NPORT-EX 2 JPMBBJETF.htm EDGAR HTML
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.