JPMorgan Nasdaq Hedged Equity Laddered Overlay 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 Nasdaq Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 0.4%
TransDigm Group, Inc.
73
117,418
Air Freight & Logistics — 0.1%
United Parcel Service, Inc., Class B
255
21,971
Automobiles — 2.6%
Tesla, Inc. *
2,421
746,322
Beverages — 1.7%
Coca-Cola Co. (The)
4,564
309,850
Keurig Dr Pepper, Inc.
5,319
173,665
 
483,515
Biotechnology — 1.7%
AbbVie, Inc.
968
182,971
Natera, Inc. *
162
21,653
Neurocrine Biosciences, Inc. *
216
27,698
Regeneron Pharmaceuticals, Inc.
462
252,002
 
484,324
Broadline Retail — 7.2%
Alibaba Group Holding Ltd., ADR (China)
372
44,874
Amazon.com, Inc. *
7,522
1,760,976
MercadoLibre, Inc. (Brazil) *
102
242,137
 
2,047,987
Building Products — 0.2%
Trane Technologies plc
138
60,455
Capital Markets — 0.3%
Robinhood Markets, Inc., Class A *
778
80,173
Chemicals — 0.6%
Air Products and Chemicals, Inc.
434
124,940
PPG Industries, Inc.
459
48,424
 
173,364
Commercial Services & Supplies — 0.5%
Copart, Inc. *
3,202
145,147
Communications Equipment — 0.6%
Arista Networks, Inc. *
118
14,540
Motorola Solutions, Inc.
342
150,131
 
164,671
Construction Materials — 0.2%
Vulcan Materials Co.
236
64,822
Consumer Staples Distribution & Retail — 2.3%
Costco Wholesale Corp.
598
561,905
Walmart, Inc.
1,040
101,899
 
663,804
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
5,347
146,561
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electric Utilities — 1.4%
Entergy Corp.
1,366
123,527
NextEra Energy, Inc.
1,367
97,139
Southern Co. (The)
1,780
168,175
 
388,841
Electrical Equipment — 0.3%
Eaton Corp. plc
253
97,334
Electronic Equipment, Instruments & Components — 0.2%
Keysight Technologies, Inc. *
268
43,928
Entertainment — 4.3%
Netflix, Inc. *
791
917,085
Take-Two Interactive Software, Inc. *
651
144,997
Walt Disney Co. (The)
1,295
154,248
 
1,216,330
Financial Services — 0.8%
Corpay, Inc. *
207
66,871
Mastercard, Inc., Class A
306
173,340
 
240,211
Food Products — 0.9%
Mondelez International, Inc., Class A
4,102
265,358
Ground Transportation — 1.2%
Norfolk Southern Corp.
869
241,582
Uber Technologies, Inc. *
1,072
94,068
 
335,650
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories
599
75,588
Boston Scientific Corp. *
698
73,234
Stryker Corp.
164
64,408
 
213,230
Health Care Providers & Services — 0.2%
UnitedHealth Group, Inc.
171
42,675
Health Care Technology — 0.2%
Veeva Systems, Inc., Class A *
209
59,398
Hotels, Restaurants & Leisure — 3.2%
Booking Holdings, Inc.
73
401,796
Chipotle Mexican Grill, Inc., Class A *
1,960
84,045
DoorDash, Inc., Class A *
947
236,987
Hilton Worldwide Holdings, Inc.
478
128,142
McDonald's Corp.
204
61,214
 
912,184
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.
243
50,675
Industrial Conglomerates — 0.3%
3M Co.
658
98,187
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Industrial REITs — 0.2%
Prologis, Inc.
549
58,622
Interactive Media & Services — 9.4%
Alphabet, Inc., Class C
7,266
1,401,321
Meta Platforms, Inc., Class A
1,629
1,259,934
 
2,661,255
IT Services — 1.2%
Cognizant Technology Solutions Corp., Class A
2,383
171,004
Shopify, Inc., Class A (Canada) *
1,394
170,361
 
341,365
Life Sciences Tools & Services — 0.3%
Thermo Fisher Scientific, Inc.
196
91,665
Machinery — 0.3%
Deere & Co.
182
95,435
Media — 0.4%
Charter Communications, Inc., Class A *
394
106,128
Multi-Utilities — 0.4%
CMS Energy Corp.
699
51,586
Public Service Enterprise Group, Inc.
628
56,388
 
107,974
Oil, Gas & Consumable Fuels — 0.6%
Cheniere Energy, Inc.
224
52,837
ConocoPhillips
358
34,132
Exxon Mobil Corp.
868
96,903
 
183,872
Pharmaceuticals — 1.4%
Bristol-Myers Squibb Co.
1,695
73,410
Johnson & Johnson
1,567
258,148
Merck & Co., Inc.
718
56,090
 
387,648
Professional Services — 0.4%
Verisk Analytics, Inc., Class A
444
123,747
Semiconductors & Semiconductor Equipment — 24.3%
Advanced Micro Devices, Inc. *
3,121
550,263
Analog Devices, Inc.
2,101
471,948
ASML Holding NV (Registered), NYRS (Netherlands)
273
189,656
Broadcom, Inc.
5,350
1,571,295
Intel Corp.
9,262
183,388
Lam Research Corp.
3,610
342,372
Micron Technology, Inc.
2,196
239,671
NVIDIA Corp.
17,025
3,028,237
NXP Semiconductors NV (Netherlands)
1,292
276,191
Teradyne, Inc.
472
50,707
 
6,903,728
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — 18.7%
AppLovin Corp., Class A *
462
180,503
Atlassian Corp., Class A *
588
112,767
HubSpot, Inc. *
147
76,389
Intuit, Inc.
652
511,905
Microsoft Corp.
5,567
2,969,995
Oracle Corp.
546
138,558
Palantir Technologies, Inc., Class A *
2,935
464,757
Palo Alto Networks, Inc. *
1,599
277,586
Salesforce, Inc.
263
67,941
ServiceNow, Inc. *
160
150,899
Synopsys, Inc. *
498
315,468
Zoom Communications, Inc., Class A *
815
60,351
 
5,327,119
Specialty Retail — 0.9%
AutoZone, Inc. *
16
60,294
Lowe's Cos., Inc.
473
105,749
TJX Cos., Inc. (The)
685
85,303
 
251,346
Technology Hardware, Storage & Peripherals — 8.4%
Apple, Inc.
10,318
2,141,707
Seagate Technology Holdings plc
1,335
209,609
Western Digital Corp.
461
36,276
 
2,387,592
Total Common Stocks
(Cost $24,051,384)
28,392,031
 
NO. OF
CONTRACTS
Options Purchased — 1.0%
Put Options Purchased — 1.0%
Invesco QQQ Trust 1
8/29/2025 at USD 492.00, American Style
Notional Amount: USD 10,113,679
Counterparty: Exchange-Traded *
179
14,857
Invesco QQQ Trust 1
9/30/2025 at USD 525.00, American Style
Notional Amount: USD 9,153,162
Counterparty: Exchange-Traded *
162
86,670
Invesco QQQ Trust 1
10/31/2025 at USD 536.00, American Style
Notional Amount: USD 9,266,164
Counterparty: Exchange-Traded *
164
170,560
Total Put Options Purchased
(Cost $555,631)
272,087
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (a) (b)
(Cost $229,651)
229,651
229,651
Total Investments — 101.5%
(Cost $24,836,666)
28,893,769
Liabilities in Excess of Other Assets — (1.5)%
(431,621
)
NET ASSETS — 100.0%
28,462,148
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
USD
United States Dollar
 
*
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.
Written Call Options Contracts as of July 31, 2025
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
Invesco QQQ Trust 1
Exchange-Traded
179
USD
 10,113,679
USD
 552.00
8/29/2025
(381,091
)
Invesco QQQ Trust 1
Exchange-Traded
162
USD
 9,153,162
USD
 584.00
9/30/2025
(126,846
)
Invesco QQQ Trust 1
Exchange-Traded
164
USD
 9,266,164
USD
 598.00
10/31/2025
(129,068
)
 
(637,005
)
Written Put Options Contracts as of July 31, 2025
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
Invesco QQQ Trust 1
Exchange-Traded
179
USD
 10,113,679
USD
 415.00
8/29/2025
(3,222
)
Invesco QQQ Trust 1
Exchange-Traded
162
USD
 9,153,162
USD
 442.00
9/30/2025
(15,876
)
Invesco QQQ Trust 1
Exchange-Traded
164
USD
 9,266,164
USD
 455.00
10/31/2025
(41,574
)
 
 
 
 
(60,672
)
Total Written Options Contracts (Premiums Received $551,355)
(697,677
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Nasdaq Hedged Equity Laddered Overlay 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 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 open-end investment companies (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.
Options 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)
$28,893,769
$—
$—
$28,893,769
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written
(637,005
)
—
—
(637,005
)
Put Options Written
(60,672
)
—
—
(60,672
)
Total Depreciation in Other Financial Instruments
$(697,677
)
$—
$—
$(697,677
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. 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
March 26,
2025(a)
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 U.S. Government Money Market Fund
Class IM Shares, 4.26%  (b) (c)
$—
$1,226,422
$996,771
$—
$—
$229,651
229,651
$3,855
$—
 
 
(a)
Commencement of operations was March 26, 2025.
(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 July 31, 2025.