JPMorgan International Research Enhanced Equity 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 International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Australia — 7.4%
ANZ Group Holdings Ltd.
1,456,324
28,578,174
Aristocrat Leisure Ltd.
254,391
11,390,843
BHP Group Ltd.
2,561,726
64,696,998
Brambles Ltd.
1,094,723
16,748,660
Commonwealth Bank of Australia
532,993
60,510,465
Glencore plc
1,058,472
4,247,993
Goodman Group, REIT
855,007
19,116,649
Insurance Australia Group Ltd.
3,540,881
19,876,459
Macquarie Group Ltd.
207,412
28,723,542
Medibank Pvt Ltd.
8,173,190
26,713,299
National Australia Bank Ltd.
1,419,255
35,221,158
Northern Star Resources Ltd.
494,290
4,910,935
QBE Insurance Group Ltd.
2,299,471
34,110,862
Rio Tinto Ltd.
811,709
57,727,092
Rio Tinto plc
389,061
23,172,255
Santos Ltd.
5,350,340
26,922,321
Telstra Group Ltd.
5,237,521
16,692,404
Transurban Group
2,220,841
19,654,053
Wesfarmers Ltd.
354,984
19,417,464
Westpac Banking Corp.
661,051
14,272,183
Woodside Energy Group Ltd.
615,630
10,417,932
Woolworths Group Ltd.
1,107,413
22,356,563
 
565,478,304
Belgium — 0.7%
Anheuser-Busch InBev SA
335,584
19,293,626
KBC Group NV
310,661
32,403,192
 
51,696,818
China — 0.4%
Prosus NV
612,205
34,972,704
Denmark — 2.3%
Carlsberg A/S, Class B (a)
264,046
32,917,903
Danske Bank A/S
1,064,665
42,236,832
Novo Nordisk A/S, Class B
1,551,806
72,171,401
Novonesis Novozymes B (a)
473,535
30,636,565
 
177,962,701
Finland — 0.7%
Nokia OYJ
1,501,307
6,118,350
Nordea Bank Abp
3,408,088
49,760,510
 
55,878,860
France — 11.8%
Air Liquide SA
479,152
94,266,722
Airbus SE
240,699
48,393,775
AXA SA
228,266
11,086,698
BNP Paribas SA
765,269
69,775,911
Capgemini SE
303,249
45,146,643
Cie Generale des Etablissements Michelin SCA
922,067
32,803,924
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
Engie SA
3,098,531
69,649,515
EssilorLuxottica SA
56,534
16,810,642
Hermes International SCA
4,598
11,244,363
Legrand SA
567,501
83,823,789
L'Oreal SA
38,769
17,154,645
LVMH Moet Hennessy Louis Vuitton SE
122,317
65,661,242
Orange SA
2,448,526
37,244,728
Pernod Ricard SA
297,382
30,561,602
Safran SA
319,946
105,502,652
Societe Generale SA
1,188,030
75,830,261
TotalEnergies SE
513,443
30,532,147
Vinci SA
412,225
57,261,715
 
902,750,974
Germany — 10.9%
adidas AG
93,072
17,788,763
Allianz SE (Registered)
281,607
111,284,906
BASF SE
80,645
3,952,364
Bayer AG (Registered)
728,176
22,647,554
Daimler Truck Holding AG
186,971
9,095,260
Deutsche Boerse AG
39,302
11,373,504
Deutsche Post AG
971,997
43,551,046
Deutsche Telekom AG (Registered)
2,170,830
77,858,821
E.ON SE
2,519,522
45,964,273
Heidelberg Materials AG
37,749
8,708,496
Infineon Technologies AG
1,432,192
56,261,032
Mercedes-Benz Group AG
178,255
10,092,848
MTU Aero Engines AG
22,875
9,867,332
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
126,598
82,880,044
Rheinmetall AG
18,537
36,693,961
RWE AG
220,120
9,030,475
SAP SE
416,813
119,190,094
Siemens AG (Registered)
474,438
120,840,958
Siemens Energy AG *
148,168
17,154,709
Siemens Healthineers AG (a) (b)
117,439
6,325,576
Zalando SE * (b)
500,156
14,583,592
 
835,145,608
Hong Kong — 1.9%
AIA Group Ltd.
6,186,000
57,679,329
CK Asset Holdings Ltd.
2,918,844
13,374,733
Hong Kong Exchanges & Clearing Ltd.
585,200
31,670,329
Link, REIT
1,369,600
7,631,076
Prudential plc
934,299
11,852,691
Sun Hung Kai Properties Ltd.
1,242,000
14,751,823
Techtronic Industries Co. Ltd.
862,000
10,307,497
 
147,267,478
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Ireland — 0.4%
AIB Group plc
1,302,409
10,274,256
Kingspan Group plc
223,770
18,571,113
 
28,845,369
Italy — 2.6%
Enel SpA
1,346,475
11,873,612
Ferrari NV
31,290
13,720,906
FinecoBank Banca Fineco SpA
701,149
14,930,291
Prysmian SpA
726,663
58,033,862
UniCredit SpA
1,335,743
98,275,748
 
196,834,419
Japan — 21.8%
Advantest Corp.
308,500
20,514,985
Ajinomoto Co., Inc.
1,621,000
42,885,890
Asahi Group Holdings Ltd.
688,800
8,738,172
Asahi Kasei Corp.
2,162,200
15,044,067
Bridgestone Corp.
643,700
26,037,793
Daiichi Sankyo Co. Ltd.
2,056,100
50,440,101
Daikin Industries Ltd.
240,783
29,605,676
Denso Corp.
1,919,600
26,044,032
Disco Corp.
62,800
18,559,077
East Japan Railway Co.
1,091,300
23,391,123
Fast Retailing Co. Ltd.
20,200
6,161,601
Fuji Electric Co. Ltd.
626,500
31,148,467
Hitachi Ltd.
2,950,500
90,287,226
Honda Motor Co. Ltd.
1,914,200
19,817,531
Hoya Corp.
360,600
45,494,305
IHI Corp.
114,900
12,794,894
ITOCHU Corp.
1,098,900
57,640,181
Japan Post Bank Co. Ltd.
1,170,500
13,064,297
Kajima Corp.
714,600
17,901,201
Kao Corp.
488,400
21,976,280
Keyence Corp.
119,900
43,371,602
Kobe Bussan Co. Ltd.
540,800
14,401,142
Konami Group Corp.
52,100
7,073,035
Kyowa Kirin Co. Ltd.
861,200
14,700,358
Mitsubishi Corp.
747,500
14,743,237
Mitsubishi Electric Corp.
1,104,900
24,851,682
Mitsubishi UFJ Financial Group, Inc.
2,538,150
34,982,734
Mitsui & Co. Ltd.
1,841,700
37,490,830
Mitsui Fudosan Co. Ltd.
4,473,000
39,981,017
Murata Manufacturing Co. Ltd.
804,500
11,974,246
Nintendo Co. Ltd.
140,700
11,759,558
Nomura Research Institute Ltd.
624,400
24,707,789
NTT, Inc.
36,518,601
36,878,732
Obic Co. Ltd.
537,600
19,139,950
ORIX Corp.
1,330,600
29,889,327
Otsuka Corp.
339,400
6,430,671
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Pan Pacific International Holdings Corp.
916,100
30,649,286
Panasonic Holdings Corp.
998,700
9,447,023
Recruit Holdings Co. Ltd.
529,900
31,439,585
Renesas Electronics Corp.
1,663,700
20,235,688
Resona Holdings, Inc.
3,064,800
27,901,958
SCSK Corp.
609,200
18,955,205
Seven & i Holdings Co. Ltd.
881,300
11,618,349
Shin-Etsu Chemical Co. Ltd.
1,482,100
42,650,271
Shionogi & Co. Ltd.
942,500
15,762,671
SoftBank Group Corp.
182,600
13,943,146
Sony Group Corp.
3,437,275
82,677,865
Sumitomo Metal Mining Co. Ltd.
702,500
15,451,697
Sumitomo Mitsui Financial Group, Inc.
2,877,700
72,594,619
Suzuki Motor Corp.
3,637,100
39,962,905
T&D Holdings, Inc.
1,563,400
38,176,255
Takeda Pharmaceutical Co. Ltd.
1,135,700
31,197,441
Terumo Corp.
1,913,800
32,452,819
Tokio Marine Holdings, Inc.
1,620,300
65,059,782
Tokyo Electron Ltd.
299,900
47,677,756
Toyota Industries Corp.
91,500
9,784,336
Toyota Motor Corp.
3,646,500
64,862,516
 
1,672,423,982
Macau — 0.1%
Sands China Ltd.
3,023,200
7,318,468
Netherlands — 4.1%
Adyen NV * (b)
13,161
22,573,117
ASML Holding NV
217,317
150,616,687
Heineken NV
413,819
32,481,373
Koninklijke Ahold Delhaize NV
483,516
19,097,167
Koninklijke KPN NV
9,888,716
44,177,871
NN Group NV
443,529
29,865,331
Wolters Kluwer NV
85,337
13,292,006
 
312,103,552
New Zealand — 0.1%
Xero Ltd. *
61,942
7,133,280
Norway — 0.2%
Equinor ASA
474,448
12,187,422
Singapore — 1.6%
DBS Group Holdings Ltd.
1,606,131
58,952,216
Oversea-Chinese Banking Corp. Ltd.
836,700
10,842,935
Sea Ltd., ADR *
225,619
35,343,216
United Overseas Bank Ltd.
638,700
17,744,834
 
122,883,201
Spain — 2.9%
Banco Bilbao Vizcaya Argentaria SA
1,782,720
29,732,682
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Spain — continued
Banco Santander SA
12,380,855
106,361,346
Iberdrola SA
3,369,420
59,222,072
Industria de Diseno Textil SA
526,656
25,156,817
 
220,472,917
Sweden — 1.9%
Atlas Copco AB, Class A
5,014,286
76,359,488
Volvo AB, Class B
2,474,341
71,062,587
 
147,422,075
Switzerland — 3.6%
ABB Ltd. (Registered)
141,834
9,261,493
Cie Financiere Richemont SA (Registered)
384,786
62,826,445
Givaudan SA (Registered)
2,353
9,836,364
Lonza Group AG (Registered)
96,165
67,024,027
Sandoz Group AG
534,137
30,546,724
SGS SA (Registered)
120,254
12,219,418
UBS Group AG (Registered)
1,207,357
44,870,243
Zurich Insurance Group AG
62,745
42,798,783
 
279,383,497
United Kingdom — 14.0%
3i Group plc
1,341,531
73,304,164
AstraZeneca plc
1,001,748
146,146,689
BAE Systems plc
1,252,304
29,880,777
Barclays plc
18,968,051
92,716,227
British American Tobacco plc
739,949
39,644,511
Compass Group plc
873,040
30,678,167
DCC plc
73,409
4,597,682
Diageo plc
676,960
16,407,859
HSBC Holdings plc
6,974,417
84,969,134
InterContinental Hotels Group plc
311,946
35,886,329
Lloyds Banking Group plc
15,651,569
16,049,876
London Stock Exchange Group plc
313,794
38,249,949
National Grid plc
4,159,442
58,448,830
NatWest Group plc
6,029,694
41,855,622
Next plc
106,489
17,285,403
Reckitt Benckiser Group plc
338,005
25,332,053
RELX plc
1,902,871
98,875,248
Rolls-Royce Holdings plc
1,854,553
26,321,635
Sage Group plc (The)
1,786,290
28,681,833
SSE plc
2,262,059
55,448,143
Standard Chartered plc
576,071
10,327,212
Tesco plc
10,313,716
57,946,804
Unilever plc
777,688
45,459,464
 
1,074,513,611
United States — 9.8%
BP plc
6,554,304
35,132,927
CSL Ltd.
180,668
31,252,718
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Ferrovial SE
740,649
37,967,866
GSK plc
1,345,445
24,748,113
Haleon plc
1,543,222
7,238,750
Nestle SA (Registered)
1,541,046
134,652,101
Novartis AG (Registered)
759,196
86,462,616
Roche Holding AG
280,390
87,502,156
Sanofi SA
746,102
66,978,137
Schneider Electric SE
224,500
58,099,123
Shell plc
4,152,441
149,210,185
Spotify Technology SA *
37,281
23,358,038
Stellantis NV
809,574
7,144,578
 
749,747,308
Total Common Stocks
(Cost $6,393,443,033)
7,602,422,548
Short-Term Investments — 0.6%
Investment Companies — 0.5%
JPMorgan Prime Money Market Fund Class IM Shares, 4.37% (c) (d)
(Cost $34,986,759)
34,981,859
34,985,358
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (c) (d)(Cost $7,752,727)
7,752,727
7,752,727
Total Short-Term Investments
(Cost $42,739,486)
42,738,085
Total Investments — 99.8%
(Cost $6,436,182,519)
7,645,160,633
Other Assets in Excess of Liabilities — 0.2%
18,016,714
NET ASSETS — 100.0%
7,663,177,347
 
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
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at July 31, 2025. The total value of securities on loan at July 31, 2025 is $7,118,970.
(b)
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.
(c)
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.
(d)
The rate shown is the current yield as of July 31, 2025.
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
Summary of Investments by Industry, July 31, 2025
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
15.0
%
Pharmaceuticals
8.6
Insurance
7.0
Semiconductors & Semiconductor Equipment
4.1
Electrical Equipment
3.7
Oil, Gas & Consumable Fuels
3.5
Aerospace & Defense
3.4
Capital Markets
3.0
Industrial Conglomerates
2.8
Diversified Telecommunication Services
2.8
Chemicals
2.6
Machinery
2.5
Food Products
2.3
Multi-Utilities
2.3
Metals & Mining
2.2
Textiles, Apparel & Luxury Goods
2.1
Professional Services
2.0
Automobiles
2.0
Software
2.0
Beverages
1.8
Electric Utilities
1.7
Consumer Staples Distribution & Retail
1.6
IT Services
1.5
Construction & Engineering
1.5
Trading Companies & Distributors
1.4
Broadline Retail
1.3
Health Care Equipment & Supplies
1.3
Household Durables
1.2
Hotels, Restaurants & Leisure
1.1
Automobile Components
1.1
Personal Care Products
1.1
Entertainment
1.0
Others (each less than 1.0%)
7.9
Short-Term Investments
0.6
JPMorgan International Research Enhanced Equity 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. 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.
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
$—
$565,478,304
$—
$565,478,304
Belgium
—
51,696,818
—
51,696,818
China
—
34,972,704
—
34,972,704
Denmark
—
177,962,701
—
177,962,701
Finland
—
55,878,860
—
55,878,860
France
—
902,750,974
—
902,750,974
Germany
—
835,145,608
—
835,145,608
Hong Kong
—
147,267,478
—
147,267,478
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Ireland
$—
$28,845,369
$—
$28,845,369
Italy
—
196,834,419
—
196,834,419
Japan
—
1,672,423,982
—
1,672,423,982
Macau
—
7,318,468
—
7,318,468
Netherlands
—
312,103,552
—
312,103,552
New Zealand
—
7,133,280
—
7,133,280
Norway
—
12,187,422
—
12,187,422
Singapore
35,343,216
87,539,985
—
122,883,201
Spain
—
220,472,917
—
220,472,917
Sweden
—
147,422,075
—
147,422,075
Switzerland
—
279,383,497
—
279,383,497
United Kingdom
—
1,074,513,611
—
1,074,513,611
United States
23,358,038
726,389,270
—
749,747,308
Total Common Stocks
58,701,254
7,543,721,294
—
7,602,422,548
Short-Term Investments
Investment Companies
34,985,358
—
—
34,985,358
Investment of Cash Collateral from Securities
Loaned
7,752,727
—
—
7,752,727
Total Short-Term Investments
42,738,085
—
—
42,738,085
Total Investments in Securities
$101,439,339
$7,543,721,294
$—
$7,645,160,633
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, 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 Prime Money Market
Fund Class IM Shares,
4.37%  (a) (b)
$29,218,490
$527,260,738
$521,483,737
$(2,157
)
$(7,976
)
$34,985,358
34,981,859
$1,483,711
$—
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 4.37%
 (a) (b)
—
377,091,491
369,338,764
—
—
7,752,727
7,752,727
762,829
—
Total
$29,218,490
$904,352,229
$890,822,501
$(2,157
)
$(7,976
)
$42,738,085
$2,246,540
$—
 
 
(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.