JPMorgan U.S. Quality Factor ETF
Schedule of Portfolio Investments as of July 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. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.4%
Lockheed Martin Corp.
66,705
28,081,471
Automobiles & Parts — 0.0% ^
Gentex Corp.
92,150
2,434,603
Banks — 0.2%
Commerce Bancshares, Inc.
205,755
12,592,206
Beverages — 0.3%
Monster Beverage Corp. *
364,985
21,442,869
Chemicals — 1.1%
CF Industries Holdings, Inc.
146,724
13,620,389
Linde plc
128,859
59,308,643
 
72,929,032
Construction & Materials — 1.6%
A O Smith Corp.
101,940
7,216,333
Acuity, Inc.
49,518
15,417,429
Advanced Drainage Systems, Inc.
74,630
8,563,792
Builders FirstSource, Inc. *
73,881
9,392,492
Carlisle Cos., Inc.
46,863
16,622,775
Eagle Materials, Inc.
39,294
8,813,251
EMCOR Group, Inc.
37,664
23,633,783
Louisiana-Pacific Corp.
55,885
5,052,563
Watsco, Inc.
33,337
15,030,987
 
109,743,405
Consumer Services — 1.3%
Copart, Inc. *
437,841
19,847,333
eBay, Inc.
273,296
25,074,908
Grand Canyon Education, Inc. *
78,425
13,224,808
H&R Block, Inc.
268,751
14,603,929
Rollins, Inc.
296,615
16,987,141
 
89,738,119
Electricity — 0.8%
Consolidated Edison, Inc.
149,812
15,505,542
Evergy, Inc.
152,474
10,795,159
NRG Energy, Inc.
131,397
21,969,579
OGE Energy Corp.
183,126
8,317,583
 
56,587,863
Electronic & Electrical Equipment — 0.8%
Donaldson Co., Inc.
151,087
10,873,731
IDEX Corp.
63,141
10,324,185
Keysight Technologies, Inc. *
102,520
16,804,053
Mettler-Toledo International, Inc. *
14,941
18,432,413
 
56,434,382
Finance & Credit Services — 1.3%
FactSet Research Systems, Inc.
36,694
14,784,013
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Finance & Credit Services — continued
Moody's Corp.
62,410
32,186,709
S&P Global, Inc.
76,054
41,913,359
 
88,884,081
Food Producers — 0.2%
Ingredion, Inc.
110,715
14,563,451
Gas, Water & Multi-utilities — 0.8%
National Fuel Gas Co.
178,556
15,496,875
UGI Corp.
416,521
15,069,730
WEC Energy Group, Inc.
197,242
21,515,157
 
52,081,762
General Industrials — 1.4%
GE Vernova, Inc.
87,890
58,032,888
Illinois Tool Works, Inc.
113,889
29,152,167
RPM International, Inc.
79,514
9,335,739
 
96,520,794
Health Care Providers — 0.3%
Chemed Corp.
26,589
10,962,645
DaVita, Inc. *
88,084
12,364,351
 
23,326,996
Household Goods & Home Construction — 0.3%
NVR, Inc. *
1,979
14,940,441
PulteGroup, Inc.
32,037
3,617,618
 
18,558,059
Industrial Engineering — 0.6%
Graco, Inc.
159,372
13,384,060
Lincoln Electric Holdings, Inc.
70,888
17,261,228
Snap-on, Inc.
30,031
9,645,657
 
40,290,945
Industrial Metals & Mining — 0.3%
Fastenal Co.
136,272
6,286,227
Reliance, Inc.
13,429
3,896,156
Southern Copper Corp. (Mexico)
131,202
12,353,980
 
22,536,363
Industrial Support Services — 6.6%
Accenture plc, Class A (Ireland)
162,605
43,431,795
Automatic Data Processing, Inc.
132,915
41,137,192
Cintas Corp.
135,606
30,179,115
Corpay, Inc. *
31,648
10,223,886
Jack Henry & Associates, Inc.
49,958
8,483,618
Mastercard, Inc., Class A
202,163
114,519,275
MSC Industrial Direct Co., Inc., Class A
101,430
8,785,867
Paychex, Inc.
158,009
22,805,439
Verisk Analytics, Inc., Class A
73,753
20,555,699
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Support Services — continued
Visa, Inc., Class A
378,966
130,921,384
WW Grainger, Inc.
21,487
22,336,596
 
453,379,866
Industrial Transportation — 1.2%
Allison Transmission Holdings, Inc.
144,868
13,048,261
Expeditors International of Washington, Inc.
109,744
12,756,642
Landstar System, Inc.
78,991
10,535,030
Union Pacific Corp.
186,175
41,325,265
United Parcel Service, Inc., Class B
19,696
1,697,007
 
79,362,205
Investment Banking & Brokerage Services — 4.1%
Ameriprise Financial, Inc.
47,604
24,667,917
Berkshire Hathaway, Inc., Class B *
274,268
129,421,584
Blackrock, Inc.
40,762
45,083,180
Broadridge Financial Solutions, Inc.
81,928
20,277,999
Cboe Global Markets, Inc.
72,256
17,416,586
Intercontinental Exchange, Inc.
162,215
29,982,199
Nasdaq, Inc.
26,914
2,589,665
SEI Investments Co.
183,935
16,208,352
 
285,647,482
Leisure Goods — 0.6%
Electronic Arts, Inc.
147,240
22,452,628
Pool Corp.
43,707
13,467,875
YETI Holdings, Inc. *
239,453
8,797,503
 
44,718,006
Life Insurance — 0.5%
Aflac, Inc.
237,656
23,613,500
Primerica, Inc.
34,048
9,044,170
 
32,657,670
Media — 0.7%
Fox Corp., Class A
167,887
9,361,379
New York Times Co. (The), Class A
194,066
10,070,085
Nexstar Media Group, Inc.
45,812
8,571,883
Spotify Technology SA *
32,366
20,278,594
 
48,281,941
Medical Equipment & Services — 2.5%
Abbott Laboratories
448,649
56,615,017
Agilent Technologies, Inc.
144,890
16,634,821
Bio-Techne Corp.
45,001
2,462,905
Hologic, Inc. *
197,969
13,228,289
IDEXX Laboratories, Inc. *
42,363
22,634,974
Penumbra, Inc. *
57,090
14,402,094
QIAGEN NV
114,643
5,656,486
ResMed, Inc.
85,637
23,288,126
Solventum Corp. *
33,253
2,372,934
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
STERIS plc
46,775
10,594,070
Waters Corp. *
10,679
3,083,668
 
170,973,384
Non-life Insurance — 4.3%
Allstate Corp. (The)
89,083
18,106,120
American Financial Group, Inc.
63,973
7,990,228
Aon plc, Class A
79,224
28,180,769
Arch Capital Group Ltd.
207,861
17,888,517
Arthur J Gallagher & Co.
97,831
28,101,955
Brown & Brown, Inc.
175,103
15,999,161
Chubb Ltd.
114,975
30,587,949
Fidelity National Financial, Inc.
209,893
11,844,262
Hartford Insurance Group, Inc. (The)
132,372
16,465,753
Markel Group, Inc. *
673
1,351,579
Marsh & McLennan Cos., Inc.
169,710
33,806,232
Old Republic International Corp.
140,511
5,082,283
Progressive Corp. (The)
123,942
29,998,922
RLI Corp.
100,103
6,605,797
Travelers Cos., Inc. (The)
100,318
26,106,756
WR Berkley Corp.
249,017
17,134,860
 
295,251,143
Non-Renewable Energy — 3.1%
Antero Midstream Corp.
160,895
2,952,423
Chevron Corp.
297,113
45,054,215
ConocoPhillips
236,771
22,573,747
Coterra Energy, Inc.
605,608
14,770,779
EOG Resources, Inc.
167,569
20,111,632
Exxon Mobil Corp.
886,598
98,979,801
TechnipFMC plc (United Kingdom)
277,149
10,079,909
 
214,522,506
Personal Care, Drug & Grocery Stores — 2.4%
Church & Dwight Co., Inc.
174,969
16,406,843
Clorox Co. (The)
99,643
12,511,175
Colgate-Palmolive Co.
324,401
27,201,024
Kimberly-Clark Corp.
175,058
21,815,728
Procter & Gamble Co. (The)
572,648
86,166,345
 
164,101,115
Personal Goods — 1.4%
Crocs, Inc. *
75,711
7,550,658
Deckers Outdoor Corp. *
114,549
12,161,667
Lululemon Athletica, Inc. *
79,006
15,843,073
NIKE, Inc., Class B
431,247
32,209,838
On Holding AG, Class A (Switzerland) *
172,200
8,363,754
Ralph Lauren Corp.
59,958
17,912,453
 
94,041,443
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.1%
AbbVie, Inc.
436,867
82,576,600
Amgen, Inc.
43,717
12,900,887
Bristol-Myers Squibb Co.
630,230
27,295,261
Gilead Sciences, Inc.
394,631
44,313,115
Jazz Pharmaceuticals plc *
108,136
12,395,630
Johnson & Johnson
598,805
98,647,136
Medpace Holdings, Inc. *
44,962
19,207,766
Merck & Co., Inc.
669,989
52,339,541
Regeneron Pharmaceuticals, Inc.
29,818
16,264,526
Royalty Pharma plc, Class A
360,746
13,275,453
United Therapeutics Corp. *
56,932
15,639,220
Zoetis, Inc.
179,209
26,126,880
 
420,982,015
Precious Metals & Mining — 0.1%
Royal Gold, Inc.
29,480
4,463,862
Real Estate Investment Trusts — 2.3%
American Tower Corp.
97,127
20,240,295
Camden Property Trust
57,791
6,310,777
Crown Castle, Inc.
77,332
8,126,820
CubeSmart
69,232
2,693,817
Equity LifeStyle Properties, Inc.
130,597
7,825,372
Equity Residential
80,183
5,067,566
Extra Space Storage, Inc.
57,746
7,758,752
Gaming and Leisure Properties, Inc.
90,598
4,129,457
Host Hotels & Resorts, Inc.
864,372
13,587,928
Lamar Advertising Co., Class A
126,532
15,468,537
Mid-America Apartment Communities, Inc.
94,153
13,410,212
Public Storage
73,723
20,048,233
Simon Property Group, Inc.
119,734
19,611,232
Weyerhaeuser Co.
519,941
13,024,522
 
157,303,520
Renewable Energy — 0.0% ^
Enphase Energy, Inc. *
83,453
2,700,539
Retailers — 6.2%
Best Buy Co., Inc.
119,086
7,747,735
Costco Wholesale Corp.
110,819
104,129,965
Dollar Tree, Inc. *
111,065
12,611,431
Etsy, Inc. *
261,450
15,234,691
Gap, Inc. (The)
312,445
6,080,180
Home Depot, Inc. (The)
255,994
94,080,355
Lowe's Cos., Inc.
147,115
32,890,501
O'Reilly Automotive, Inc. *
335,568
32,993,046
Ross Stores, Inc.
156,988
21,435,141
TJX Cos., Inc. (The)
353,143
43,976,898
Tractor Supply Co.
121,087
6,895,905
Ulta Beauty, Inc. *
24,001
12,360,755
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Retailers — continued
Walmart, Inc.
179,341
17,571,831
Williams-Sonoma, Inc.
102,650
19,200,682
 
427,209,116
Software & Computer Services — 23.9%
Adobe, Inc. *
127,452
45,588,306
Akamai Technologies, Inc. *
182,057
13,892,770
Alphabet, Inc., Class A
765,553
146,909,621
Amdocs Ltd.
152,929
13,054,019
AppLovin Corp., Class A *
88,958
34,755,891
Atlassian Corp., Class A *
103,414
19,832,737
Bentley Systems, Inc., Class B
305,520
17,714,050
Cadence Design Systems, Inc. *
94,979
34,626,494
CCC Intelligent Solutions Holdings, Inc. *
809,735
7,830,137
Cognizant Technology Solutions Corp., Class A
274,684
19,711,324
Crowdstrike Holdings, Inc., Class A *
81,376
36,991,088
Datadog, Inc., Class A *
178,642
25,006,307
Docusign, Inc. *
211,390
15,989,540
Dolby Laboratories, Inc., Class A
42,609
3,210,162
DoorDash, Inc., Class A *
139,727
34,966,682
DoubleVerify Holdings, Inc. *
443,800
6,799,016
Dropbox, Inc., Class A *
520,393
14,139,078
DXC Technology Co. *
342,292
4,658,594
Dynatrace, Inc. *
316,530
16,652,643
F5, Inc. *
59,280
18,579,538
Fortinet, Inc. *
272,111
27,183,889
Gartner, Inc. *
49,451
16,746,581
Gen Digital, Inc.
565,617
16,680,045
GoDaddy, Inc., Class A *
106,223
17,163,512
HubSpot, Inc. *
35,249
18,317,143
International Business Machines Corp.
93,816
23,749,520
Intuit, Inc.
77,598
60,924,518
Leidos Holdings, Inc.
63,868
10,196,526
Manhattan Associates, Inc. *
83,782
18,403,554
Match Group, Inc.
457,861
15,690,896
Meta Platforms, Inc., Class A
195,823
151,457,341
Microsoft Corp.
281,541
150,202,124
Nutanix, Inc., Class A *
241,313
18,139,498
Okta, Inc. *
97,574
9,542,737
Palantir Technologies, Inc., Class A *
570,215
90,293,545
Palo Alto Networks, Inc. *
212,147
36,828,719
Paycom Software, Inc.
65,831
15,242,510
Pegasystems, Inc.
289,632
17,004,295
Pinterest, Inc., Class A *
283,510
10,943,486
Procore Technologies, Inc. *
127,702
9,147,294
PTC, Inc. *
105,105
22,577,605
RingCentral, Inc., Class A *
485,119
12,365,683
Roper Technologies, Inc.
32,260
17,755,904
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Salesforce, Inc.
256,452
66,249,245
ServiceNow, Inc. *
58,843
55,496,010
Snowflake, Inc., Class A *
132,754
29,670,519
Synopsys, Inc. *
82,040
51,969,879
Teradata Corp. *
564,199
11,808,685
Twilio, Inc., Class A *
148,919
19,210,551
Tyler Technologies, Inc. *
32,496
18,995,862
UiPath, Inc., Class A *
638,080
7,497,440
VeriSign, Inc.
65,319
17,562,320
Workday, Inc., Class A *
69,208
15,874,931
Zoom Communications, Inc., Class A *
150,118
11,116,238
ZoomInfo Technologies, Inc. *
670,060
7,256,750
Zscaler, Inc. *
51,642
14,746,890
 
1,644,920,242
Technology Hardware & Equipment — 13.5%
Amphenol Corp., Class A
408,929
43,555,028
Analog Devices, Inc.
162,085
36,409,154
Apple, Inc.
680,682
141,289,163
Applied Materials, Inc.
240,509
43,306,051
Avnet, Inc.
90,428
4,787,258
Broadcom, Inc.
537,670
157,913,679
Cirrus Logic, Inc. *
144,152
14,517,548
GLOBALFOUNDRIES, Inc. *
181,073
6,770,319
IPG Photonics Corp. *
111,127
8,322,301
Jabil, Inc.
99,160
22,129,537
KLA Corp.
44,589
39,195,069
Lam Research Corp.
413,049
39,173,567
Lattice Semiconductor Corp. *
223,574
11,140,692
MACOM Technology Solutions Holdings, Inc. *
72,835
9,988,592
Marvell Technology, Inc.
266,132
21,389,029
Monolithic Power Systems, Inc.
30,013
21,346,446
NetApp, Inc.
96,749
10,074,473
NVIDIA Corp.
941,876
167,531,484
ON Semiconductor Corp. *
82,002
4,621,633
Pure Storage, Inc., Class A *
302,459
18,002,360
Qorvo, Inc. *
106,111
8,870,880
QUALCOMM, Inc.
327,452
48,056,855
Skyworks Solutions, Inc.
221,273
15,166,051
Teradyne, Inc.
110,514
11,872,519
Vertiv Holdings Co., Class A
156,648
22,807,949
 
928,237,637
Telecommunications Equipment — 1.4%
Cisco Systems, Inc.
1,061,966
72,298,645
Motorola Solutions, Inc.
49,097
21,552,601
 
93,851,246
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Telecommunications Service Providers — 0.7%
AT&T, Inc.
854,292
23,416,144
Verizon Communications, Inc.
624,752
26,714,395
 
50,130,539
Tobacco — 1.0%
Altria Group, Inc.
519,700
32,190,218
Philip Morris International, Inc.
225,067
36,922,241
 
69,112,459
Travel & Leisure — 4.5%
Airbnb, Inc., Class A *
151,752
20,093,482
Booking Holdings, Inc.
9,651
53,119,683
Boyd Gaming Corp.
104,683
8,887,587
Darden Restaurants, Inc.
87,089
17,563,239
Domino's Pizza, Inc.
21,168
9,805,229
Expedia Group, Inc.
107,260
19,330,397
Hilton Worldwide Holdings, Inc.
80,285
21,522,803
Madison Square Garden Sports Corp. *
58,440
11,810,724
Marriott International, Inc., Class A
102,349
27,002,737
McDonald's Corp.
191,647
57,507,515
Starbucks Corp.
342,149
30,506,005
Texas Roadhouse, Inc.
49,996
9,255,759
Wyndham Hotels & Resorts, Inc.
73,958
6,360,388
Yum! Brands, Inc.
129,825
18,714,274
 
311,479,822
Waste & Disposal Services — 1.0%
Clean Harbors, Inc. *
70,062
16,521,320
Republic Services, Inc.
97,635
22,519,513
Waste Management, Inc.
137,642
31,542,041
 
70,582,874
Total Common Stocks
(Cost $6,271,445,364)
6,870,657,033
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (a) (b)(Cost $5,073,382)
5,073,382
5,073,382
Total Investments — 99.9%
(Cost $6,276,518,746)
6,875,730,415
Other Assets in Excess of Liabilities — 0.1%
3,947,409
NET ASSETS — 100.0%
6,879,677,824
 
Percentages indicated are based on net assets.
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(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, 2025.
 
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
Futures contracts outstanding as of July 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
21
09/19/2025
USD
6,690,075
355,847
 
Abbreviations
 
USD
United States Dollar
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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.
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 (“SOI”): 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$6,875,730,415
$—
$—
$6,875,730,415
Appreciation in Other Financial Instruments
Futures Contracts (a)
$355,847
$—
$—
$355,847
 
 
(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. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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 July 31, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
July 31,
2025
Shares at
July 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 4.37%  (a) (b)
$6,177,185
$76,618,487
$82,795,672
$—
$—
$—
—
$145,690
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
4.26%  (a) (b)
4,594,496
114,290,145
113,811,259
—
—
5,073,382
5,073,382
310,009
—
Total
$10,771,681
$190,908,632
$196,606,931
$—
$—
$5,073,382
$455,699
$—
 
 
(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, 2025.