JPMorgan Diversified Return U.S. Mid 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. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.1%
Textron, Inc.
4,655
362,019
Automobiles & Parts — 0.7%
BorgWarner, Inc.
14,459
532,091
Gentex Corp.
34,760
918,359
Valvoline, Inc. *
32,108
1,131,807
 
2,582,257
Banks — 2.5%
Citizens Financial Group, Inc.
9,726
464,125
Comerica, Inc.
4,467
301,835
Fifth Third Bancorp
16,179
672,561
First Citizens BancShares, Inc., Class A
757
1,510,033
FNB Corp.
18,279
280,034
Huntington Bancshares, Inc.
90,630
1,489,051
KeyCorp
20,777
372,324
M&T Bank Corp.
6,095
1,150,126
Popular, Inc. (Puerto Rico)
12,152
1,392,376
Prosperity Bancshares, Inc.
3,225
214,850
Regions Financial Corp.
25,845
654,654
Zions Bancorp NA
6,353
340,648
 
8,842,617
Beverages — 1.5%
Boston Beer Co., Inc. (The), Class A *
5,079
1,051,759
Brown-Forman Corp., Class B
32,307
932,057
Coca-Cola Consolidated, Inc.
11,334
1,266,574
Molson Coors Beverage Co., Class B
24,379
1,187,745
Primo Brands Corp.
35,742
986,837
 
5,424,972
Chemicals — 3.9%
Ashland, Inc.
5,967
307,659
Celanese Corp.
10,747
561,316
CF Industries Holdings, Inc.
14,089
1,307,882
Eastman Chemical Co.
14,811
1,075,427
Element Solutions, Inc.
58,087
1,370,853
FMC Corp.
33,509
1,308,191
Huntsman Corp.
40,571
393,539
International Flavors & Fragrances, Inc.
17,331
1,231,021
LyondellBasell Industries NV, Class A
14,157
820,115
Mosaic Co. (The)
39,325
1,416,093
NewMarket Corp.
2,081
1,429,647
Olin Corp.
26,465
501,247
Scotts Miracle-Gro Co. (The)
22,207
1,391,491
Westlake Corp.
8,555
678,411
 
13,792,892
Construction & Materials — 3.2%
A O Smith Corp.
13,980
989,644
Acuity, Inc.
1,041
324,115
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Construction & Materials — continued
Builders FirstSource, Inc. *
7,251
921,820
Carlisle Cos., Inc.
3,663
1,299,303
Eagle Materials, Inc.
2,751
617,022
EMCOR Group, Inc.
2,941
1,845,448
Fortune Brands Innovations, Inc.
14,390
784,831
Louisiana-Pacific Corp.
9,528
861,426
Masco Corp.
14,400
981,072
Owens Corning
7,877
1,098,290
Quanta Services, Inc.
3,929
1,595,685
 
11,318,656
Consumer Services — 0.5%
H&R Block, Inc.
20,908
1,136,141
Service Corp. International
6,563
500,822
 
1,636,963
Electricity — 8.0%
Alliant Energy Corp.
23,034
1,497,440
Brookfield Renewable Corp. (Canada)
34,315
1,256,959
Clearway Energy, Inc., Class C
40,834
1,332,414
CMS Energy Corp.
19,413
1,432,679
Consolidated Edison, Inc.
13,548
1,402,218
DTE Energy Co.
10,412
1,441,125
Edison International
18,432
960,676
Entergy Corp.
17,152
1,551,055
Evergy, Inc.
20,694
1,465,135
Exelon Corp.
32,728
1,470,796
FirstEnergy Corp.
33,506
1,431,041
IDACORP, Inc.
10,539
1,320,853
NRG Energy, Inc.
9,255
1,547,436
OGE Energy Corp.
31,755
1,442,312
PG&E Corp.
90,321
1,266,300
Pinnacle West Capital Corp.
15,638
1,417,116
PPL Corp.
41,594
1,484,490
Public Service Enterprise Group, Inc.
17,253
1,549,147
Talen Energy Corp. *
817
308,475
Vistra Corp.
8,098
1,688,757
Xcel Energy, Inc.
20,872
1,532,840
 
28,799,264
Electronic & Electrical Equipment — 1.2%
AMETEK, Inc.
7,700
1,423,345
Crane Co.
1,196
234,141
Crane NXT Co.
6,611
392,297
Hubbell, Inc.
3,460
1,513,681
IDEX Corp.
770
125,902
nVent Electric plc
9,783
767,183
 
4,456,549
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Finance & Credit Services — 1.1%
MGIC Investment Corp.
52,385
1,356,771
OneMain Holdings, Inc.
27,088
1,565,416
SLM Corp.
28,531
907,286
 
3,829,473
Food Producers — 6.5%
Archer-Daniels-Midland Co.
20,130
1,090,643
BellRing Brands, Inc. *
20,683
1,128,878
Bunge Global SA
13,890
1,107,866
Conagra Brands, Inc.
49,143
897,351
Corteva, Inc.
19,430
1,401,486
Darling Ingredients, Inc. *
29,392
951,713
Flowers Foods, Inc.
66,263
1,050,269
General Mills, Inc.
22,344
1,094,409
Hershey Co. (The)
6,256
1,164,429
Hormel Foods Corp.
35,701
1,002,841
Ingredion, Inc.
10,177
1,338,683
J M Smucker Co. (The)
11,041
1,185,141
Kellanova
17,619
1,406,525
Kraft Heinz Co. (The)
40,550
1,113,503
McCormick & Co., Inc. (Non-Voting)
14,311
1,010,786
Pilgrim's Pride Corp.
27,716
1,313,461
Post Holdings, Inc. *
11,975
1,267,075
The Campbell's Co.
32,284
1,030,505
Tyson Foods, Inc., Class A
23,758
1,242,544
US Foods Holding Corp. *
18,640
1,553,271
 
23,351,379
Gas, Water & Multi-utilities — 2.5%
Ameren Corp.
5,338
539,832
Atmos Energy Corp.
9,199
1,434,308
MDU Resources Group, Inc.
64,687
1,115,851
National Fuel Gas Co.
16,720
1,451,129
NiSource, Inc.
35,607
1,511,517
UGI Corp.
38,875
1,406,497
WEC Energy Group, Inc.
13,444
1,466,472
 
8,925,606
General Industrials — 1.2%
AptarGroup, Inc.
243
38,185
ITT, Inc.
4,128
701,595
Packaging Corp. of America
6,502
1,259,763
RPM International, Inc.
11,616
1,363,835
Silgan Holdings, Inc.
7,174
333,806
Sonoco Products Co.
1,364
61,475
Valmont Industries, Inc.
1,313
477,866
 
4,236,525
Health Care Providers — 2.9%
Amedisys, Inc. *
4,255
419,543
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Health Care Providers — continued
Chemed Corp.
2,284
941,693
DaVita, Inc. *
9,624
1,350,921
Doximity, Inc., Class A *
20,626
1,211,777
Encompass Health Corp.
11,638
1,281,460
IQVIA Holdings, Inc. *
4,446
826,334
Molina Healthcare, Inc. *
3,263
515,130
Tenet Healthcare Corp. *
8,556
1,379,912
Universal Health Services, Inc., Class B
8,261
1,375,043
Veeva Systems, Inc., Class A *
3,751
1,066,034
 
10,367,847
Household Goods & Home Construction — 1.5%
DR Horton, Inc.
7,224
1,031,876
Lennar Corp., Class A
7,666
859,972
NVR, Inc. *
144
1,087,126
PulteGroup, Inc.
10,326
1,166,012
Toll Brothers, Inc.
9,585
1,134,481
 
5,279,467
Industrial Engineering — 1.5%
Cummins, Inc.
4,206
1,546,210
Graco, Inc.
14,569
1,223,504
Lincoln Electric Holdings, Inc.
5,370
1,307,595
Snap-on, Inc.
4,305
1,382,723
 
5,460,032
Industrial Materials — 0.9%
Avery Dennison Corp.
5,925
994,037
Hexcel Corp.
12,854
770,083
International Paper Co.
28,386
1,326,762
 
3,090,882
Industrial Metals & Mining — 2.6%
Alcoa Corp.
30,771
922,207
Fastenal Co.
33,388
1,540,188
Mueller Industries, Inc.
5,794
494,634
Nucor Corp.
7,795
1,115,231
RBC Bearings, Inc. *
3,736
1,447,102
Reliance, Inc.
4,536
1,316,030
Steel Dynamics, Inc.
10,494
1,338,614
Timken Co. (The)
17,130
1,303,422
 
9,477,428
Industrial Support Services — 2.2%
ADT, Inc.
12,211
101,962
Booz Allen Hamilton Holding Corp.
3,213
344,851
Core & Main, Inc., Class A *
25,048
1,594,055
Genpact Ltd.
8,718
384,028
MSC Industrial Direct Co., Inc., Class A
13,937
1,207,223
Paychex, Inc.
7,083
1,022,289
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Support Services — continued
Synchrony Financial
23,484
1,636,130
Western Union Co. (The)
12,533
100,891
WW Grainger, Inc.
1,323
1,375,311
 
7,766,740
Industrial Transportation — 0.9%
Allison Transmission Holdings, Inc.
13,785
1,241,615
Landstar System, Inc.
5,803
773,946
Ryder System, Inc.
6,661
1,183,726
 
3,199,287
Investment Banking & Brokerage Services — 1.5%
Ameriprise Financial, Inc.
2,805
1,453,523
Bank of New York Mellon Corp. (The)
11,948
1,212,124
Jefferies Financial Group, Inc.
20,914
1,205,901
Principal Financial Group, Inc.
2,502
194,731
State Street Corp.
8,472
946,746
Virtu Financial, Inc., Class A
4,505
198,851
 
5,211,876
Leisure Goods — 0.6%
Garmin Ltd.
6,562
1,435,503
Harley-Davidson, Inc.
2,237
54,426
Pool Corp.
1,287
396,576
Thor Industries, Inc.
5,026
457,316
 
2,343,821
Life Insurance — 0.6%
Primerica, Inc.
3,002
797,421
Unum Group
17,933
1,287,769
 
2,085,190
Media — 1.0%
Fox Corp., Class A
19,706
1,098,806
Interpublic Group of Cos., Inc. (The)
3,331
81,943
Liberty Media Corp-Liberty Live, Class A *
1,153
94,315
Nexstar Media Group, Inc.
7,533
1,409,500
Omnicom Group, Inc.
10,322
743,700
 
3,428,264
Medical Equipment & Services — 4.5%
Agilent Technologies, Inc.
7,710
885,185
Bio-Techne Corp.
2,814
154,010
Cooper Cos., Inc. (The) *
8,460
598,037
Dentsply Sirona, Inc.
19,093
273,221
Envista Holdings Corp. *
9,594
181,231
GE HealthCare Technologies, Inc.
6,516
464,721
Globus Medical, Inc., Class A *
18,327
964,550
Henry Schein, Inc. *
16,177
1,094,374
Hologic, Inc. *
15,180
1,014,328
Insulet Corp. *
598
172,463
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Labcorp Holdings, Inc.
5,350
1,391,428
Penumbra, Inc. *
4,134
1,042,884
QIAGEN NV
22,455
1,107,930
Quest Diagnostics, Inc.
7,801
1,305,966
ResMed, Inc.
5,644
1,534,829
Revvity, Inc.
10,982
965,318
STERIS plc
5,078
1,150,116
Teleflex, Inc.
1,590
190,005
Waters Corp. *
3,100
895,156
West Pharmaceutical Services, Inc.
2,916
697,682
 
16,083,434
Mortgage Real Estate Investment Trusts — 0.6%
Annaly Capital Management, Inc.
4,730
96,161
Rithm Capital Corp.
116,096
1,396,635
Starwood Property Trust, Inc.
42,250
822,185
 
2,314,981
Nonequity Investment Instruments — 0.2%
Liberty Broadband Corp., Class C *
11,481
704,015
Non-life Insurance — 2.9%
American Financial Group, Inc.
4,872
608,513
Arch Capital Group Ltd.
4,309
370,833
Assured Guaranty Ltd.
6,799
575,059
Axis Capital Holdings Ltd.
11,623
1,090,702
Brown & Brown, Inc.
6,163
563,113
CNA Financial Corp.
219
9,708
Everest Group Ltd.
3,160
1,061,128
Fidelity National Financial, Inc.
11,021
621,915
Hartford Insurance Group, Inc. (The)
11,243
1,398,517
Loews Corp.
11,431
1,034,963
Old Republic International Corp.
37,569
1,358,871
Reinsurance Group of America, Inc.
7,146
1,375,248
White Mountains Insurance Group Ltd.
100
178,780
 
10,247,350
Non-Renewable Energy — 6.2%
Antero Midstream Corp.
76,975
1,412,491
Antero Resources Corp. *
33,817
1,181,228
APA Corp.
28,622
552,118
Baker Hughes Co.
27,124
1,221,936
Cheniere Energy, Inc.
5,908
1,393,579
Coterra Energy, Inc.
47,500
1,158,525
Devon Energy Corp.
24,449
812,196
Diamondback Energy, Inc.
7,990
1,187,794
DT Midstream, Inc.
13,237
1,359,837
Expand Energy Corp.
8,387
878,790
Halliburton Co.
30,264
677,914
Kinder Morgan, Inc.
50,937
1,429,292
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Non-Renewable Energy — continued
NOV, Inc.
35,714
449,282
ONEOK, Inc.
15,111
1,240,764
Ovintiv, Inc.
23,274
958,423
Permian Resources Corp.
94,314
1,335,486
Range Resources Corp.
32,352
1,187,966
Targa Resources Corp.
7,104
1,182,177
TechnipFMC plc (United Kingdom)
30,409
1,105,975
Texas Pacific Land Corp.
1,027
994,270
Viper Energy, Inc.
11,735
441,940
 
22,161,983
Personal Care, Drug & Grocery Stores — 4.2%
Albertsons Cos., Inc., Class A
66,536
1,278,822
Casey's General Stores, Inc.
2,779
1,445,441
Cencora, Inc.
4,765
1,363,171
Church & Dwight Co., Inc.
12,810
1,201,194
Clorox Co. (The)
8,596
1,079,314
Kenvue, Inc.
60,117
1,288,908
Kroger Co. (The)
21,521
1,508,622
Performance Food Group Co. *
16,318
1,638,327
Reynolds Consumer Products, Inc.
39,208
881,788
Sprouts Farmers Market, Inc. *
6,700
1,015,318
Sysco Corp.
14,246
1,133,982
Walgreens Boots Alliance, Inc.
92,911
1,081,484
 
14,916,371
Personal Goods — 0.9%
Crocs, Inc. *
7,899
787,767
Deckers Outdoor Corp. *
8,634
916,672
Ralph Lauren Corp.
5,402
1,613,848
 
3,318,287
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.8%
Biogen, Inc. *
931
119,168
Cardinal Health, Inc.
8,719
1,353,363
Elanco Animal Health, Inc. *
42,023
574,875
Exelixis, Inc. *
33,811
1,224,634
Halozyme Therapeutics, Inc. *
19,591
1,174,872
Incyte Corp. *
15,623
1,170,006
Jazz Pharmaceuticals plc *
10,220
1,171,519
Medpace Holdings, Inc. *
3,097
1,323,038
Neurocrine Biosciences, Inc. *
7,533
965,957
Organon & Co.
29,825
289,303
Perrigo Co. plc
16,265
433,788
Royalty Pharma plc, Class A
40,378
1,485,910
United Therapeutics Corp. *
4,965
1,363,885
Viatris, Inc.
110,358
964,529
 
13,614,847
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Precious Metals & Mining — 0.6%
Anglogold Ashanti plc (United Kingdom) (a)
20,824
963,110
Royal Gold, Inc.
7,725
1,169,720
 
2,132,830
Real Estate Investment & Services — 0.8%
CBRE Group, Inc., Class A *
10,288
1,602,253
Jones Lang LaSalle, Inc. *
5,342
1,444,263
 
3,046,516
Real Estate Investment Trusts — 9.3%
American Homes 4 Rent, Class A
28,021
972,049
AvalonBay Communities, Inc.
6,562
1,222,369
Brixmor Property Group, Inc.
52,090
1,361,112
Camden Property Trust
9,507
1,038,164
Cousins Properties, Inc.
30,324
821,780
CubeSmart
25,940
1,009,325
EastGroup Properties, Inc.
4,975
812,119
EPR Properties
24,866
1,368,625
Equity Residential
15,643
988,638
Essex Property Trust, Inc.
3,973
1,033,695
Federal Realty Investment Trust
6,263
577,198
First Industrial Realty Trust, Inc.
16,560
806,803
Gaming and Leisure Properties, Inc.
26,979
1,229,703
Highwoods Properties, Inc.
33,575
974,011
Host Hotels & Resorts, Inc.
65,889
1,035,775
Iron Mountain, Inc.
13,415
1,306,084
Kilroy Realty Corp.
26,722
984,973
Kimco Realty Corp.
56,823
1,206,352
Lamar Advertising Co., Class A
11,323
1,384,237
Mid-America Apartment Communities, Inc.
6,238
888,478
Millrose Properties, Inc., Class A
4,258
127,697
National Storage Affiliates Trust
13,968
411,497
NNN REIT, Inc.
19,189
791,738
Omega Healthcare Investors, Inc.
37,702
1,466,608
Park Hotels & Resorts, Inc.
84,680
902,689
Rayonier, Inc.
18,508
431,422
Regency Centers Corp.
19,384
1,384,018
Rexford Industrial Realty, Inc.
16,026
585,430
Simon Property Group, Inc.
8,694
1,423,990
STAG Industrial, Inc.
27,962
959,936
UDR, Inc.
25,444
999,695
VICI Properties, Inc.
39,289
1,280,821
WP Carey, Inc.
21,627
1,387,588
 
33,174,619
Retailers — 3.1%
AutoNation, Inc. *
7,164
1,380,073
Best Buy Co., Inc.
12,915
840,250
Dick's Sporting Goods, Inc.
6,627
1,401,677
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Retailers — continued
Macy's, Inc.
34,861
440,294
Penske Automotive Group, Inc.
7,678
1,285,374
Ross Stores, Inc.
8,727
1,191,585
Tapestry, Inc.
17,806
1,923,582
Tractor Supply Co.
20,441
1,164,115
Williams-Sonoma, Inc.
7,945
1,486,112
 
11,113,062
Software & Computer Services — 4.9%
Akamai Technologies, Inc. *
4,325
330,041
Amdocs Ltd.
12,377
1,056,501
CACI International, Inc., Class A *
2,414
1,111,816
Cognizant Technology Solutions Corp., Class A
10,694
767,402
Concentrix Corp.
5,330
277,000
Docusign, Inc. *
3,336
252,335
Dolby Laboratories, Inc., Class A
10,162
765,605
F5, Inc. *
4,908
1,538,265
Gartner, Inc. *
2,882
975,989
Gen Digital, Inc.
47,247
1,393,314
GoDaddy, Inc., Class A *
7,979
1,289,247
Hewlett Packard Enterprise Co.
79,610
1,647,131
Leidos Holdings, Inc.
8,389
1,339,304
Manhattan Associates, Inc. *
834
183,197
Paycom Software, Inc.
597
138,229
Pegasystems, Inc.
14,620
858,340
Science Applications International Corp.
8,273
922,274
SS&C Technologies Holdings, Inc.
16,917
1,446,065
Tyler Technologies, Inc. *
2,388
1,395,929
 
17,687,984
Technology Hardware & Equipment — 3.6%
Avnet, Inc.
18,174
962,131
Cirrus Logic, Inc. *
9,982
1,005,287
Corning, Inc.
14,787
935,130
HP, Inc.
31,765
787,772
Jabil, Inc.
7,986
1,782,236
Microchip Technology, Inc.
11,739
793,439
Monolithic Power Systems, Inc.
1,653
1,175,680
NetApp, Inc.
10,352
1,077,954
ON Semiconductor Corp. *
12,117
682,914
Qorvo, Inc. *
6,131
512,552
Skyworks Solutions, Inc.
9,243
633,515
TD SYNNEX Corp.
10,788
1,557,679
Teradyne, Inc.
8,418
904,346
 
12,810,635
Telecommunications Equipment — 1.4%
Ciena Corp. *
19,478
1,808,338
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Telecommunications Equipment — continued
Lumentum Holdings, Inc. *
15,622
1,719,670
Ubiquiti, Inc.
3,673
1,599,481
 
5,127,489
Telecommunications Service Providers — 1.5%
Charter Communications, Inc., Class A *
3,616
974,006
Frontier Communications Parent, Inc. *
38,442
1,412,359
GCI Liberty, Inc., Class C *
2,266
75,344
GCI Liberty, Inc. Escrow ‡ *
7,824
—
Iridium Communications, Inc.
36,910
902,819
Liberty Global Ltd., Class C (Belgium) *
67,587
691,415
Millicom International Cellular SA (Guatemala)
7,834
314,535
Roku, Inc. *
12,066
1,136,135
 
5,506,613
Travel & Leisure — 2.1%
Boyd Gaming Corp.
14,780
1,254,822
Darden Restaurants, Inc.
5,982
1,206,390
Expedia Group, Inc.
4,430
798,375
MGM Resorts International *
24,820
904,689
Texas Roadhouse, Inc.
7,690
1,423,650
Travel + Leisure Co.
5,012
296,961
United Airlines Holdings, Inc. *
13,878
1,225,566
Wendy's Co. (The) (a)
26,991
265,861
 
7,376,314
Waste & Disposal Services — 0.1%
Clean Harbors, Inc. *
1,503
354,422
Total Common Stocks
(Cost $326,551,239)
356,961,758
Short-Term Investments — 0.4%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (b) (c)(Cost $287,512)
287,512
287,512
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (b) (c)(Cost $1,205,956)
1,205,956
1,205,956
Total Short-Term Investments
(Cost $1,493,468)
1,493,468
Total Investments — 100.2%
(Cost $328,044,707)
358,455,226
Liabilities in Excess of Other Assets — (0.2)%
(837,817
)
NET ASSETS — 100.0%
357,617,409
 
Percentages indicated are based on 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 $1,127,806.
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
(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
S&P MidCap 400 E-Mini Index
1
09/19/2025
USD
316,460
9,528
 
Abbreviations
 
USD
United States Dollar
JPMorgan Diversified Return U.S. Mid 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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAVs 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)
$358,455,226
$—
$—
(b)
$358,455,226
JPMorgan Diversified Return U.S. Mid 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
Appreciation in Other Financial Instruments
Futures Contracts (a)
$9,528
$—
$—
$9,528
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
(b)
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)
$167,244
$19,819,229
$18,780,517
$—
$—
$1,205,956
1,205,956
$35,803
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.26%  (a) (b)
515,360
18,730,642
18,958,490
—
—
287,512
287,512
21,605
—
Total
$682,604
$38,549,871
$37,739,007
$—
$—
$1,493,468
$57,408
$—
 
 
(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.