JPMorgan U.S. Tech Leaders ETF
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.6%
Automobiles — 1.3%
Tesla, Inc. *
64,271
16,656,472
Banks — 1.8%
NU Holdings Ltd., Class A (Brazil) *
2,220,136
22,734,192
Broadline Retail — 8.8%
Alibaba Group Holding Ltd., ADR (China)
345,657
45,706,225
Amazon.com, Inc. *
217,740
41,427,212
MercadoLibre, Inc. (Brazil) *
12,627
24,633,636
 
111,767,073
Capital Markets — 2.1%
Robinhood Markets, Inc., Class A *
645,316
26,858,052
Communications Equipment — 2.2%
Arista Networks, Inc. *
216,972
16,810,990
Ciena Corp. *
177,304
10,714,481
 
27,525,471
Electrical Equipment — 0.9%
Vicor Corp. *
245,941
11,505,120
Entertainment — 12.9%
Netflix, Inc. *
63,208
58,943,356
Sea Ltd., ADR (Singapore) *
215,510
28,121,900
Spotify Technology SA *
44,681
24,575,891
Take-Two Interactive Software, Inc. *
254,161
52,674,867
 
164,316,014
Ground Transportation — 1.7%
Uber Technologies, Inc. *
296,293
21,587,908
Health Care Technology — 2.1%
Veeva Systems, Inc., Class A *
116,871
27,070,830
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc.
5,165
23,794,690
Insurance — 0.4%
Lemonade, Inc. * (a)
141,711
4,453,977
Interactive Media & Services — 7.9%
Alphabet, Inc., Class C
202,962
31,708,753
Meta Platforms, Inc., Class A
108,815
62,716,614
Reddit, Inc., Class A *
58,529
6,139,692
 
100,565,059
IT Services — 9.9%
Cloudflare, Inc., Class A *
27,924
3,146,756
International Business Machines Corp.
42,066
10,460,132
MongoDB, Inc. *
81,246
14,250,548
Shopify, Inc., Class A (Canada) *
384,178
36,681,315
Snowflake, Inc., Class A *
291,939
42,669,804
Twilio, Inc., Class A *
194,093
19,003,646
 
126,212,201
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — 0.6%
Tempus AI, Inc. * (a)
159,650
7,701,516
Media — 1.2%
Trade Desk, Inc. (The), Class A *
273,196
14,949,285
Semiconductors & Semiconductor Equipment — 14.5%
Allegro MicroSystems, Inc. (Japan) *
287,475
7,224,247
ASML Holding NV (Registered), NYRS (Netherlands)
7,616
5,046,590
Broadcom, Inc.
156,453
26,194,926
Credo Technology Group Holding Ltd. *
204,692
8,220,431
Intel Corp.
1,299,215
29,505,173
Lam Research Corp.
312,517
22,719,986
MACOM Technology Solutions Holdings, Inc. *
36,566
3,670,495
Micron Technology, Inc.
110,677
9,616,724
NVIDIA Corp.
157,447
17,064,106
Onto Innovation, Inc. *
93,630
11,361,064
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)
187,220
31,078,520
Texas Instruments, Inc.
66,225
11,900,632
 
183,602,894
Software — 25.6%
AppLovin Corp., Class A *
10,729
2,842,863
Atlassian Corp., Class A *
113,624
24,112,149
Cadence Design Systems, Inc. *
15,914
4,047,408
Confluent, Inc., Class A *
628,593
14,734,220
Crowdstrike Holdings, Inc., Class A *
36,288
12,794,423
Datadog, Inc., Class A *
124,193
12,321,187
Elastic NV *
158,851
14,153,624
Gitlab, Inc., Class A *
352,174
16,552,178
Guidewire Software, Inc. *
53,994
10,116,316
HubSpot, Inc. *
46,316
26,459,868
Intuit, Inc.
60,216
36,972,022
Monday.com Ltd. *
29,592
7,195,591
Oracle Corp.
230,773
32,264,373
Palo Alto Networks, Inc. *
100,824
17,204,607
Procore Technologies, Inc. *
198,563
13,109,129
ServiceNow, Inc. *
50,500
40,205,070
Synopsys, Inc. *
38,476
16,500,433
Zoom Communications, Inc. *
320,559
23,647,637
 
325,233,098
Specialized REITs — 0.7%
SBA Communications Corp.
42,082
9,258,461
Technology Hardware, Storage & Peripherals — 1.1%
Sandisk Corp. *
85,662
4,078,368
Western Digital Corp. *
260,296
10,523,767
 
14,602,135
Total Common Stocks
(Cost $1,259,726,285)
1,240,394,448
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 3.3%
Investment Companies — 2.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (b) (c)
(Cost $29,461,850)
29,461,850
29,461,850
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $11,664,704)
11,664,704
11,664,704
Total Short-Term Investments
(Cost $41,126,554)
41,126,554
Total Investments — 100.9%
(Cost $1,300,852,839)
1,281,521,002
Liabilities in Excess of Other Assets — (0.9)%
(10,901,523
)
NET ASSETS — 100.0%
1,270,619,479
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at March 31, 2025. The total value of securities on loan at March 31, 2025 is $11,353,109.
(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 March 31, 2025.
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Securities and Exchange Commission 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.
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
Total Investments in Securities (a)
$1,281,521,002
$—
$—
$1,281,521,002
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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.
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
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 March 31, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 4.38%  (a) (b)
$—
$52,677,824
$41,013,120
$—
$—
$11,664,704
11,664,704
$126,127
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
4.31%  (a) (b)
1,211,550
2,879,081
4,090,631
—
—
—
—
8,056
—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
4.31%  (a) (b)
6,303,772
202,427,743
179,269,665
—
—
29,461,850
29,461,850
516,086
—
Total
$7,515,322
$257,984,648
$224,373,416
$—
$—
$41,126,554
$650,269
$—
 
 
(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 March 31, 2025.