,157 | 72,781,543 |
Santos Ltd. | 7,855,787 | 40,951,487 |
Scentre Group, REIT | 13,243,294 | 30,200,384 |
SEEK Ltd. | 828,028 | 11,991,162 |
Seven Group Holdings Ltd. | 468,349 | 12,016,412 |
Sonic Healthcare Ltd. | 1,186,518 | 21,503,475 |
South32 Ltd. | 11,556,450 | 23,178,723 |
Stockland, REIT | 6,084,776 | 18,378,536 |
Suncorp Group Ltd. | 3,241,062 | 37,710,175 |
Telstra Group Ltd. | 10,318,422 | 26,665,554 |
TPG Telecom Ltd. | 1,086,443 | 3,380,952 |
Transurban Group | 7,879,726 | 67,243,974 |
Treasury Wine Estates Ltd. | 2,070,391 | 16,738,126 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Australia — continued | ||
Vicinity Ltd., REIT | 9,245,662 | 12,820,038 |
Washington H Soul Pattinson & Co. Ltd. | 622,592 | 14,491,080 |
Wesfarmers Ltd. | 2,895,410 | 139,738,984 |
Westpac Banking Corp. | 8,851,138 | 172,976,052 |
WiseTech Global Ltd. | 440,539 | 27,604,686 |
Woodside Energy Group Ltd. | 4,844,661 | 87,857,045 |
Woolworths Group Ltd. | 2,961,016 | 66,809,941 |
Worley Ltd. | 938,102 | 9,304,976 |
2,899,446,101 | ||
China — 1.0% | ||
Budweiser Brewing Co. APAC Ltd. (b) | 4,328,600 | 5,255,994 |
ESR Group Ltd. (b) | 5,591,600 | 8,453,573 |
Wharf Holdings Ltd. (The) | 2,443,000 | 6,698,334 |
Wilmar International Ltd. | 4,603,100 | 10,976,251 |
Wuxi Biologics Cayman, Inc. * (b) | 9,164,000 | 13,403,783 |
44,787,935 | ||
Hong Kong — 13.9% | ||
AIA Group Ltd. | 28,669,200 | 191,764,291 |
CK Asset Holdings Ltd. | 4,791,500 | 18,308,664 |
CK Infrastructure Holdings Ltd. | 1,561,000 | 10,411,477 |
CLP Holdings Ltd. | 4,616,000 | 39,617,384 |
Hang Lung Properties Ltd. | 4,426,000 | 3,245,558 |
Hang Seng Bank Ltd. | 1,849,000 | 22,642,538 |
Henderson Land Development Co. Ltd. | 3,384,700 | 9,507,026 |
HKT Trust & HKT Ltd. | 9,105,000 | 11,027,643 |
Hong Kong & China Gas Co. Ltd. | 27,860,789 | 22,702,996 |
Hong Kong Exchanges & Clearing Ltd. | 3,044,800 | 89,812,598 |
Jardine Matheson Holdings Ltd. | 434,000 | 15,289,370 |
Link, REIT | 6,540,300 | 27,593,671 |
MTR Corp. Ltd. | 4,043,000 | 13,079,493 |
Power Assets Holdings Ltd. | 3,479,500 | 22,176,493 |
Sino Land Co. Ltd. | 8,768,000 | 9,069,253 |
Sun Hung Kai Properties Ltd. | 4,800,000 | 41,560,913 |
Swire Pacific Ltd., Class A | 1,035,500 | 8,933,028 |
Swire Pacific Ltd., Class B | 2,010,000 | 2,605,102 |
Swire Properties Ltd. | 2,691,000 | 4,249,975 |
Techtronic Industries Co. Ltd. | 3,741,500 | 47,916,244 |
WH Group Ltd. (b) | 19,888,691 | 12,928,529 |
Wharf Real Estate Investment Co. Ltd. | 3,961,000 | 9,737,801 |
634,180,047 | ||
Macau — 0.8% | ||
Galaxy Entertainment Group Ltd. | 5,756,000 | 24,197,783 |
Sands China Ltd. * | 5,970,979 | 11,193,400 |
35,391,183 | ||
New Zealand — 1.8% | ||
Auckland International Airport Ltd. | 3,346,835 | 14,899,179 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
New Zealand — continued | ||
Contact Energy Ltd. | 2,009,289 | 10,164,541 |
Fisher & Paykel Healthcare Corp. Ltd. | 1,390,034 | 26,834,396 |
Mercury NZ Ltd. | 1,714,543 | 7,020,423 |
Meridian Energy Ltd. | 3,141,616 | 12,153,263 |
Spark New Zealand Ltd. | 4,645,339 | 11,938,446 |
83,010,248 | ||
Singapore — 11.1% | ||
CapitaLand Ascendas, REIT | 9,648,728 | 19,698,445 |
CapitaLand Integrated Commercial Trust, REIT | 11,646,532 | 18,192,320 |
CapitaLand Investment Ltd. | 6,117,400 | 12,403,231 |
City Developments Ltd. | 1,192,800 | 4,755,285 |
DBS Group Holdings Ltd. | 5,334,600 | 146,186,367 |
Genting Singapore Ltd. | 14,537,700 | 9,238,027 |
Jardine Cycle & Carriage Ltd. | 212,900 | 4,145,564 |
Keppel Ltd. | 3,609,700 | 17,965,006 |
Mapletree Pan Asia Commercial Trust, REIT | 6,150,900 | 5,915,948 |
Oversea-Chinese Banking Corp. Ltd. | 8,314,500 | 92,545,835 |
Singapore Airlines Ltd. | 3,530,000 | 18,447,466 |
Singapore Exchange Ltd. | 2,094,200 | 15,440,335 |
Singapore Technologies Engineering Ltd. | 3,981,000 | 13,180,207 |
Singapore Telecommunications Ltd. | 19,971,200 | 46,116,947 |
United Overseas Bank Ltd. | 3,423,500 | 83,015,368 |
507,246,351 | ||
United Kingdom — 0.8% | ||
CK Hutchison Holdings Ltd. | 6,804,000 | 35,544,848 |
United States — 6.4% | ||
CSL Ltd. | 1,232,529 | 250,158,013 |
James Hardie Industries plc, CHDI * | 1,116,988 | 40,126,287 |
290,284,300 | ||
Total Common Stocks (Cost $4,586,161,386) | 4,529,891,013 | |
Short-Term Investments — 0.2% | ||
Investment of Cash Collateral from Securities Loaned — 0.2% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.40% (c) (d) | 6,248,125 | 6,248,750 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | 1,584,283 | 1,584,283 |
Total Investment of Cash Collateral from Securities Loaned (Cost $7,833,008) | 7,833,033 | |
Total Investments — 99.5% (Cost $4,593,994,394) | 4,537,724,046 | |
Other Assets Less Liabilities — 0.5% | 23,836,910 | |
NET ASSETS — 100.0% | 4,561,560,956 |
Percentages indicated are based on net assets. |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)Abbreviations | |
APAC | Asia Pacific |
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest |
REIT | Real Estate Investment Trust |
* | 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 $7,464,889. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of July 31, 2024. |
Summary of Investments by Industry, July 31, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 27.5 % |
Metals & Mining | 12.7 |
Insurance | 7.1 |
Capital Markets | 5.8 |
Biotechnology | 5.5 |
Oil, Gas & Consumable Fuels | 3.1 |
Broadline Retail | 3.1 |
Real Estate Management & Development | 3.1 |
Industrial REITs | 2.7 |
Hotels, Restaurants & Leisure | 2.7 |
Consumer Staples Distribution & Retail | 2.6 |
Electric Utilities | 2.6 |
Diversified Telecommunication Services | 2.2 |
Retail REITs | 2.1 |
Transportation Infrastructure | 2.0 |
Industrial Conglomerates | 1.6 |
Health Care Equipment & Supplies | 1.4 |
Machinery | 1.1 |
Diversified REITs | 1.0 |
Others (each less than 1.0%) | 9.9 |
Short-Term Investments | 0.2 |
Futures contracts outstanding as of July 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
MSCI Singapore Index | 459 | 08/29/2024 | SGD | 10,770,207 | 1,170 |
SPI 200 Index | 153 | 09/19/2024 | AUD | 20,188,466 | 882,378 |
883,548 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)Abbreviations | |
AUD | Australian Dollar |
MSCI | Morgan Stanley Capital International |
SGD | Singapore Dollar |
SPI | Australian Securities Exchange |
JPMorgan BetaBuilders Developed Asia Pacific ex-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 | ||||
Australia | $— | $2,899,446,101 | $— | $2,899,446,101 |
China | — | 44,787,935 | — | 44,787,935 |
Hong Kong | — | 634,180,047 | — | 634,180,047 |
Macau | — | 35,391,183 | — | 35,391,183 |
New Zealand | 44,237,406 | 38,772,842 | — | 83,010,248 |
Singapore | — | 507,246,351 | — | 507,246,351 |
JPMorgan BetaBuilders Developed Asia Pacific ex-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 | |
United Kingdom | $— | $35,544,848 | $— | $35,544,848 |
United States | — | 290,284,300 | — | 290,284,300 |
Total Common Stocks | 44,237,406 | 4,485,653,607 | — | 4,529,891,013 |
Short-Term Investments | ||||
Investment of Cash Collateral from Securities Loaned | 7,833,033 | — | — | 7,833,033 |
Total Investments in Securities | $52,070,439 | $4,485,653,607 | $— | $4,537,724,046 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $883,548 | $— | $— | $883,548 |
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) | $— | $90,000,000 | $83,750,000 | $(1,275 ) | $25 | $6,248,750 | 6,248,125 | $468,518 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 11,792,130 | 48,136,271 | 58,344,118 | — | — | 1,584,283 | 1,584,283 | 90,177 | — |
Total | $11,792,130 | $138,136,271 | $142,094,118 | $(1,275 ) | $25 | $7,833,033 | $558,695 | $— |
(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. |