NPORT-EX 2 JPMIREEETF.htm NPORT PART F EDGAR HTML
JPMorgan International Research Enhanced Equity ETF
Schedule of Portfolio Investments as of January 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 International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.4%
Australia — 6.5%
ANZ Group Holdings Ltd.
898,389
15,851,522
Aurizon Holdings Ltd.
1,029,946
2,538,851
BHP Group Ltd.
2,164,391
66,217,454
Brambles Ltd.
610,892
5,824,712
Commonwealth Bank of Australia
424,234
32,349,724
Dexus, REIT
846,801
4,285,378
Glencore plc
874,478
4,626,826
Goodman Group, REIT
1,741,350
28,904,975
GPT Group (The), REIT
1,470,769
4,445,216
Insurance Australia Group Ltd.
2,363,709
9,278,562
Macquarie Group Ltd.
143,256
17,676,281
Medibank Pvt Ltd.
4,202,910
10,522,583
Mirvac Group, REIT
4,784,223
6,723,751
National Australia Bank Ltd.
1,031,570
21,756,229
QBE Insurance Group Ltd.
1,529,621
15,749,869
Rio Tinto Ltd.
632,443
54,420,076
Rio Tinto plc
321,332
22,242,420
Santos Ltd.
3,373,684
17,050,405
Wesfarmers Ltd.
276,635
10,472,556
Westpac Banking Corp.
1,079,237
16,930,664
Woodside Energy Group Ltd.
253,921
5,311,070
Woolworths Group Ltd.
846,638
19,883,268
 
393,062,392
Austria — 0.2%
Erste Group Bank AG
269,386
11,604,718
Belgium — 0.5%
Anheuser-Busch InBev SA
228,038
14,105,883
KBC Group NV
220,840
14,405,747
 
28,511,630
China — 0.5%
BOC Hong Kong Holdings Ltd.
3,943,000
9,450,563
Prosus NV
644,047
19,161,474
Xinyi Glass Holdings Ltd.
1,572,300
1,303,476
 
29,915,513
Denmark — 3.4%
Carlsberg A/S, Class B
217,954
28,043,585
Genmab A/S *
17,846
4,934,814
Novo Nordisk A/S, Class B
1,475,057
168,605,599
 
201,583,998
Finland — 0.9%
Nokia OYJ
1,240,546
4,484,852
Nordea Bank Abp
4,206,024
51,834,568
 
56,319,420
France — 12.6%
Air Liquide SA
412,704
77,230,701
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
Airbus SE
288,772
45,997,306
AXA SA
274,165
9,202,439
BNP Paribas SA
703,576
47,269,168
Capgemini SE
252,792
56,201,059
Cie Generale des Etablissements Michelin SCA
165,607
5,498,596
Dassault Systemes SE
170,514
8,839,154
Engie SA
2,783,935
44,466,332
Kering SA
27,919
11,468,391
Legrand SA
473,090
45,849,836
L'Oreal SA
112,153
53,671,307
LVMH Moet Hennessy Louis Vuitton SE
147,391
122,638,004
Orange SA
2,137,588
25,420,051
Pernod Ricard SA
119,471
19,591,514
Safran SA
266,498
49,757,526
Societe Generale SA
1,089,152
27,996,694
TotalEnergies SE
587,463
38,111,999
Vinci SA
514,098
64,942,064
 
754,152,141
Germany — 7.9%
adidas AG
77,021
14,540,639
Allianz SE (Registered)
314,819
84,112,093
BASF SE
66,578
3,182,694
Bayer AG (Registered)
266,357
8,288,128
Brenntag SE
83,894
7,417,071
Deutsche Post AG
803,088
38,463,209
Deutsche Telekom AG (Registered)
2,069,564
50,803,299
Infineon Technologies AG
1,183,216
43,136,407
Mercedes-Benz Group AG
147,438
9,953,950
Merck KGaA
49,850
8,179,169
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
87,432
37,221,469
RWE AG
1,300,974
48,039,303
SAP SE
372,309
64,501,247
Siemens AG (Registered)
270,697
48,461,228
Symrise AG
28,160
2,905,371
Zalando SE * (a)
248,381
4,959,333
 
474,164,610
Hong Kong — 1.7%
AIA Group Ltd.
4,700,400
36,862,511
CK Asset Holdings Ltd.
1,749,844
7,895,898
CLP Holdings Ltd.
374,000
2,974,586
Hong Kong Exchanges & Clearing Ltd.
519,300
15,744,555
Link, REIT
672,700
3,374,052
Prudential plc
1,461,971
15,018,195
Sun Hung Kai Properties Ltd.
750,500
7,004,712
Techtronic Industries Co. Ltd.
1,202,000
12,766,570
 
101,641,079
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Ireland — 0.5%
Kingspan Group plc
356,834
28,980,854
Italy — 1.1%
Enel SpA
1,062,308
7,248,528
FinecoBank Banca Fineco SpA
1,620,419
23,363,801
UniCredit SpA
1,248,348
36,566,674
 
67,179,003
Japan — 23.4%
AGC, Inc.
206,100
7,751,061
Ajinomoto Co., Inc.
769,000
31,578,940
Asahi Group Holdings Ltd.
764,100
28,400,044
Asahi Kasei Corp.
1,155,300
8,761,266
Bridgestone Corp.
741,400
32,126,857
Central Japan Railway Co.
1,177,600
29,431,338
Daiichi Sankyo Co. Ltd.
1,352,300
40,486,560
Daikin Industries Ltd.
182,383
29,223,655
Daiwa House Industry Co. Ltd.
947,600
29,301,641
Denso Corp.
1,781,500
27,983,893
Dentsu Group, Inc.
853,600
22,655,635
Fuji Electric Co. Ltd.
363,000
18,179,052
Hitachi Ltd.
677,900
53,249,281
Honda Motor Co. Ltd.
792,416
8,857,676
Hoya Corp.
335,500
42,618,292
ITOCHU Corp.
1,059,200
48,070,865
Keyence Corp.
119,100
53,285,087
Komatsu Ltd.
107,200
3,049,836
Konami Group Corp.
246,200
15,140,855
Kyowa Kirin Co. Ltd.
980,800
15,449,538
Mitsubishi Corp.
3,126,600
53,886,787
Mitsubishi UFJ Financial Group, Inc.
2,364,450
22,146,740
Mitsui Fudosan Co. Ltd.
1,191,900
29,921,191
Murata Manufacturing Co. Ltd.
1,441,700
29,110,985
NIDEC Corp.
108,400
4,042,975
Nintendo Co. Ltd.
247,500
13,828,052
Nippon Paint Holdings Co. Ltd.
490,900
3,866,488
Nippon Steel Corp.
194,400
4,678,173
Nippon Telegraph & Telephone Corp.
30,875,400
38,771,935
Nomura Research Institute Ltd.
587,300
17,961,707
ORIX Corp.
1,256,800
24,267,890
Osaka Gas Co. Ltd.
494,600
10,414,722
Otsuka Corp.
533,300
22,440,087
Pan Pacific International Holdings Corp.
289,100
6,249,329
Recruit Holdings Co. Ltd.
433,300
17,114,795
Renesas Electronics Corp. *
670,400
10,999,646
Shimadzu Corp.
256,700
7,098,264
Shimano, Inc.
99,300
14,257,031
Shin-Etsu Chemical Co. Ltd.
1,359,500
53,512,901
Shionogi & Co. Ltd.
455,400
21,857,573
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Shiseido Co. Ltd.
145,500
4,056,059
SoftBank Group Corp.
170,100
7,343,325
Sony Group Corp.
645,615
63,314,428
Sumitomo Electric Industries Ltd.
1,743,900
23,179,243
Sumitomo Metal Mining Co. Ltd.
559,100
15,452,785
Sumitomo Mitsui Financial Group, Inc.
1,025,500
53,339,721
Suzuki Motor Corp.
676,500
30,387,494
T&D Holdings, Inc.
1,582,200
26,199,263
Takeda Pharmaceutical Co. Ltd.
141,800
4,167,570
Terumo Corp.
996,000
33,716,543
Tokio Marine Holdings, Inc.
1,534,700
40,466,098
Tokyo Electron Ltd.
302,300
56,098,553
Toyota Motor Corp.
3,961,100
79,094,536
Yamato Holdings Co. Ltd.
934,100
16,147,251
 
1,404,991,512
Macau — 0.1%
Sands China Ltd. *
2,444,000
6,414,941
Netherlands — 6.6%
Adyen NV * (a)
8,820
11,061,935
ASML Holding NV
198,517
172,230,997
Koninklijke Ahold Delhaize NV
534,182
15,022,890
Koninklijke KPN NV
8,303,577
28,246,628
NN Group NV
815,309
33,418,073
Shell plc
3,430,582
106,356,028
Wolters Kluwer NV
189,014
27,863,896
 
394,200,447
Singapore — 1.0%
DBS Group Holdings Ltd.
1,373,065
32,521,460
Oversea-Chinese Banking Corp. Ltd.
760,800
7,277,340
Sea Ltd., ADR *
133,617
5,096,152
United Overseas Bank Ltd.
646,500
13,627,276
 
58,522,228
South Korea — 0.0% ^
Delivery Hero SE * (a)
119,123
2,702,818
Spain — 1.9%
Banco Bilbao Vizcaya Argentaria SA
1,472,946
13,785,952
Banco Santander SA
9,702,813
38,996,186
Iberdrola SA
2,058,502
24,786,346
Industria de Diseno Textil SA
814,081
34,807,967
 
112,376,451
Sweden — 2.5%
Atlas Copco AB, Class A
3,827,209
61,080,048
Sandvik AB
900,145
18,917,358
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Sweden — continued
Skandinaviska Enskilda Banken AB, Class A
880,672
12,507,425
Volvo AB, Class B
2,408,127
57,711,552
 
150,216,383
Switzerland — 4.8%
Cie Financiere Richemont SA (Registered)
268,772
39,921,938
Givaudan SA (Registered)
1,960
8,150,736
Julius Baer Group Ltd.
170,822
9,299,796
Lonza Group AG (Registered)
90,256
44,126,676
Novartis AG (Registered)
730,193
75,512,034
Sandoz Group AG *
151,301
5,188,870
SGS SA (Registered)
251,998
23,286,098
Sika AG (Registered)
58,716
16,209,021
UBS Group AG (Registered)
787,831
23,581,848
Zurich Insurance Group AG
79,518
40,402,261
 
285,679,278
United Kingdom — 12.9%
3i Group plc
1,900,464
59,493,929
AstraZeneca plc
767,679
101,776,458
Barclays plc
15,671,103
29,122,048
Berkeley Group Holdings plc
504,148
30,528,513
BP plc
13,261,941
77,455,254
British American Tobacco plc
611,251
18,021,886
Centrica plc
10,823,907
18,942,387
DCC plc
148,839
10,820,494
Diageo plc
1,449,176
52,341,138
HSBC Holdings plc
4,649,271
36,300,129
InterContinental Hotels Group plc
445,458
42,208,522
Intertek Group plc
71,282
4,046,014
Lloyds Banking Group plc
57,479,903
30,812,435
London Stock Exchange Group plc
160,153
18,115,557
National Grid plc
688,156
9,165,622
Next plc
55,949
5,972,919
Reckitt Benckiser Group plc
392,546
28,381,422
RELX plc
1,746,164
72,071,299
SSE plc
1,494,337
31,826,313
Standard Chartered plc
3,628,886
27,425,470
Taylor Wimpey plc
5,071,009
9,467,533
Tesco plc
8,521,140
30,877,372
Unilever plc
642,654
31,327,858
 
776,500,572
United States — 8.4%
CSL Ltd.
175,258
34,416,735
GSK plc
2,578,904
51,004,888
Nestle SA (Registered)
1,361,276
155,118,227
Roche Holding AG
376,964
107,327,816
Sanofi SA
188,083
18,835,669
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Schneider Electric SE
377,106
74,082,525
Stellantis NV
2,945,585
64,881,380
 
505,667,240
Total Common Stocks
(Cost $4,947,892,719)
5,844,387,228
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 5.47% (b) (c)(Cost $129,034,375)
128,967,276
129,057,553
Total Investments — 99.6%
(Cost $5,076,927,094)
5,973,444,781
Other Assets Less Liabilities — 0.4%
24,057,310
NET ASSETS — 100.0%
5,997,502,091
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
OYJ
Public Limited Company
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
 
^
Amount rounds to less than 0.1% of net assets.
*
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 January 31, 2024.
 
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
Summary of Investments by Industry, January 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
10.5
%
Pharmaceuticals
10.5
Insurance
6.0
Semiconductors & Semiconductor Equipment
4.7
Oil, Gas & Consumable Fuels
4.1
Automobiles
3.2
Textiles, Apparel & Luxury Goods
3.2
Food Products
3.1
Chemicals
2.9
Metals & Mining
2.8
Machinery
2.6
Professional Services
2.4
Capital Markets
2.4
Diversified Telecommunication Services
2.4
Beverages
2.4
Electrical Equipment
2.4
Industrial Conglomerates
1.9
Trading Companies & Distributors
1.8
Household Durables
1.7
IT Services
1.6
Aerospace & Defense
1.6
Electronic Equipment, Instruments & Components
1.5
Personal Care Products
1.5
Automobile Components
1.5
Health Care Equipment & Supplies
1.3
Real Estate Management & Development
1.2
Software
1.2
Multi-Utilities
1.2
Building Products
1.1
Electric Utilities
1.1
Consumer Staples Distribution & Retail
1.1
Construction & Engineering
1.1
Others (each less than 1.0%)
9.8
Short-Term Investments
2.2
Futures contracts outstanding as of January 31, 2024:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
SPI 200 Index
920
03/21/2024
AUD
114,058,885
5,509,714
 
Abbreviations
 
AUD
Australian Dollar
SPI
Australian Securities Exchange
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 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 Funds 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 Funds. 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
$—
$393,062,392
$—
$393,062,392
Austria
—
11,604,718
—
11,604,718
Belgium
—
28,511,630
—
28,511,630
China
19,161,474
10,754,039
—
29,915,513
Denmark
—
201,583,998
—
201,583,998
Finland
—
56,319,420
—
56,319,420
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
France
$—
$754,152,141
$—
$754,152,141
Germany
—
474,164,610
—
474,164,610
Hong Kong
—
101,641,079
—
101,641,079
Ireland
—
28,980,854
—
28,980,854
Italy
—
67,179,003
—
67,179,003
Japan
—
1,404,991,512
—
1,404,991,512
Macau
—
6,414,941
—
6,414,941
Netherlands
—
394,200,447
—
394,200,447
Singapore
5,096,152
53,426,076
—
58,522,228
South Korea
—
2,702,818
—
2,702,818
Spain
—
112,376,451
—
112,376,451
Sweden
—
150,216,383
—
150,216,383
Switzerland
—
285,679,278
—
285,679,278
United Kingdom
—
776,500,572
—
776,500,572
United States
—
505,667,240
—
505,667,240
Total Common Stocks
24,257,626
5,820,129,602
—
5,844,387,228
Short-Term Investments
Investment Companies
129,057,553
—
—
129,057,553
Total Investments in Securities
$153,315,179
$5,820,129,602
$—
$5,973,444,781
Appreciation in Other Financial Instruments
Futures Contracts
$5,509,714
$—
$—
$5,509,714
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 January 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
January 31,
2024
Shares at
January 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money
Market Fund Class IM
Shares, 5.47%  (a) (b)
$182,533,672
$311,348,420
$364,868,792
$55,695
$(11,442
)
$129,057,553
128,967,276
$1,881,717
$—
JPMorgan Securities
Lending Money Market
Fund Agency SL
Class Shares, 5.51%
 (a) (b)
12,000,000
58,500,000
70,500,000
—
—
—
—
199,394
—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.26%
 (a) (b)
1,828,971
32,915,978
34,744,949
—
—
—
—
38,572
—
Total
$196,362,643
$402,764,398
$470,113,741
$55,695
$(11,442
)
$129,057,553
$2,119,683
$—
 
 
(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 January 31, 2024.