NPORT-EX 2 JPMIVETF.htm NPORT PART F EDGAR HTML
JPMorgan International Value 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 Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.3%
Australia — 5.0%
BHP Group Ltd.
4,509
137,948
BlueScope Steel Ltd.
2,945
44,965
Coronado Global Resources, Inc., CHDI (a)
31,236
33,225
Glencore plc
14,063
74,407
JB Hi-Fi Ltd.
962
35,789
Perseus Mining Ltd.
30,296
35,674
Qantas Airways Ltd. *
5,402
19,476
QBE Insurance Group Ltd.
1,829
18,832
Rio Tinto plc
1,880
130,133
Stanmore Resources Ltd.
7,353
18,869
Ventia Services Group Pty. Ltd.
17,538
37,627
Whitehaven Coal Ltd.
7,042
38,497
 
625,442
Austria — 1.4%
ANDRITZ AG
293
18,038
Erste Group Bank AG
1,258
54,193
OMV AG
850
37,835
Telekom Austria AG
4,150
36,148
Vienna Insurance Group AG Wiener Versicherung Gruppe
1,237
34,962
 
181,176
Belgium — 0.5%
Ageas SA
962
41,339
Proximus SADP
1,918
18,201
 
59,540
Brazil — 2.1%
Banco do Brasil SA
4,070
46,447
Cia de Saneamento de Minas Gerais Copasa MG
7,944
34,169
Gerdau SA (Preference)
5,528
23,509
Petroleo Brasileiro SA (Preference)
13,269
109,138
Vale SA
4,020
55,167
 
268,430
Canada — 4.7%
Air Canada *
1,448
19,623
ARC Resources Ltd.
1,543
23,964
Canadian Natural Resources Ltd.
288
18,431
CI Financial Corp.
2,726
33,253
Dundee Precious Metals, Inc.
5,519
35,344
EQB, Inc.
548
37,630
Fairfax Financial Holdings Ltd.
51
53,163
First Capital REIT, REIT
1,621
19,062
Manulife Financial Corp.
3,481
76,950
NuVista Energy Ltd. *
3,561
27,599
Quebecor, Inc., Class B
1,550
37,688
Russel Metals, Inc.
1,185
38,861
SmartCentres REIT, REIT
1,942
35,620
Suncor Energy, Inc.
2,189
72,486
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Canada — continued
Teck Resources Ltd., Class B
800
32,019
Whitecap Resources, Inc.
4,016
25,988
 
587,681
China — 8.0%
Agricultural Bank of China Ltd., Class H
127,000
49,173
Alibaba Group Holding Ltd.
18,900
169,514
Bank of Communications Co. Ltd., Class H
44,000
26,031
China CITIC Bank Corp. Ltd., Class H
49,000
24,285
China Coal Energy Co. Ltd., Class H
41,000
45,025
China Construction Bank Corp., Class H
150,000
89,080
China Feihe Ltd. (a)
59,000
27,030
China Merchants Bank Co. Ltd., Class H
10,500
38,277
China Pacific Insurance Group Co. Ltd., Class H
17,000
31,280
China Resources Pharmaceutical Group Ltd. (a)
52,500
32,010
CSPC Pharmaceutical Group Ltd.
50,000
36,784
Industrial & Commercial Bank of China Ltd., Class H
112,000
54,559
JD.com, Inc., Class A
2,000
22,552
Jiangxi Copper Co. Ltd., Class H
21,000
29,369
Kunlun Energy Co. Ltd.
46,000
41,211
Lenovo Group Ltd.
30,000
31,412
Livzon Pharmaceutical Group, Inc., Class H
11,000
33,486
People's Insurance Co. Group of China Ltd. (The), Class H
105,000
32,642
PetroChina Co. Ltd., Class H
68,000
49,189
PICC Property & Casualty Co. Ltd., Class H
26,000
32,340
Ping An Insurance Group Co. of China Ltd., Class H
11,500
48,341
Sinotruk Hong Kong Ltd.
18,000
40,881
Yangzijiang Shipbuilding Holdings Ltd.
16,000
19,975
 
1,004,446
Denmark — 1.3%
AP Moller - Maersk A/S, Class B
7
12,907
D/S Norden A/S
677
36,427
Danske Bank A/S
1,853
49,756
Jyske Bank A/S (Registered)
476
36,460
Sydbank A/S
705
31,287
 
166,837
Finland — 1.3%
Fortum OYJ
2,937
40,149
Nordea Bank Abp
6,046
74,510
UPM-Kymmene OYJ
1,318
47,939
 
162,598
France — 5.9%
AXA SA
2,414
81,027
BNP Paribas SA
1,487
99,903
Cie de Saint-Gobain SA
738
52,181
Credit Agricole SA
2,458
35,210
Eiffage SA
384
40,178
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
Engie SA
3,784
60,440
Eurazeo SE
268
22,828
Renault SA
1,000
37,660
SCOR SE
1,096
32,695
TotalEnergies SE
2,592
168,158
Trigano SA
121
19,060
Unibail-Rodamco-Westfield, REIT *
377
26,995
Vallourec SA *
2,234
31,960
Vicat SACA
973
37,855
 
746,150
Germany — 5.2%
Allianz SE (Registered)
482
128,779
Bayerische Motoren Werke AG
642
66,802
Commerzbank AG
4,164
47,818
Deutsche Bank AG (Registered)
4,469
57,729
Deutsche Lufthansa AG (Registered) *
2,629
21,861
Deutsche Telekom AG (Registered)
4,499
110,441
E.ON SE
3,632
49,138
Fresenius SE & Co. KGaA
1,496
41,997
KION Group AG
176
8,030
LEG Immobilien SE *
309
25,641
RWE AG
414
15,287
SAF-Holland SE
1,129
18,230
Schaeffler AG (Preference)
5,810
36,715
TUI AG *
3,378
23,283
 
651,751
Greece — 0.5%
Hellenic Telecommunications Organization SA
2,405
33,393
National Bank of Greece SA *
3,391
25,782
 
59,175
Hong Kong — 0.7%
Bank of East Asia Ltd. (The)
25,200
28,656
Pacific Basin Shipping Ltd.
122,000
33,960
United Laboratories International Holdings Ltd. (The)
36,000
31,120
 
93,736
Hungary — 0.3%
OTP Bank Nyrt.
884
40,955
India — 0.4%
State Bank of India, GDR (a)
590
45,575
Indonesia — 0.2%
United Tractors Tbk. PT
20,700
30,069
Ireland — 1.3%
AerCap Holdings NV *
458
35,064
AIB Group plc
3,562
15,646
Bank of Ireland Group plc
4,015
36,922
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Ireland — continued
Cairn Homes plc
12,817
19,665
Glenveagh Properties plc * (a)
14,476
19,180
Greencore Group plc *
27,845
36,135
 
162,612
Italy — 4.6%
Assicurazioni Generali SpA
2,553
56,949
BFF Bank SpA (a)
1,712
18,501
BPER Banca
10,456
37,713
Danieli & C Officine Meccaniche SpA
1,110
37,727
Eni SpA
4,219
67,256
Intesa Sanpaolo SpA
26,454
81,513
Mediobanca Banca di Credito Finanziario SpA
1,975
26,157
MFE-MediaForEurope NV, Class B
10,571
38,191
Pirelli & C SpA (a)
3,600
19,510
Saipem SpA *
11,504
16,502
Saras SpA
19,643
33,258
UniCredit SpA
2,358
69,071
Unipol Gruppo SpA
6,217
38,605
Webuild SpA
17,356
36,506
 
577,459
Japan — 17.9%
ANA Holdings, Inc. *
1,000
22,098
Cosmo Energy Holdings Co. Ltd.
900
37,380
Credit Saison Co. Ltd.
1,200
22,274
ENEOS Holdings, Inc.
7,400
29,885
Fujikura Ltd.
4,000
32,882
Fukuyama Transporting Co. Ltd.
600
16,594
Gunma Bank Ltd. (The)
6,900
34,025
Hitachi Ltd.
1,000
78,550
Hitachi Zosen Corp.
5,700
35,171
Honda Motor Co. Ltd.
7,300
81,600
Inpex Corp.
3,200
43,496
Isuzu Motors Ltd.
3,200
43,664
ITOCHU Corp.
1,600
72,615
Japan Airlines Co. Ltd.
1,100
21,137
Japan Petroleum Exploration Co. Ltd.
900
36,610
Japan Tobacco, Inc.
1,900
50,079
JFE Holdings, Inc.
2,500
39,472
Marubeni Corp.
3,400
57,993
Mazda Motor Corp.
3,500
42,432
Mitsubishi Chemical Group Corp.
6,900
41,605
Mitsubishi Corp.
5,100
87,898
Mitsubishi Motors Corp.
8,600
27,099
Mitsubishi UFJ Financial Group, Inc.
14,100
132,068
Mitsui & Co. Ltd.
1,400
56,780
Mitsui Fudosan Co. Ltd.
1,600
40,166
Mizuho Financial Group, Inc.
4,100
74,463
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
MS&AD Insurance Group Holdings, Inc.
900
37,165
Nippon Steel Corp.
2,100
50,536
Nissan Motor Co. Ltd.
8,700
34,155
Niterra Co. Ltd.
1,400
37,700
ORIX Corp.
2,800
54,066
Panasonic Holdings Corp.
3,100
29,198
Sankyo Co. Ltd.
600
36,700
SBI Holdings, Inc.
1,700
41,762
SBI Sumishin Net Bank Ltd.
1,600
18,440
Sekisui House Ltd.
1,400
31,604
Shimamura Co. Ltd.
200
21,942
SKY Perfect JSAT Holdings, Inc.
7,400
38,941
Sojitz Corp.
1,500
35,402
Subaru Corp.
2,300
45,883
Sumitomo Corp.
2,500
57,495
Sumitomo Electric Industries Ltd.
2,100
27,912
Sumitomo Mitsui Financial Group, Inc.
1,800
93,624
Sumitomo Realty & Development Co. Ltd.
1,500
47,174
Suzuki Motor Corp.
800
35,935
Toho Gas Co. Ltd.
900
18,081
Tokyo Gas Co. Ltd.
1,500
34,458
Tokyo Steel Manufacturing Co. Ltd.
2,900
35,027
Tokyo Tatemono Co. Ltd.
1,200
18,494
Toyota Boshoku Corp.
1,700
28,012
Toyota Tsusho Corp.
700
45,872
Tsubakimoto Chain Co.
1,200
34,705
 
2,248,319
Mexico — 0.4%
Grupo Mexico SAB de CV
8,546
44,052
Netherlands — 3.5%
Aegon Ltd.
4,751
28,028
ASR Nederland NV
549
25,872
ING Groep NV
4,560
64,791
Koninklijke Heijmans N.V., CVA
1,373
19,864
NN Group NV
1,182
48,448
OCI NV
765
21,852
Shell plc
7,332
227,309
 
436,164
Norway — 1.5%
Aker Solutions ASA
7,954
29,502
DNB Bank ASA
1,868
36,313
Equinor ASA
1,844
52,770
Hoegh Autoliners ASA
3,843
38,696
Norwegian Air Shuttle ASA *
18,967
23,222
Wallenius Wilhelmsen ASA
818
7,952
 
188,455
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Poland — 0.4%
ORLEN SA
2,895
45,140
Singapore — 1.3%
DBS Group Holdings Ltd.
1,500
35,528
Hafnia Ltd.
4,011
29,168
Oversea-Chinese Banking Corp. Ltd.
5,100
48,783
United Overseas Bank Ltd.
2,200
46,373
 
159,852
South Africa — 1.7%
Absa Group Ltd.
4,345
37,939
Kumba Iron Ore Ltd.
999
29,508
Mr Price Group Ltd.
4,540
41,548
MTN Group Ltd.
6,976
35,598
Nedbank Group Ltd.
3,477
40,392
Sibanye Stillwater Ltd.
24,977
30,101
 
215,086
South Korea — 6.4%
DB Insurance Co. Ltd. *
352
23,220
Doosan Bobcat, Inc.
861
32,790
Hana Financial Group, Inc.
1,402
50,132
Hankook Tire & Technology Co. Ltd. *
1,169
44,742
Hyundai Glovis Co. Ltd. *
270
35,354
Hyundai Marine & Fire Insurance Co. Ltd. *
1,446
36,726
Hyundai Mobis Co. Ltd.
185
28,999
Hyundai Motor Co.
306
44,508
KB Financial Group, Inc.
1,147
48,676
Kia Corp. *
806
61,910
Korean Air Lines Co. Ltd. *
2,222
37,358
KT Corp. *
797
21,111
Kumho Petrochemical Co. Ltd. *
361
33,663
LG Uplus Corp.
2,419
18,521
Samsung Electronics Co. Ltd.
3,247
176,432
Samsung Fire & Marine Insurance Co. Ltd. *
206
40,763
Samsung Life Insurance Co. Ltd.
605
31,439
SK Telecom Co. Ltd.
950
35,719
 
802,063
Spain — 2.7%
Banco Bilbao Vizcaya Argentaria SA
9,822
91,929
Banco de Sabadell SA
28,426
36,895
Banco Santander SA
23,852
95,863
CaixaBank SA
8,085
34,474
Grupo Catalana Occidente SA
1,036
37,133
Repsol SA
3,218
47,524
 
343,818
Sweden — 1.9%
Betsson AB, Class B *
2,471
26,892
NCC AB, Class B
1,510
19,283
JPMorgan International Value 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
4,365
61,992
SSAB AB, Class B
5,159
39,407
Svenska Handelsbanken AB, Class A
3,346
36,071
Swedbank AB, Class A
2,682
54,654
 
238,299
Switzerland — 3.8%
Adecco Group AG (Registered)
914
39,524
Aryzta AG *
8,883
15,944
Novartis AG (Registered)
2,276
235,370
Sandoz Group AG *
1,239
42,491
UBS Group AG (Registered)
1,784
53,400
Zurich Insurance Group AG
187
95,013
 
481,742
Taiwan — 3.2%
ASE Technology Holding Co. Ltd.
12,000
51,885
Compeq Manufacturing Co. Ltd.
15,000
33,269
Globalwafers Co. Ltd.
2,000
36,949
Hon Hai Precision Industry Co. Ltd.
21,000
68,696
Pegatron Corp.
16,000
42,179
Powertech Technology, Inc.
9,000
41,784
Sercomm Corp.
9,000
37,280
Unimicron Technology Corp.
6,000
33,662
United Microelectronics Corp.
33,000
51,403
 
397,107
Thailand — 0.7%
Bangchak Corp. PCL, NVDR
20,600
24,346
Krung Thai Bank PCL, NVDR
71,500
32,047
PTT Exploration & Production PCL, NVDR
6,500
27,432
 
83,825
Turkey — 0.2%
Tofas Turk Otomobil Fabrikasi A/S
3,166
25,682
United Arab Emirates — 0.5%
Emaar Properties PJSC
15,810
31,966
Emirates NBD Bank PJSC
5,517
26,586
 
58,552
United Kingdom — 6.0%
3i Group plc
2,228
69,748
BP plc
21,315
124,489
Centrica plc
22,411
39,220
Currys plc *
31,452
19,722
Derwent London plc, REIT
1,078
29,054
Direct Line Insurance Group plc *
17,963
38,332
Future plc
2,317
20,763
Harbour Energy plc
4,995
17,556
HSBC Holdings plc
17,705
138,235
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — continued
International Consolidated Airlines Group SA *
8,865
16,549
Investec plc
5,751
37,442
JD Sports Fashion plc
9,363
13,836
Kier Group plc *
13,230
21,427
Lloyds Banking Group plc
122,610
65,726
Marks & Spencer Group plc
5,608
17,521
Paragon Banking Group plc
2,962
26,381
Shaftesbury Capital plc, REIT
12,503
21,063
Vodafone Group plc
47,089
40,032
 
757,096
United States — 2.8%
GSK plc
5,104
100,946
Holcim AG
1,012
77,295
Roche Holding AG
297
84,561
Stellantis NV
3,807
83,855
 
346,657
Total Common Stocks
(Cost $11,809,901)
12,335,541
Exchange-Traded Funds — 1.5%
United States — 1.5%
iShares MSCI India ETF(Cost $174,886)
3,759
187,536
Total Investments — 99.8%
(Cost $11,984,787)
12,523,077
Other Assets Less Liabilities — 0.2%
24,105
NET ASSETS — 100.0%
12,547,182
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CHDI
Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA
Certificaten Van Aandelen (Dutch Certificate)
ETF
Exchange Traded Fund
GDR
Global Depositary Receipt
NVDR
Non-Voting Depositary Receipt
OYJ
Public Limited Company
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference
shares may also have liquidation preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
 
*
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.
JPMorgan International Value 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
21.1
%
Oil, Gas & Consumable Fuels
11.9
Insurance
9.2
Metals & Mining
7.3
Automobiles
5.2
Pharmaceuticals
4.8
Trading Companies & Distributors
3.9
Capital Markets
2.3
Diversified Telecommunication Services
2.2
Technology Hardware, Storage & Peripherals
2.0
Automobile Components
1.9
Machinery
1.8
Broadline Retail
1.5
U.S. Equity
1.5
Semiconductors & Semiconductor Equipment
1.5
Passenger Airlines
1.5
Construction & Engineering
1.4
Real Estate Management & Development
1.3
Multi-Utilities
1.2
Electronic Equipment, Instruments & Components
1.1
Specialty Retail
1.1
Marine Transportation
1.0
Financial Services
1.0
Others (each less than 1.0%)
12.3
JPMorgan International Value 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 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 the Underlying Funds are valued at each Underlying Fund’s net asset value (“NAV”) per unit as of the report date.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“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: 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$625,442
$—
$625,442
Austria
36,148
145,028
—
181,176
Belgium
—
59,540
—
59,540
Brazil
268,430
—
—
268,430
Canada
587,681
—
—
587,681
China
—
1,004,446
—
1,004,446
JPMorgan International Value 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
Denmark
$—
$166,837
$—
$166,837
Finland
—
162,598
—
162,598
France
—
746,150
—
746,150
Germany
—
651,751
—
651,751
Greece
—
59,175
—
59,175
Hong Kong
—
93,736
—
93,736
Hungary
40,955
—
—
40,955
India
—
45,575
—
45,575
Indonesia
—
30,069
—
30,069
Ireland
90,379
72,233
—
162,612
Italy
75,918
501,541
—
577,459
Japan
—
2,248,319
—
2,248,319
Mexico
44,052
—
—
44,052
Netherlands
—
436,164
—
436,164
Norway
38,696
149,759
—
188,455
Poland
—
45,140
—
45,140
Singapore
—
159,852
—
159,852
South Africa
147,046
68,040
—
215,086
South Korea
—
802,063
—
802,063
Spain
—
343,818
—
343,818
Sweden
—
238,299
—
238,299
Switzerland
—
481,742
—
481,742
Taiwan
—
397,107
—
397,107
Thailand
—
83,825
—
83,825
Turkey
—
25,682
—
25,682
United Arab Emirates
26,586
31,966
—
58,552
United Kingdom
41,149
715,947
—
757,096
United States
—
346,657
—
346,657
Total Common Stocks
1,397,040
10,938,501
—
12,335,541
Exchange-Traded Funds
187,536
—
—
187,536
Total Investments in Securities
$1,584,576
$10,938,501
$—
$12,523,077
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)
$—
$168,581
$168,581
$—
$—
$—
—
$53
$—
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)
 
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 U.S. Government Money Market Fund
Class IM Shares, 5.26%  (a) (b)
$—
$116,813
$116,813
$—
$—
$—
—
$618
$—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.26%  (a) (b)
336,217
369,767
705,984
—
—
—
—
972
—
Total
$336,217
$655,161
$991,378
$—
$—
$—
$1,643
$—
 
 
(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.