JPMorgan Global Select 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 Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.8%
China — 2.4%
Tencent Holdings Ltd.
1,526,600
106,880,685
Yum China Holdings, Inc.
1,293,424
60,377,032
 
167,257,717
Denmark — 0.6%
Novo Nordisk A/S, Class B
908,562
42,255,406
France — 4.5%
Airbus SE
85,196
17,129,095
Cie Generale des Etablissements Michelin SCA
1,743,325
62,021,416
LVMH Moet Hennessy Louis Vuitton SE
171,516
92,071,859
Pernod Ricard SA
474,419
48,755,489
Safran SA
305,647
100,787,536
 
320,765,395
Germany — 3.7%
Deutsche Boerse AG
141,141
40,844,430
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
209,005
136,829,520
Siemens AG (Registered)
346,560
88,270,000
 
265,943,950
Hong Kong — 1.4%
AIA Group Ltd.
5,387,400
50,233,045
Hong Kong Exchanges & Clearing Ltd.
926,300
50,130,256
 
100,363,301
Japan — 4.2%
Disco Corp.
40,800
12,057,490
Hoya Corp.
51,900
6,547,849
Japan Exchange Group, Inc.
3,875,100
37,868,962
Keyence Corp.
195,400
70,682,327
Mitsubishi UFJ Financial Group, Inc.
4,827,200
66,532,180
Shin-Etsu Chemical Co. Ltd.
1,558,400
44,845,949
Sony Group Corp.
2,562,800
61,643,841
 
300,178,598
Netherlands — 2.1%
ASML Holding NV
110,309
76,452,262
Heineken NV
626,593
49,182,374
NXP Semiconductors NV
113,217
24,202,398
 
149,837,034
Singapore — 0.6%
DBS Group Holdings Ltd.
1,195,720
43,888,290
Sweden — 2.2%
Atlas Copco AB, Class A
3,179,471
48,418,215
Volvo AB, Class B
3,733,180
107,216,195
 
155,634,410
Switzerland — 0.7%
UBS Group AG (Registered)
1,288,221
47,875,474
JPMorgan Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — 1.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
139,345
33,668,539
Taiwan Semiconductor Manufacturing Co. Ltd.
2,206,000
84,929,428
 
118,597,967
United Kingdom — 1.3%
AstraZeneca plc
574,071
83,752,177
Diageo plc
309,735
7,507,221
 
91,259,398
United States — 74.4%
3M Co.
379,024
56,557,961
Abbott Laboratories
457,979
57,792,370
AbbVie, Inc.
501,667
94,825,096
Amazon.com, Inc. *
1,645,261
385,172,053
American Tower Corp., REIT
291,347
60,713,801
Analog Devices, Inc.
170,743
38,354,000
Apple, Inc.
1,196,279
248,311,632
Arthur J Gallagher & Co.
118,833
34,134,779
AT&T, Inc.
2,341,209
64,172,539
Baker Hughes Co.
2,419,698
109,007,395
Bank of America Corp.
2,801,972
132,449,217
Bristol-Myers Squibb Co.
1,401,654
60,705,635
Charles Schwab Corp. (The)
1,445,233
141,242,621
Chipotle Mexican Grill, Inc., Class A *
1,299,830
55,736,710
CME Group, Inc.
642,729
178,858,626
Danaher Corp.
107,509
21,196,475
Dominion Energy, Inc.
1,018,129
59,509,640
Eaton Corp. plc
151,662
58,347,405
Emerson Electric Co.
414,755
60,351,000
Exxon Mobil Corp.
1,482,450
165,500,718
Fidelity National Information Services, Inc.
1,583,046
125,709,683
Howmet Aerospace, Inc.
320,740
57,659,430
Johnson & Johnson
1,204,034
198,352,561
Keurig Dr Pepper, Inc.
2,231,574
72,860,891
Linde plc
73,336
33,753,627
Lowe's Cos., Inc.
422,530
94,465,032
Marriott International, Inc., Class A
260,017
68,600,285
Mastercard, Inc., Class A
24,073
13,636,632
McDonald's Corp.
294,060
88,238,584
Meta Platforms, Inc., Class A
482,801
373,417,606
Microsoft Corp.
1,064,790
568,065,465
Morgan Stanley
464,109
66,116,968
NextEra Energy, Inc.
766,434
54,462,800
NVIDIA Corp.
2,367,381
421,086,059
Oracle Corp.
68,371
17,350,509
Otis Worldwide Corp.
280,058
23,998,170
Ross Stores, Inc.
599,315
81,830,470
Salesforce, Inc.
322,237
83,243,484
Sanofi SA
300,501
26,976,201
JPMorgan Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Southern Co. (The)
1,629,935
153,996,259
Tesla, Inc. *
182,611
56,293,493
Trane Technologies plc
236,027
103,398,708
UnitedHealth Group, Inc.
140,232
34,996,298
US Bancorp
969,197
43,575,097
Walt Disney Co. (The)
1,554,413
185,146,132
Wells Fargo & Co.
1,205,248
97,179,146
Yum! Brands, Inc.
387,224
55,818,340
 
5,283,167,603
Total Common Stocks
(Cost $6,292,141,712)
7,087,024,543
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 4.37% (a) (b)
(Cost $25,844,671)
25,842,384
25,844,969
Total Investments — 100.2%
(Cost $6,317,986,383)
7,112,869,512
Liabilities in Excess of Other Assets — (0.2)%
(12,224,477
)
NET ASSETS — 100.0%
7,100,645,035
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
 
*
Non-income producing security.
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(b)
The rate shown is the current yield as of July 31, 2025.
JPMorgan Global Select 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
Semiconductors & Semiconductor Equipment
9.7
%
Software
9.4
Capital Markets
7.9
Interactive Media & Services
6.7
Pharmaceuticals
5.8
Broadline Retail
5.4
Banks
5.4
Hotels, Restaurants & Leisure
4.6
Technology Hardware, Storage & Peripherals
3.5
Insurance
3.1
Electric Utilities
2.9
Entertainment
2.6
Machinery
2.5
Beverages
2.5
Specialty Retail
2.5
Aerospace & Defense
2.5
Oil, Gas & Consumable Fuels
2.3
Industrial Conglomerates
2.0
Financial Services
2.0
Electrical Equipment
1.7
Energy Equipment & Services
1.5
Building Products
1.5
Biotechnology
1.3
Textiles, Apparel & Luxury Goods
1.3
Chemicals
1.1
Electronic Equipment, Instruments & Components
1.0
Others (each less than 1.0%)
6.9
Short-Term Investments
0.4
JPMorgan Global Select 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 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.
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
China
$60,377,032
$106,880,685
$—
$167,257,717
Denmark
—
42,255,406
—
42,255,406
France
—
320,765,395
—
320,765,395
Germany
—
265,943,950
—
265,943,950
Hong Kong
—
100,363,301
—
100,363,301
Japan
—
300,178,598
—
300,178,598
Netherlands
24,202,398
125,634,636
—
149,837,034
Singapore
—
43,888,290
—
43,888,290
JPMorgan Global Select 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
Sweden
$—
$155,634,410
$—
$155,634,410
Switzerland
—
47,875,474
—
47,875,474
Taiwan
33,668,539
84,929,428
—
118,597,967
United Kingdom
—
91,259,398
—
91,259,398
United States
5,256,191,402
26,976,201
—
5,283,167,603
Total Common Stocks
5,374,439,371
1,712,585,172
—
7,087,024,543
Short-Term Investments
Investment Companies
25,844,969
—
—
25,844,969
Total Investments in Securities
$5,400,284,340
$1,712,585,172
$—
$7,112,869,512
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)
$58,736,568
$1,075,684,199
$1,108,560,760
$(12,956
)
$(2,082
)
$25,844,969
25,842,384
$2,174,643
$—
JPMorgan Securities
Lending Money Market
Fund Agency SL
Class Shares, 4.37%
 (a) (b)
—
135,621,126
135,621,126
—
—
—
—
202,563
—
Total
$58,736,568
$1,211,305,325
$1,244,181,886
$(12,956
)
$(2,082
)
$25,844,969
$2,377,206
$—
 
 
(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.