JPMorgan Diversified Return U.S. Small Cap 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 Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.9%
Aerospace & Defense — 0.2%
Moog, Inc., Class A
3,729
721,860
National Presto Industries, Inc.
2,927
282,309
 
1,004,169
Automobiles & Parts — 0.4%
Dorman Products, Inc. *
3,717
448,344
Phinia, Inc.
33,174
1,681,922
 
2,130,266
Banks — 5.5%
1st Source Corp.
6,207
371,303
Ameris Bancorp
23,256
1,589,548
Axos Financial, Inc. *
18,293
1,579,601
BancFirst Corp.
1,781
221,770
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
31,236
1,421,550
Cathay General Bancorp
22,559
1,020,118
City Holding Co.
2,714
331,379
Community Trust Bancorp, Inc.
5,898
318,374
First BanCorp (Puerto Rico)
43,488
905,855
First Busey Corp.
11,842
264,313
First Commonwealth Financial Corp.
23,288
384,485
First Financial Bancorp
25,757
624,350
First Financial Corp.
5,131
274,765
First Merchants Corp.
9,346
356,270
Fulton Financial Corp.
46,466
834,065
Hancock Whitney Corp.
17,259
1,030,707
Home BancShares, Inc.
44,984
1,266,749
Hope Bancorp, Inc.
66,554
664,874
International Bancshares Corp.
16,066
1,095,380
NBT Bancorp, Inc.
19,636
812,538
Northwest Bancshares, Inc.
63,726
745,594
OceanFirst Financial Corp.
27,801
466,501
OFG Bancorp (Puerto Rico)
29,115
1,240,881
Old National Bancorp
68,560
1,447,302
Pathward Financial, Inc.
7,923
599,177
Renasant Corp.
20,784
761,526
Republic Bancorp, Inc., Class A
4,088
281,500
Simmons First National Corp., Class A
32,932
631,306
TrustCo Bank Corp.
10,879
365,099
Trustmark Corp.
13,262
494,010
UMB Financial Corp.
5,863
644,871
United Bankshares, Inc.
39,204
1,392,526
WaFd, Inc.
32,521
946,524
WesBanco, Inc.
22,057
664,577
 
26,049,388
Beverages — 0.8%
MGP Ingredients, Inc.
31,812
899,643
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Beverages — continued
National Beverage Corp. *
26,609
1,219,225
Vita Coco Co., Inc. (The) *
42,134
1,485,645
 
3,604,513
Chemicals — 3.3%
AdvanSix, Inc.
27,546
554,225
American Vanguard Corp. *
41,090
158,607
Avient Corp.
34,612
1,092,701
Balchem Corp.
8,570
1,306,668
Cabot Corp.
16,909
1,220,492
Ecovyst, Inc. *
128,377
1,105,326
Hawkins, Inc.
10,325
1,685,866
Ingevity Corp. *
27,299
1,140,825
Innospec, Inc.
12,419
992,278
Intrepid Potash, Inc. *
26,200
871,936
LSB Industries, Inc. *
104,590
808,481
Orion SA (Germany)
40,062
388,601
Quaker Chemical Corp.
8,159
933,553
Rayonier Advanced Materials, Inc. *
116,115
445,882
Sensient Technologies Corp.
14,896
1,672,672
Stepan Co.
17,189
872,685
Tronox Holdings plc
93,073
296,903
 
15,547,701
Construction & Materials — 4.0%
American Woodmark Corp. *
3,831
201,549
Arcosa, Inc.
15,685
1,347,028
Argan, Inc.
6,439
1,577,426
Atkore, Inc.
9,870
760,187
BlueLinx Holdings, Inc. *
4,108
300,993
Boise Cascade Co.
11,439
958,703
CSW Industrials, Inc.
4,187
1,086,443
Exponent, Inc.
6,570
453,067
GMS, Inc. *
15,544
1,704,244
Granite Construction, Inc.
15,738
1,486,769
Griffon Corp.
14,119
1,147,451
Installed Building Products, Inc.
6,183
1,250,759
Masterbrand, Inc. *
31,121
343,265
Mueller Water Products, Inc., Class A
15,209
376,575
Patrick Industries, Inc.
15,381
1,495,648
Primoris Services Corp.
19,009
1,790,077
Sterling Infrastructure, Inc. *
7,018
1,877,947
Tutor Perini Corp. *
17,158
826,158
 
18,984,289
Consumer Services — 2.1%
Adtalem Global Education, Inc. *
11,411
1,303,935
Carriage Services, Inc.
11,463
514,918
Cars.com, Inc. *
17,603
226,551
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Consumer Services — continued
Frontdoor, Inc. *
8,523
498,596
Graham Holdings Co., Class B
1,193
1,138,337
Laureate Education, Inc., Class A *
63,482
1,434,693
OPENLANE, Inc. *
26,652
656,705
Perdoceo Education Corp.
43,935
1,264,449
PROG Holdings, Inc.
13,940
443,850
Strategic Education, Inc.
10,622
787,568
Stride, Inc. *
8,331
1,068,284
Upbound Group, Inc.
26,355
543,835
 
9,881,721
Electricity — 2.0%
ALLETE, Inc.
21,796
1,437,010
Hawaiian Electric Industries, Inc. *
96,683
1,036,442
MGE Energy, Inc.
15,721
1,335,342
Northwestern Energy Group, Inc.
27,212
1,461,284
NuScale Power Corp. * (a)
36,584
1,836,883
Portland General Electric Co.
32,904
1,353,012
TXNM Energy, Inc.
21,102
1,198,383
 
9,658,356
Electronic & Electrical Equipment — 1.0%
Badger Meter, Inc.
5,910
1,115,572
Belden, Inc.
10,338
1,278,294
EnerSys
6,475
598,096
Watts Water Technologies, Inc., Class A
5,986
1,570,247
 
4,562,209
Finance & Credit Services — 1.2%
Enact Holdings, Inc.
26,233
911,859
Enova International, Inc. *
14,987
1,567,041
Federal Agricultural Mortgage Corp., Class C
2,357
406,040
Navient Corp.
25,076
324,483
PennyMac Financial Services, Inc.
13,672
1,273,410
Radian Group, Inc.
41,393
1,349,826
 
5,832,659
Food Producers — 3.6%
Andersons, Inc. (The)
27,154
975,372
B&G Foods, Inc. (a)
214,098
877,802
Cal-Maine Foods, Inc.
14,684
1,631,980
Dole plc
79,353
1,129,987
Fresh Del Monte Produce, Inc.
42,443
1,595,432
Herbalife Ltd. *
122,388
1,125,970
J & J Snack Foods Corp.
8,166
921,860
John B Sanfilippo & Son, Inc.
9,884
625,756
Marzetti Co. (The)
6,511
1,157,395
Medifast, Inc. * (a)
48,463
667,335
Nature's Sunshine Products, Inc. *
12,754
178,683
Simply Good Foods Co. (The) *
37,890
1,154,129
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Food Producers — continued
SunOpta, Inc. (Canada) *
137,884
803,864
TreeHouse Foods, Inc. *
25,500
490,110
USANA Health Sciences, Inc. *
4,562
134,077
Utz Brands, Inc.
67,453
878,913
Vital Farms, Inc. *
30,267
1,125,932
WK Kellogg Co. (a)
59,796
1,378,298
 
16,852,895
Gas, Water & Multi-utilities — 3.6%
American States Water Co.
12,142
893,530
Aris Water Solutions, Inc., Class A
44,699
950,748
Avista Corp.
37,033
1,381,331
Black Hills Corp.
24,535
1,417,632
Brookfield Infrastructure Corp., Class A (Canada)
34,586
1,350,237
California Water Service Group
19,904
905,035
Chesapeake Utilities Corp.
11,171
1,339,180
Consolidated Water Co. Ltd., Class D
15,109
439,521
Excelerate Energy, Inc., Class A
37,643
965,919
Middlesex Water Co.
6,814
351,602
New Jersey Resources Corp.
30,889
1,418,114
Northwest Natural Holding Co.
32,328
1,290,534
ONE Gas, Inc.
19,496
1,417,359
Southwest Gas Holdings, Inc.
19,786
1,546,078
Spire, Inc.
19,500
1,452,165
 
17,118,985
General Industrials — 1.3%
Apogee Enterprises, Inc.
19,120
802,849
AZZ, Inc.
11,667
1,277,536
Greif, Inc., Class A
12,653
802,580
HB Fuller Co.
8,009
450,106
Kronos Worldwide, Inc.
19,100
102,185
Myers Industries, Inc.
9,804
143,628
Otter Tail Corp.
17,245
1,330,969
Standex International Corp.
6,270
1,032,920
TriMas Corp.
4,471
159,749
 
6,102,522
Health Care Providers — 3.3%
Addus HomeCare Corp. *
8,842
944,149
Astrana Health, Inc. *
20,742
494,904
BrightSpring Health Services, Inc. *
26,778
552,966
CorVel Corp. *
13,390
1,186,354
Ensign Group, Inc. (The)
9,547
1,432,050
Healthcare Services Group, Inc. *
19,033
247,619
HealthEquity, Inc. *
13,861
1,344,517
LifeMD, Inc. *
39,841
414,745
National HealthCare Corp.
4,704
451,725
Nutex Health, Inc. * (a)
6,630
562,290
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Health Care Providers — continued
Option Care Health, Inc. *
43,822
1,286,176
Pediatrix Medical Group, Inc. *
66,922
819,795
Pennant Group, Inc. (The) *
16,357
362,635
Premier, Inc., Class A
49,917
1,072,217
RadNet, Inc. *
19,631
1,074,405
Select Medical Holdings Corp.
55,456
820,194
Surgery Partners, Inc. *
39,111
858,486
US Physical Therapy, Inc.
9,771
714,749
Waystar Holding Corp. *
24,480
905,270
 
15,545,246
Household Goods & Home Construction — 3.3%
Central Garden & Pet Co., Class A *
24,473
869,281
Century Communities, Inc.
6,589
370,895
CompX International, Inc.
3,775
87,958
Ethan Allen Interiors, Inc.
42,250
1,257,782
Green Brick Partners, Inc. *
15,647
969,175
HNI Corp.
29,186
1,501,328
Hovnanian Enterprises, Inc., Class A *
1,255
149,935
Interface, Inc.
65,331
1,347,125
KB Home
18,293
1,010,871
La-Z-Boy, Inc.
36,473
1,311,934
M/I Homes, Inc. *
9,199
1,105,628
Meritage Homes Corp.
11,583
779,999
MillerKnoll, Inc.
27,900
529,542
Steelcase, Inc., Class A
81,922
846,254
Taylor Morrison Home Corp. *
22,781
1,350,458
Tri Pointe Homes, Inc. *
29,588
911,310
Worthington Enterprises, Inc.
23,412
1,450,842
 
15,850,317
Industrial Engineering — 0.7%
Albany International Corp., Class A
8,298
449,668
Enpro, Inc.
7,509
1,594,987
Franklin Electric Co., Inc.
14,226
1,336,533
Hillenbrand, Inc.
4,010
83,047
Tennant Co.
867
71,562
 
3,535,797
Industrial Materials — 1.9%
Clearwater Paper Corp. *
43,925
990,948
Koppers Holdings, Inc.
27,913
917,221
Materion Corp.
12,286
1,293,716
Mativ Holdings, Inc.
62,729
415,266
Minerals Technologies, Inc.
18,852
1,096,244
Perimeter Solutions, Inc. *
105,226
1,697,295
Sylvamo Corp.
24,729
1,139,265
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Materials — continued
Tredegar Corp. *
15,060
131,173
UFP Industries, Inc.
12,270
1,202,460
 
8,883,588
Industrial Metals & Mining — 2.5%
ASP Isotopes, Inc. * (a)
171,919
1,559,305
Century Aluminum Co. *
57,143
1,210,289
Commercial Metals Co.
26,888
1,394,412
Compass Minerals International, Inc. *
26,161
521,389
Constellium SE *
77,189
1,058,261
Kaiser Aluminum Corp.
13,654
1,055,591
Metallus, Inc. *
42,961
678,784
Olympic Steel, Inc.
16,755
521,081
Piedmont Lithium, Inc. * (a)
27,137
198,100
Ryerson Holding Corp.
57,624
1,187,054
United States Antimony Corp. * (a)
83,404
255,216
Uranium Energy Corp. *
198,234
1,718,689
Worthington Steel, Inc.
16,395
500,375
 
11,858,546
Industrial Support Services — 2.1%
ABM Industries, Inc.
22,359
1,031,421
ASGN, Inc. *
9,200
461,288
CoreCivic, Inc., REIT *
67,918
1,361,077
CRA International, Inc.
7,331
1,295,094
Cross Country Healthcare, Inc. *
11,386
153,142
Donnelley Financial Solutions, Inc. *
6,033
319,508
DXP Enterprises, Inc. *
2,687
304,330
EVERTEC, Inc. (Puerto Rico)
17,976
649,832
Heidrick & Struggles International, Inc.
7,790
346,889
Korn Ferry
12,310
872,410
Maximus, Inc.
15,954
1,178,362
Pitney Bowes, Inc.
87,893
998,464
Resources Connection, Inc.
3,000
15,180
Target Hospitality Corp. *
24,216
183,799
TriNet Group, Inc.
11,313
767,135
UniFirst Corp.
543
92,869
 
10,030,800
Industrial Transportation — 2.9%
ArcBest Corp.
10,548
771,375
Ardmore Shipping Corp. (Ireland)
38,655
420,566
Costamare Bulkers Holdings Ltd. (Monaco) *
6,616
59,544
Costamare, Inc. (Monaco)
50,450
509,041
DHT Holdings, Inc.
110,272
1,222,917
Dorian LPG Ltd.
29,306
843,720
Federal Signal Corp.
14,305
1,810,584
FLEX LNG Ltd. (Norway) (a)
14,976
375,448
GATX Corp.
9,285
1,417,727
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Transportation — continued
Genco Shipping & Trading Ltd.
29,479
469,600
Hub Group, Inc., Class A
8,651
302,958
International Seaways, Inc.
21,217
846,558
Matson, Inc.
10,789
1,152,049
McGrath RentCorp
7,839
978,229
Nordic American Tankers Ltd.
70,009
195,325
Scorpio Tankers, Inc. (Monaco)
18,150
820,562
Teekay Corp. Ltd. (Bermuda)
54,324
391,133
Teekay Tankers Ltd., Class A (Canada)
23,106
978,539
Tingo Group, Inc. * (a)
827,098
19,850
Wabash National Corp.
17,615
175,445
 
13,761,170
Investment Banking & Brokerage Services — 1.0%
Acadian Asset Management, Inc.
5,665
236,740
Artisan Partners Asset Management, Inc., Class A
17,011
769,748
Cohen & Steers, Inc.
4,619
339,774
Moelis & Co., Class A
23,645
1,658,460
StoneX Group, Inc. *
9,352
909,389
Victory Capital Holdings, Inc., Class A
14,151
975,145
 
4,889,256
Leisure Goods — 0.6%
Camping World Holdings, Inc., Class A
6,924
95,828
LCI Industries
6,889
654,455
Smith & Wesson Brands, Inc.
100,587
799,667
Sturm Ruger & Co., Inc.
18,432
629,637
Winnebago Industries, Inc.
17,517
520,605
 
2,700,192
Life Insurance — 0.9%
CNO Financial Group, Inc.
37,139
1,368,201
Genworth Financial, Inc., Class A *
151,950
1,194,327
Jackson Financial, Inc., Class A
17,187
1,504,893
 
4,067,421
Media — 0.4%
Gray Media, Inc.
47,087
212,362
Scholastic Corp.
6,915
170,593
TEGNA, Inc.
81,298
1,357,677
 
1,740,632
Medical Equipment & Services — 2.3%
AdaptHealth Corp. *
35,708
320,301
Anika Therapeutics, Inc. *
4,617
38,113
Avanos Medical, Inc. *
14,141
157,955
CONMED Corp.
10,934
559,274
Fulgent Genetics, Inc. *
14,226
244,403
Haemonetics Corp. *
12,316
911,877
ICU Medical, Inc. *
7,271
933,669
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Integer Holdings Corp. *
11,473
1,244,935
Lantheus Holdings, Inc. *
12,637
899,628
LeMaitre Vascular, Inc.
11,575
940,353
Merit Medical Systems, Inc. *
14,756
1,252,194
Myriad Genetics, Inc. *
17,648
67,768
NeoGenomics, Inc. *
26,310
127,340
Omnicell, Inc. *
26,777
830,355
OraSure Technologies, Inc. *
103,223
328,249
Owens & Minor, Inc. *
32,303
223,860
STAAR Surgical Co. *
7,086
126,946
Surmodics, Inc. *
2,877
103,284
UFP Technologies, Inc. *
5,159
1,167,946
Varex Imaging Corp. *
39,109
284,714
 
10,763,164
Mortgage Real Estate Investment Trusts — 1.0%
Ares Commercial Real Estate Corp. (a)
63,739
284,913
Chimera Investment Corp.
17,563
234,817
Ellington Financial, Inc.
97,886
1,242,173
Ladder Capital Corp.
75,649
826,087
MFA Financial, Inc.
82,832
752,943
PennyMac Mortgage Investment Trust
60,817
717,033
Redwood Trust, Inc.
45,738
249,730
Safehold, Inc.
14,982
209,598
TPG RE Finance Trust, Inc.
4,049
35,226
 
4,552,520
Non-life Insurance — 1.0%
Employers Holdings, Inc.
18,146
749,067
Essent Group Ltd.
24,322
1,361,789
Horace Mann Educators Corp.
5,882
250,161
NMI Holdings, Inc., Class A *
32,588
1,216,184
Safety Insurance Group, Inc.
3,473
244,326
Stewart Information Services Corp.
11,905
772,992
 
4,594,519
Non-Renewable Energy — 6.2%
Alpha Metallurgical Resources, Inc. *
5,488
647,968
Archrock, Inc.
56,980
1,331,053
Berry Corp.
69,333
209,386
Cactus, Inc., Class A
24,026
1,016,540
California Resources Corp.
20,259
976,079
CNX Resources Corp. *
41,554
1,259,502
Comstock Resources, Inc. *
55,252
987,353
Core Natural Resources, Inc.
19,145
1,413,092
Crescent Energy Co., Class A
50,261
464,412
DNOW, Inc. *
62,322
969,730
Gulfport Energy Corp. *
7,195
1,252,865
Hallador Energy Co. *
29,439
519,304
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Non-Renewable Energy — continued
Helix Energy Solutions Group, Inc. *
126,339
749,190
Kinetik Holdings, Inc.
21,307
924,298
Kodiak Gas Services, Inc.
27,283
882,059
Liberty Energy, Inc.
55,958
690,522
Magnolia Oil & Gas Corp., Class A
51,976
1,238,068
MRC Global, Inc. *
73,327
1,076,440
Murphy Oil Corp.
26,569
659,177
Northern Oil & Gas, Inc.
20,486
576,886
NPK International, Inc. *
33,105
298,607
Patterson-UTI Energy, Inc.
86,430
510,801
Peabody Energy Corp.
51,802
836,602
ProPetro Holding Corp. *
49,156
263,476
Ramaco Resources, Inc., Class A (a)
49,537
1,008,078
RPC, Inc.
134,941
627,476
SandRidge Energy, Inc.
35,846
372,440
Select Water Solutions, Inc.
98,622
949,730
Sitio Royalties Corp.
37,181
675,579
SM Energy Co.
35,532
980,328
Solaris Energy Infrastructure, Inc., Class A
51,235
1,673,848
SunCoke Energy, Inc.
116,583
861,548
VAALCO Energy, Inc.
87,092
323,982
Warrior Met Coal, Inc.
24,947
1,281,777
World Kinect Corp.
36,354
991,374
 
29,499,570
Personal Care, Drug & Grocery Stores — 2.8%
ACCO Brands Corp.
110,702
415,132
Chefs' Warehouse, Inc. (The) *
22,773
1,561,317
Edgewell Personal Care Co.
41,493
1,046,868
Energizer Holdings, Inc.
46,526
1,047,765
Honest Co., Inc. (The) *
205,006
945,078
Ingles Markets, Inc., Class A
15,403
969,311
Natural Grocers by Vitamin Cottage, Inc.
16,192
613,515
Nu Skin Enterprises, Inc., Class A
98,633
826,545
SpartanNash Co.
43,945
1,166,300
Spectrum Brands Holdings, Inc.
18,094
968,210
United Natural Foods, Inc. *
65,416
1,808,098
WD-40 Co.
5,104
1,094,298
Weis Markets, Inc.
12,665
917,073
 
13,379,510
Personal Goods — 1.4%
G-III Apparel Group Ltd. *
17,568
414,605
Interparfums, Inc.
5,383
649,190
Kontoor Brands, Inc.
22,659
1,261,200
Movado Group, Inc.
27,045
419,468
Oxford Industries, Inc.
9,222
352,096
Signet Jewelers Ltd.
15,750
1,245,825
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Personal Goods — continued
Steven Madden Ltd.
27,728
665,610
Wolverine World Wide, Inc.
76,372
1,724,480
 
6,732,474
Pharmaceuticals & Biotechnology — 0.00% ^
OmniAb Operations, Inc. ‡ *
1,382
—
OmniAb, Inc. ‡ *
1,382
—
 
—
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.3%
ADMA Biologics, Inc. *
29,272
547,386
Alkermes plc *
32,226
853,667
Amphastar Pharmaceuticals, Inc. *
24,367
510,489
ANI Pharmaceuticals, Inc. *
15,225
964,504
Arcellx, Inc. *
16,248
1,159,945
Arcturus Therapeutics Holdings, Inc. *
10,500
128,205
Aurinia Pharmaceuticals, Inc. (Canada) *
83,793
774,666
Castle Biosciences, Inc. *
12,719
192,693
Catalyst Pharmaceuticals, Inc. *
59,734
1,274,126
Collegium Pharmaceutical, Inc. *
38,233
1,141,637
Dynavax Technologies Corp. *
73,715
809,391
Harmony Biosciences Holdings, Inc. *
16,156
568,368
Innoviva, Inc. *
64,367
1,169,548
Ironwood Pharmaceuticals, Inc. *
37,491
28,643
Ligand Pharmaceuticals, Inc. *
11,235
1,478,301
Niagen Bioscience, Inc. *
31,207
291,785
Pacira BioSciences, Inc. *
7,663
161,613
PDL BioPharma, Inc. ‡ *
22,361
4,696
Prestige Consumer Healthcare, Inc. *
16,431
1,215,072
Protagonist Therapeutics, Inc. *
20,933
1,127,451
Supernus Pharmaceuticals, Inc. *
31,135
1,092,839
Vanda Pharmaceuticals, Inc. *
28,871
122,991
 
15,618,016
Precious Metals & Mining — 1.0%
Coeur Mining, Inc. *
150,953
1,311,781
Hecla Mining Co.
158,536
909,997
Novagold Resources, Inc. (Canada) *
125,251
650,053
Perpetua Resources Corp. *
38,292
578,209
SSR Mining, Inc. (Canada) *
110,360
1,318,802
 
4,768,842
Real Estate Investment & Services — 1.6%
Compass, Inc., Class A *
160,541
1,274,696
Cushman & Wakefield plc *
81,632
995,094
DigitalBridge Group, Inc.
4,216
45,280
eXp World Holdings, Inc. (a)
17,534
189,016
GEO Group, Inc. (The), REIT *
57,186
1,482,261
HA Sustainable Infrastructure Capital, Inc., REIT
33,071
858,854
Marcus & Millichap, Inc.
3,088
96,222
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Real Estate Investment & Services — continued
Newmark Group, Inc., Class A
103,246
1,566,242
St. Joe Co. (The)
25,826
1,304,213
 
7,811,878
Real Estate Investment Trusts — 10.9%
Acadia Realty Trust
63,253
1,184,096
Alexander & Baldwin, Inc.
49,359
887,475
American Assets Trust, Inc.
47,551
904,896
American Healthcare REIT, Inc.
38,448
1,485,631
Apartment Investment and Management Co., Class A
17,409
146,410
Apple Hospitality REIT, Inc.
82,780
972,665
Brandywine Realty Trust
219,652
878,608
Broadstone Net Lease, Inc.
83,079
1,349,203
CareTrust REIT, Inc.
49,368
1,569,902
Community Healthcare Trust, Inc.
15,951
245,167
COPT Defense Properties
49,236
1,343,158
CTO Realty Growth, Inc.
24,895
411,016
Curbline Properties Corp.
51,012
1,127,365
DiamondRock Hospitality Co.
125,378
967,918
Douglas Emmett, Inc.
78,172
1,185,088
Easterly Government Properties, Inc.
34,259
753,698
Elme Communities
57,249
863,315
Empire State Realty Trust, Inc., Class A
134,547
974,120
Essential Properties Realty Trust, Inc.
44,146
1,346,012
Four Corners Property Trust, Inc.
48,969
1,235,978
Getty Realty Corp.
43,731
1,215,284
Global Net Lease, Inc.
102,625
717,349
Independence Realty Trust, Inc.
70,558
1,183,258
Innovative Industrial Properties, Inc.
14,235
735,950
InvenTrust Properties Corp.
33,897
934,540
JBG SMITH Properties (a)
33,639
712,474
Kite Realty Group Trust
59,360
1,304,733
LTC Properties, Inc.
39,512
1,344,988
LXP Industrial Trust
114,712
890,165
Macerich Co. (The)
79,805
1,333,542
National Health Investors, Inc.
19,851
1,386,791
Outfront Media, Inc.
83,733
1,467,839
Paramount Group, Inc. *
145,126
888,171
Pebblebrook Hotel Trust
62,863
630,516
Phillips Edison & Co., Inc.
37,592
1,270,234
Piedmont Realty Trust, Inc., Class A
137,293
1,037,935
PotlatchDeltic Corp.
30,395
1,242,852
RLJ Lodging Trust
115,785
856,809
Ryman Hospitality Properties, Inc.
13,457
1,279,222
Sabra Health Care REIT, Inc.
77,715
1,401,201
Sila Realty Trust, Inc.
13,593
332,213
SITE Centers Corp.
81,668
879,564
SL Green Realty Corp.
19,474
1,114,887
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Summit Hotel Properties, Inc.
88,295
460,900
Sunstone Hotel Investors, Inc.
118,963
1,040,926
Tanger, Inc.
42,632
1,279,813
Terreno Realty Corp.
20,484
1,136,657
UMH Properties, Inc.
13,962
227,301
Uniti Group, Inc. *
150,416
800,213
Urban Edge Properties
70,677
1,393,750
Whitestone
49,189
599,614
Xenia Hotels & Resorts, Inc.
67,423
856,946
 
51,788,358
Renewable Energy — 0.8%
American Superconductor Corp. *
35,434
2,014,423
NEXTracker, Inc., Class A *
9,351
544,789
REX American Resources Corp. *
20,397
1,066,355
 
3,625,567
Retailers — 2.0%
Abercrombie & Fitch Co., Class A *
2,627
252,245
Academy Sports & Outdoors, Inc.
18,395
934,282
American Eagle Outfitters, Inc. (a)
62,055
670,194
Asbury Automotive Group, Inc. *
2,819
626,156
Buckle, Inc. (The)
30,852
1,523,163
Caleres, Inc.
6,585
90,412
Global Industrial Co.
3,038
103,474
Group 1 Automotive, Inc.
3,256
1,341,960
Haverty Furniture Cos., Inc.
33,903
699,419
Liquidity Services, Inc. *
15,771
376,612
PriceSmart, Inc.
4,033
433,548
Shoe Carnival, Inc.
33,595
687,354
Urban Outfitters, Inc. *
20,801
1,565,899
Zumiez, Inc. *
6,866
94,133
 
9,398,851
Software & Computer Services — 4.3%
A10 Networks, Inc.
66,271
1,220,712
Agilysys, Inc. *
11,977
1,366,336
Alarm.com Holdings, Inc. *
10,335
564,601
Blackbaud, Inc. *
6,686
450,770
Box, Inc., Class A *
31,895
1,023,829
Cargurus, Inc. *
38,200
1,253,724
Clear Secure, Inc., Class A (a)
38,048
1,118,992
Commvault Systems, Inc. *
7,810
1,483,509
Consensus Cloud Solutions, Inc. *
3,386
68,329
CSG Systems International, Inc.
15,423
963,321
ePlus, Inc. *
13,446
871,032
EverQuote, Inc., Class A *
15,123
371,875
Grindr, Inc. (Singapore) *
54,086
945,423
Mitek Systems, Inc. *
26,594
239,878
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
NetScout Systems, Inc. *
37,921
812,268
OneSpan, Inc.
24,523
361,714
Progress Software Corp.
20,868
1,003,333
Q2 Holdings, Inc. *
16,586
1,346,783
Qualys, Inc. *
7,953
1,058,306
Simulations Plus, Inc. *
26,204
341,176
SPS Commerce, Inc. *
8,676
944,513
Verint Systems, Inc. *
8,894
189,264
Viant Technology, Inc., Class A *
18,633
270,179
Workiva, Inc. *
13,666
872,301
Yelp, Inc. *
37,421
1,288,405
 
20,430,573
Technology Hardware & Equipment — 5.3%
Adeia, Inc.
78,744
1,019,735
Advanced Energy Industries, Inc.
11,528
1,601,470
Alpha & Omega Semiconductor Ltd. *
2,357
60,033
Axcelis Technologies, Inc. *
5,211
352,732
Benchmark Electronics, Inc.
35,994
1,385,769
Cohu, Inc. *
967
17,271
CTS Corp.
21,405
838,862
Diodes, Inc. *
16,067
793,228
Fabrinet (Thailand) *
5,892
1,907,417
FormFactor, Inc. *
23,683
672,834
Ichor Holdings Ltd. *
13,270
262,613
Impinj, Inc. *
7,627
1,178,982
Insight Enterprises, Inc. *
6,967
826,147
Kulicke & Soffa Industries, Inc. (Singapore)
25,646
840,163
Methode Electronics, Inc.
33,250
218,120
Novanta, Inc. *
9,037
1,111,732
PC Connection, Inc.
12,594
775,664
Photronics, Inc. *
49,161
1,000,918
Plexus Corp. *
10,816
1,379,040
Power Integrations, Inc.
15,490
751,575
Rambus, Inc. *
19,570
1,446,810
Sanmina Corp. *
16,385
1,901,315
ScanSource, Inc. *
20,952
813,776
Synaptics, Inc. *
3,306
207,286
TTM Technologies, Inc. *
39,804
1,880,739
Ultra Clean Holdings, Inc. *
29,751
669,992
Vishay Intertechnology, Inc.
46,959
769,658
Xerox Holdings Corp.
59,034
239,088
 
24,922,969
Telecommunications Equipment — 3.4%
ADTRAN Holdings, Inc. *
87,490
812,782
Applied Optoelectronics, Inc. *
7,112
162,651
Aviat Networks, Inc. *
9,738
210,341
Calix, Inc. *
25,086
1,422,125
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Telecommunications Equipment — continued
Clearfield, Inc. *
30,413
1,332,394
CommScope Holding Co., Inc. *
239,320
1,962,424
Digi International, Inc. *
39,955
1,302,933
EchoStar Corp., Class A *
53,359
1,738,970
Extreme Networks, Inc. *
80,046
1,413,612
Harmonic, Inc. *
106,676
907,813
InterDigital, Inc. (a)
6,513
1,681,657
NETGEAR, Inc. *
50,636
1,177,287
Powerfleet, Inc. NJ *
162,239
658,690
Ribbon Communications, Inc. *
1,005
3,779
Viavi Solutions, Inc. *
128,983
1,296,279
 
16,083,737
Telecommunications Service Providers — 2.5%
8x8, Inc. *
306,214
594,055
Anterix, Inc. *
5,924
131,572
Cable One, Inc.
6,778
867,448
Cogent Communications Holdings, Inc.
8,407
383,275
fuboTV, Inc. * (a)
338,553
1,347,441
Globalstar, Inc. *
49,091
1,153,148
Gogo, Inc. *
96,638
1,532,679
IDT Corp., Class B
25,168
1,482,647
Liberty Latin America Ltd., Class C (Puerto Rico) *
119,426
852,702
Lumen Technologies, Inc. *
264,256
1,175,939
Shenandoah Telecommunications Co.
23,482
344,716
Telephone and Data Systems, Inc.
41,768
1,630,623
WideOpenWest, Inc. *
47,803
161,096
Xperi, Inc. *
40,022
240,932
 
11,898,273
Tobacco — 0.6%
Turning Point Brands, Inc.
18,472
1,532,067
Universal Corp.
22,974
1,251,394
 
2,783,461
Travel & Leisure — 0.6%
Biglari Holdings, Inc., Class B *
241
74,305
Brightstar Lottery plc
29,526
438,166
Monarch Casino & Resort, Inc.
4,313
444,067
SkyWest, Inc. *
14,722
1,707,163
 
2,663,701
Waste & Disposal Services — 0.3%
Casella Waste Systems, Inc., Class A *
12,199
1,326,397
Total Common Stocks
(Cost $460,682,838)
472,835,018
Short-Term Investments — 2.3%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (b) (c)(Cost $433,856)
433,856
433,856
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (b) (c)(Cost $10,610,854)
10,610,854
10,610,854
Total Short-Term Investments
(Cost $11,044,710)
11,044,710
Total Investments — 102.2%
(Cost $471,727,548)
483,879,728
Liabilities in Excess of Other Assets — (2.2)%
(10,300,796
)
NET ASSETS — 100.0%
473,578,932
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
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 $9,778,558.
 
(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.
 
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
Russell 2000 E-Mini Index
5
09/19/2025
USD
555,150
4,539
 
Abbreviations
 
USD
United States Dollar
JPMorgan Diversified Return U.S. Small Cap 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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
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.
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.
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
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
Aerospace & Defense
$1,004,169
$—
$—
$1,004,169
Automobiles & Parts
2,130,266
—
—
2,130,266
Banks
26,049,388
—
—
26,049,388
Beverages
3,604,513
—
—
3,604,513
Chemicals
15,547,701
—
—
15,547,701
Construction & Materials
18,984,289
—
—
18,984,289
Consumer Services
9,881,721
—
—
9,881,721
Electricity
9,658,356
—
—
9,658,356
Electronic & Electrical Equipment
4,562,209
—
—
4,562,209
Finance & Credit Services
5,832,659
—
—
5,832,659
Food Producers
16,852,895
—
—
16,852,895
Gas, Water & Multi-utilities
17,118,985
—
—
17,118,985
General Industrials
6,102,522
—
—
6,102,522
Health Care Providers
15,545,246
—
—
15,545,246
Household Goods & Home Construction
15,850,317
—
—
15,850,317
Industrial Engineering
3,535,797
—
—
3,535,797
Industrial Materials
8,883,588
—
—
8,883,588
Industrial Metals & Mining
11,858,546
—
—
11,858,546
Industrial Support Services
10,030,800
—
—
10,030,800
Industrial Transportation
13,761,170
—
—
13,761,170
Investment Banking & Brokerage Services
4,889,256
—
—
4,889,256
Leisure Goods
2,700,192
—
—
2,700,192
Life Insurance
4,067,421
—
—
4,067,421
Media
1,740,632
—
—
1,740,632
Medical Equipment & Services
10,763,164
—
—
10,763,164
Mortgage Real Estate Investment Trusts
4,552,520
—
—
4,552,520
Non-life Insurance
4,594,519
—
—
4,594,519
Non-Renewable Energy
29,499,570
—
—
29,499,570
Personal Care, Drug & Grocery Stores
13,379,510
—
—
13,379,510
Personal Goods
6,732,474
—
—
6,732,474
Pharmaceuticals & Biotechnology
—
—
—
(a)
—
(a)
Pharmaceuticals, Biotechnology & Marijuana
Producers
15,613,320
—
4,696
15,618,016
Precious Metals & Mining
4,768,842
—
—
4,768,842
Real Estate Investment & Services
7,811,878
—
—
7,811,878
Real Estate Investment Trusts
51,788,358
—
—
51,788,358
Renewable Energy
3,625,567
—
—
3,625,567
Retailers
9,398,851
—
—
9,398,851
Software & Computer Services
20,430,573
—
—
20,430,573
Technology Hardware & Equipment
24,922,969
—
—
24,922,969
Telecommunications Equipment
16,083,737
—
—
16,083,737
Telecommunications Service Providers
11,898,273
—
—
11,898,273
Tobacco
2,783,461
—
—
2,783,461
Travel & Leisure
2,663,701
—
—
2,663,701
JPMorgan Diversified Return U.S. Small Cap 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
Waste & Disposal Services
$1,326,397
$—
$—
$1,326,397
Total Common Stocks
472,830,322
—
4,696
472,835,018
Short-Term Investments
Investment Companies
433,856
—
—
433,856
Investment of Cash Collateral from Securities Loaned
10,610,854
—
—
10,610,854
Total Short-Term Investments
11,044,710
—
—
11,044,710
Total Investments in Securities
$483,875,032
$—
$4,696
$483,879,728
Appreciation in Other Financial Instruments
Futures Contracts
$4,539
$—
$—
$4,539
 
 
(a)
Value is zero.
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 Securities Lending
Money Market Fund Agency SL
Class Shares, 4.37%  (a) (b)
$12,534,155
$80,506,632
$82,429,933
$—
$—
$10,610,854
10,610,854
$360,401
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 4.26%  (a) (b)
773,904
22,558,801
22,898,849
—
—
433,856
433,856
34,204
—
Total
$13,308,059
$103,065,433
$105,328,782
$—
$—
$11,044,710
$394,605
$—
 
 
(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.