JPMorgan Flexible Income 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 Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Exchange-Traded Funds — 66.5%
United States — 66.5%
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a)
231,052
10,750,850
JPMorgan Equity Premium Income ETF (a)
24,830
1,402,398
JPMorgan Income ETF (a)
12,837
593,069
JPMorgan Nasdaq Equity Premium Income ETF (a)
127,514
7,026,022
Total Exchange-Traded Funds
(Cost $20,183,082)
19,772,339
Common Stocks — 29.6%
Australia — 0.6%
AGL Energy Ltd.
2,289
14,265
Atlas Arteria Ltd.
1,211
4,000
Bendigo & Adelaide Bank Ltd.
660
5,171
BHP Group Ltd.
310
7,829
Dexus, REIT
828
3,738
Fortescue Ltd.
207
2,342
Glencore plc
849
3,407
IGO Ltd.
507
1,426
Insignia Financial Ltd. *
1,198
3,451
JB Hi-Fi Ltd.
24
1,710
Magellan Financial Group Ltd.
264
1,795
Metcash Ltd.
2,555
6,379
New Hope Corp. Ltd.
866
2,313
QBE Insurance Group Ltd.
1,597
23,690
Region Group, REIT
1,118
1,673
Rio Tinto Ltd.
201
14,295
Rio Tinto plc
624
37,165
Sonic Healthcare Ltd.
528
9,324
Woodside Energy Group Ltd.
682
11,541
Woolworths Group Ltd.
531
10,720
Yancoal Australia Ltd.
635
2,565
 
168,799
Austria — 0.1%
ANDRITZ AG
59
4,106
BAWAG Group AG (b)
26
3,281
Erste Group Bank AG
64
5,852
OMV AG
259
13,191
Strabag SE
20
1,880
 
28,310
Belgium — 0.1%
Ageas SA
62
4,216
Anheuser-Busch InBev SA
82
4,714
KBC Group NV
32
3,338
Proximus SADP
545
4,528
Solvay SA
61
1,911
Umicore SA
215
3,398
 
22,105
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Canada — 1.7%
Agnico Eagle Mines Ltd.
105
13,035
Bank of Nova Scotia (The)
550
30,600
Barrick Mining Corp.
800
16,888
BCE, Inc.
1,022
23,839
Canadian Natural Resources Ltd.
914
28,932
Enbridge, Inc.
722
32,697
Fortis, Inc.
647
31,659
Great-West Lifeco, Inc.
798
29,965
Hydro One Ltd. (b)
76
2,688
Magna International, Inc.
789
32,355
Nutrien Ltd.
562
33,344
Pembina Pipeline Corp.
785
29,177
Power Corp. of Canada
795
32,039
Restaurant Brands International, Inc.
405
27,481
Suncor Energy, Inc.
774
30,528
TC Energy Corp.
1,277
60,974
Teck Resources Ltd., Class B
25
811
TELUS Corp.
1,543
24,855
Tourmaline Oil Corp.
617
26,259
 
508,126
China — 0.0% ^
Lenovo Group Ltd.
6,000
7,693
Wilmar International Ltd.
1,100
2,490
 
10,183
Denmark — 0.1%
Danske Bank A/S
803
31,856
Sydbank A/S
46
3,408
 
35,264
Finland — 0.5%
Fortum OYJ
261
4,788
Kemira OYJ
179
3,810
Kone OYJ, Class B
105
6,448
Konecranes OYJ
73
6,083
Mandatum OYJ
357
2,422
Nordea Bank Abp
4,394
64,116
Orion OYJ, Class B
267
21,376
UPM-Kymmene OYJ
192
4,976
Valmet OYJ
136
4,907
Wartsila OYJ Abp
505
13,952
 
132,878
France — 1.2%
Air Liquide SA
22
4,328
Amundi SA (b)
37
2,734
AXA SA
210
10,199
Ayvens SA (b)
195
2,095
Bouygues SA
98
4,035
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
Capgemini SE
51
7,593
Carrefour SA
923
13,228
Cie Generale des Etablissements Michelin SCA
979
34,829
Coface SA
163
3,031
Covivio SA, REIT
117
7,575
Danone SA
159
13,012
Eiffage SA
31
4,161
Engie SA
2,334
52,464
FDJ UNITED (b)
103
3,213
Gaztransport Et Technigaz SA
23
4,326
Klepierre SA, REIT
819
31,263
LVMH Moet Hennessy Louis Vuitton SE
62
33,282
Orange SA
1,061
16,139
Pernod Ricard SA
144
14,799
Rubis SCA
130
4,117
Safran SA
40
13,190
TotalEnergies SE
464
27,592
Unibail-Rodamco-Westfield, REIT
38
3,684
Vallourec SACA
158
2,953
Vinci SA
254
35,283
 
349,125
Germany — 1.2%
Allianz SE (Registered)
113
44,655
BASF SE
230
11,272
Bayerische Motoren Werke AG
24
2,283
Bilfinger SE
51
5,487
Commerzbank AG
187
6,819
Continental AG
70
5,979
Deutsche Boerse AG
88
25,466
Deutsche Post AG
120
5,377
Deutsche Telekom AG (Registered)
1,194
42,824
Evonik Industries AG
326
6,474
Freenet AG
143
4,638
Heidelberg Materials AG
39
8,997
HOCHTIEF AG
30
6,537
Mercedes-Benz Group AG
287
16,250
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
115
75,287
RWE AG
129
5,292
SAP SE
94
26,880
Siemens AG (Registered)
171
43,554
Vonovia SE
308
9,559
 
353,630
Guatemala — 0.0% ^
Millicom International Cellular SA
110
4,417
Hong Kong — 0.2%
Cathay Pacific Airways Ltd.
2,000
2,973
Hang Lung Properties Ltd.
6,000
6,179
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hong Kong — continued
Henderson Land Development Co. Ltd.
1,000
3,499
Hysan Development Co. Ltd.
1,000
1,990
Man Wah Holdings Ltd.
2,800
1,580
New World Development Co. Ltd. *
1,000
819
Orient Overseas International Ltd.
500
8,996
PCCW Ltd.
2,000
1,433
Power Assets Holdings Ltd.
1,500
9,876
Prudential plc
482
6,115
United Energy Group Ltd.
30,000
2,173
VTech Holdings Ltd.
400
2,964
Yue Yuen Industrial Holdings Ltd.
3,500
5,474
 
54,071
Ireland — 0.1%
Accenture plc, Class A
114
30,450
AIB Group plc
556
4,386
Bank of Ireland Group plc
252
3,379
Cairn Homes plc
1,655
4,117
 
42,332
Israel — 0.0% ^
Delek Group Ltd.
20
4,062
Plus500 Ltd.
64
2,840
 
6,902
Italy — 0.7%
A2A SpA
1,237
3,014
Azimut Holding SpA
99
3,365
Banca Generali SpA
56
3,128
Banca Mediolanum SpA
891
15,716
Banca Monte dei Paschi di Siena SpA
243
2,069
Banco BPM SpA
362
4,617
BPER Banca SpA
446
4,389
Coca-Cola HBC AG
91
4,729
Enel SpA
3,421
30,167
Eni SpA
1,364
23,280
FinecoBank Banca Fineco SpA
147
3,130
Generali
157
5,857
Intesa Sanpaolo SpA
6,056
36,489
Maire SpA
345
4,792
Mediobanca Banca di Credito Finanziario SpA
186
4,095
Poste Italiane SpA (b)
198
4,278
Ryanair Holdings plc
438
12,878
Snam SpA
676
3,918
Technogym SpA (b)
292
4,505
UniCredit SpA
447
32,888
Unipol Assicurazioni SpA
201
4,032
 
211,336
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Ivory Coast — 0.0% ^
Endeavour Mining plc
171
5,187
Japan — 1.6%
Activia Properties, Inc., REIT
3
2,563
AEON REIT Investment Corp., REIT
4
3,410
Aozora Bank Ltd.
1,000
14,671
Bridgestone Corp.
400
16,180
Canon, Inc.
500
14,201
Chubu Electric Power Co., Inc.
300
3,669
Chugoku Electric Power Co., Inc. (The)
1,000
5,445
Cosmo Energy Holdings Co. Ltd.
100
4,438
Dai Nippon Printing Co. Ltd.
600
9,240
Dai-ichi Life Holdings, Inc.
800
6,330
Electric Power Development Co. Ltd.
700
12,114
ENEOS Holdings, Inc.
1,500
7,873
FANUC Corp.
400
11,135
Frontier Real Estate Investment Corp., REIT
4
2,282
Idemitsu Kosan Co. Ltd.
2,000
12,857
Industrial & Infrastructure Fund Investment Corp., REIT
5
4,091
Inpex Corp.
400
5,696
Isuzu Motors Ltd.
100
1,282
Japan Exchange Group, Inc.
1,200
11,727
Japan Metropolitan Fund Invest, REIT
22
16,001
Japan Post Holdings Co. Ltd.
700
6,482
Japan Tobacco, Inc.
300
8,568
Kansai Electric Power Co., Inc. (The)
300
3,602
KDX Realty Investment Corp., REIT
5
5,373
Kirin Holdings Co. Ltd.
800
10,542
Kobe Steel Ltd.
500
5,494
Kyushu Electric Power Co., Inc.
300
2,660
Kyushu Railway Co.
600
14,510
Lixil Corp.
300
3,476
Matsui Securities Co. Ltd.
200
978
Mazda Motor Corp.
300
1,799
Mitsubishi Chemical Group Corp.
1,800
9,804
Mitsubishi UFJ Financial Group, Inc.
1,600
22,052
Nippon Building Fund, Inc., REIT
1
917
Nippon Shokubai Co. Ltd.
200
2,274
Nippon Steel Corp.
800
15,406
Nomura Holdings, Inc.
700
4,624
Ono Pharmaceutical Co. Ltd.
100
1,118
Pola Orbis Holdings, Inc.
200
1,688
Sekisui House REIT, Inc., REIT
5
2,597
Shin-Etsu Chemical Co. Ltd.
1,100
31,655
SoftBank Corp.
14,600
21,095
Sony Group Corp.
700
16,837
Sumitomo Rubber Industries Ltd.
200
2,286
Suzuki Motor Corp.
1,500
16,481
Takeda Pharmaceutical Co. Ltd.
600
16,482
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Tokio Marine Holdings, Inc.
600
24,092
Tokyo Electron Ltd.
200
31,796
Toyo Tire Corp.
200
4,236
United Urban Investment Corp., REIT
9
9,882
 
464,011
Netherlands — 0.5%
ABN AMRO Bank NV, CVA (b)
497
14,368
ASML Holding NV
51
35,347
ASR Nederland NV
63
4,185
BE Semiconductor Industries NV
86
11,620
Heineken NV
128
10,047
ING Groep NV
331
7,714
Koninklijke Ahold Delhaize NV
199
7,860
Koninklijke BAM Groep NV
722
6,303
Koninklijke Heijmans N.V., CVA
90
5,736
Koninklijke KPN NV
4,749
21,216
NN Group NV
76
5,118
NXP Semiconductors NV
62
13,254
OCI NV
575
4,789
Randstad NV
99
4,705
SBM Offshore NV
231
6,024
 
158,286
New Zealand — 0.0% ^
Spark New Zealand Ltd.
2,964
4,243
Norway — 0.4%
Aker BP ASA
507
12,197
Aker Solutions ASA
1,162
3,437
DNB Bank ASA
177
4,478
DOF Group ASA
433
3,965
Equinor ASA
1,236
31,750
Gjensidige Forsikring ASA
98
2,578
Norsk Hydro ASA
906
5,370
Orkla ASA
226
2,376
Salmar ASA
88
3,575
Telenor ASA
1,993
30,574
Var Energi ASA
1,456
4,987
Vend Marketplaces ASA, Class A
131
5,171
 
110,458
Peru — 0.0% ^
Credicorp Ltd.
28
6,636
Poland — 0.0% ^
Santander Bank Polska SA
16
2,333
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Portugal — 0.0% ^
Banco Comercial Portugues SA, Class R
3,724
3,058
NOS SGPS SA
934
3,850
 
6,908
Singapore — 0.3%
CapitaLand Ascendas, REIT
3,200
6,851
DBS Group Holdings Ltd.
1,400
51,386
Singapore Telecommunications Ltd.
6,000
17,881
Venture Corp. Ltd.
400
3,968
 
80,086
South Africa — 0.0% ^
Anglo American plc
295
8,301
South Korea — 0.1%
Cheil Worldwide, Inc.
63
900
Hana Financial Group, Inc.
72
4,402
Kia Corp.
63
4,610
KT&G Corp.
46
4,311
Woori Financial Group, Inc.
147
2,608
 
16,831
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA
78
5,383
Aena SME SA (b)
744
20,035
Banco Bilbao Vizcaya Argentaria SA
663
11,058
Banco de Sabadell SA
867
3,200
Banco Santander SA
1,545
13,273
Bankinter SA
155
2,213
CaixaBank SA
669
6,294
Enagas SA
72
1,078
Endesa SA
1,246
36,046
Iberdrola SA
2,398
42,148
Logista Integral SA
128
4,051
Mapfre SA
924
3,763
Naturgy Energy Group SA
500
15,680
Unicaja Banco SA (b)
934
2,454
 
166,676
Sweden — 0.5%
Betsson AB, Class B
252
4,267
Loomis AB
102
4,033
NCC AB, Class B
211
3,995
SSAB AB, Class B
561
3,171
Svenska Handelsbanken AB, Class A
351
4,277
Swedbank AB, Class A
141
3,755
Tele2 AB, Class B
2,288
35,361
Telia Co. AB (c)
1,437
5,075
Volvo AB, Class B
2,980
85,585
 
149,519
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Switzerland — 0.1%
ABB Ltd. (Registered)
129
8,423
Adecco Group AG (Registered)
156
4,912
Cembra Money Bank AG
25
2,806
Cie Financiere Richemont SA (Registered)
60
9,797
Temenos AG (Registered)
62
5,546
Zurich Insurance Group AG
13
8,867
 
40,351
Taiwan — 0.4%
Taiwan Semiconductor Manufacturing Co. Ltd.
3,000
115,498
United Kingdom — 1.4%
Admiral Group plc
94
4,237
AstraZeneca plc
323
47,123
Aviva plc
615
5,255
B&M European Value Retail SA
2,158
6,379
Balfour Beatty plc
816
5,832
Barclays plc
1,552
7,586
Barratt Redrow plc
3,217
15,842
Beazley plc
251
2,958
British American Tobacco plc
688
36,861
British Land Co. plc (The), REIT
1,195
5,492
BT Group plc
1,690
4,616
Centrica plc
2,810
6,108
Drax Group plc
584
5,454
Dunelm Group plc
252
4,042
Games Workshop Group plc
16
3,428
Hammerson plc, REIT
673
2,630
HSBC Holdings plc
1,506
18,348
IG Group Holdings plc
108
1,608
International Consolidated Airlines Group SA
798
3,987
Investec plc
431
3,196
ITV plc
3,698
4,011
J Sainsbury plc
1,475
5,898
JET2 plc
167
3,577
Johnson Matthey plc
219
5,103
Lancashire Holdings Ltd.
398
3,290
Land Securities Group plc, REIT
1,090
8,289
Legal & General Group plc
1,373
4,645
Lloyds Banking Group plc
7,732
7,929
M&G plc
2,008
6,911
Mitie Group plc
2,679
4,968
Morgan Sindall Group plc
71
4,308
National Grid plc
391
5,494
NatWest Group plc
852
5,914
Next plc
31
5,032
Pennon Group plc
761
5,028
Persimmon plc
436
6,574
Phoenix Group Holdings plc
1,070
9,357
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — continued
RELX plc
846
43,959
Sage Group plc (The)
460
7,386
SSE plc
304
7,452
Taylor Wimpey plc
2,224
2,992
Telecom Plus plc
189
4,605
Tesco plc
4,611
25,907
TP ICAP Group plc
867
3,500
Unilever plc
68
3,945
Vodafone Group plc
29,046
31,492
WPP plc
1,094
5,923
 
424,471
United States — 17.2%
3M Co.
200
29,844
Abbott Laboratories
311
39,245
AbbVie, Inc.
387
73,151
Alexandria Real Estate Equities, Inc., REIT
25
1,911
Alliant Energy Corp.
258
16,773
Altria Group, Inc.
539
33,386
Amcor plc
746
6,975
American Electric Power Co., Inc.
290
32,811
American Tower Corp., REIT
144
30,008
Amgen, Inc.
100
29,510
Analog Devices, Inc.
234
52,563
Annaly Capital Management, Inc., REIT
1,431
29,092
Apple, Inc.
389
80,745
Archer-Daniels-Midland Co.
558
30,232
AT&T, Inc.
2,645
72,499
Avery Dennison Corp.
150
25,165
Baker Hughes Co.
1,134
51,087
Bank of America Corp.
1,289
60,931
Best Buy Co., Inc.
517
33,636
Blackrock, Inc.
26
28,756
BP plc
5,434
29,128
Bristol-Myers Squibb Co.
1,115
48,291
Broadcom, Inc.
215
63,145
BXP, Inc., REIT
416
27,219
Cardinal Health, Inc.
147
22,817
CF Industries Holdings, Inc.
343
31,841
CH Robinson Worldwide, Inc.
186
21,450
Chevron Corp.
279
42,308
Cisco Systems, Inc.
471
32,066
Clorox Co. (The)
233
29,255
CME Group, Inc.
206
57,326
Coca-Cola Co. (The)
800
54,312
Comcast Corp., Class A
645
21,433
Conagra Brands, Inc.
1,368
24,980
ConocoPhillips
287
27,363
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Consolidated Edison, Inc.
280
28,980
Crown Castle, Inc., REIT
293
30,791
Cummins, Inc.
87
31,983
Darden Restaurants, Inc.
146
29,444
Devon Energy Corp.
741
24,616
Diamondback Energy, Inc.
168
24,975
Digital Realty Trust, Inc., REIT
140
24,702
Dominion Energy, Inc.
530
30,978
Dow, Inc.
1,025
23,872
DTE Energy Co.
211
29,204
Duke Energy Corp.
264
32,113
Eastman Chemical Co.
308
22,364
Eaton Corp. plc
143
55,015
Edison International
543
28,301
Emerson Electric Co.
527
76,684
Entergy Corp.
382
34,544
EOG Resources, Inc.
20
2,400
Evergy, Inc.
470
33,276
Eversource Energy
465
30,736
Exelon Corp.
706
31,728
Exxon Mobil Corp.
440
49,122
Fastenal Co.
778
35,889
Fidelity National Information Services, Inc.
1,084
86,080
Ford Motor Co.
2,768
30,642
Franklin Resources, Inc.
610
14,640
General Dynamics Corp.
22
6,855
General Mills, Inc.
540
26,449
Gilead Sciences, Inc.
279
31,329
GQG Partners, Inc., CHDI
1,013
1,323
GSK plc
1,825
33,569
Healthpeak Properties, Inc., REIT
1,465
24,817
Hershey Co. (The)
68
12,657
Hewlett Packard Enterprise Co.
1,420
29,380
Hormel Foods Corp.
763
21,433
Host Hotels & Resorts, Inc., REIT
686
10,784
HP, Inc.
968
24,006
International Business Machines Corp.
110
27,846
International Flavors & Fragrances, Inc.
346
24,576
International Paper Co.
575
26,875
Interpublic Group of Cos., Inc. (The)
987
24,280
Iron Mountain, Inc., REIT
281
27,358
J M Smucker Co. (The)
285
30,592
Johnson & Johnson
444
73,145
Kellanova
382
30,495
Kenvue, Inc.
1,338
28,687
Keurig Dr Pepper, Inc.
992
32,389
KeyCorp
1,803
32,310
Kimberly-Clark Corp.
218
27,167
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Kimco Realty Corp., REIT
1,331
28,257
Kinder Morgan, Inc.
1,129
31,680
Kraft Heinz Co. (The)
1,084
29,767
Lockheed Martin Corp.
55
23,154
Lowe's Cos., Inc.
204
45,608
LyondellBasell Industries NV, Class A
381
22,071
Marsh & McLennan Cos., Inc.
107
21,314
McDonald's Corp.
206
61,814
Merck & Co., Inc.
652
50,934
Meta Platforms, Inc., Class A
158
122,204
Microchip Technology, Inc.
72
4,866
Microsoft Corp.
457
243,809
Mid-America Apartment Communities, Inc., REIT
11
1,567
Molson Coors Beverage Co., Class B
551
26,845
Mondelez International, Inc., Class A
267
17,272
Morgan Stanley
288
41,028
Motorola Solutions, Inc.
64
28,095
Nestle SA (Registered)
116
10,136
NetApp, Inc.
235
24,471
NextEra Energy, Inc.
662
47,042
Novartis AG (Registered)
213
24,258
Omnicom Group, Inc.
637
45,896
ONEOK, Inc.
310
25,454
Otis Worldwide Corp.
268
22,965
PACCAR, Inc.
467
46,121
PepsiCo, Inc.
212
29,239
Pfizer, Inc.
1,155
26,900
Philip Morris International, Inc.
179
29,365
Phillips 66
193
23,851
PPL Corp.
238
8,494
Procter & Gamble Co. (The)
242
36,414
Prudential Financial, Inc.
258
26,724
Public Storage, REIT
82
22,299
Realty Income Corp., REIT
498
27,953
Regency Centers Corp., REIT
396
28,274
Roche Holding AG
69
21,533
RTX Corp.
223
35,138
Salesforce, Inc.
132
34,100
Sanofi SA
181
16,249
Seagate Technology Holdings plc
298
46,789
Sempra
370
30,222
Shell plc
558
20,051
Simon Property Group, Inc., REIT
182
29,810
Skyworks Solutions, Inc.
415
28,444
Southern Co. (The)
1,059
100,054
Stellantis NV
201
1,774
Swiss Re AG
35
6,265
T. Rowe Price Group, Inc.
229
23,232
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Target Corp.
257
25,828
The Campbell's Co.
914
29,175
T-Mobile US, Inc.
121
28,848
Trane Technologies plc
62
27,161
TransDigm Group, Inc.
8
12,868
Truist Financial Corp.
1,177
51,447
Tyson Foods, Inc., Class A
501
26,202
United Parcel Service, Inc., Class B
277
23,866
UnitedHealth Group, Inc.
66
16,471
US Bancorp
424
19,063
Valero Energy Corp.
182
24,990
Ventas, Inc., REIT
455
30,567
Verizon Communications, Inc.
694
29,675
Viatris, Inc.
2,758
24,105
VICI Properties, Inc., REIT
911
29,699
Walt Disney Co. (The)
721
85,878
Warner Music Group Corp., Class A
484
14,162
WEC Energy Group, Inc.
269
29,343
Wells Fargo & Co.
303
24,431
Westlake Corp.
176
13,957
Weyerhaeuser Co., REIT
826
20,691
Williams Cos., Inc. (The)
523
31,354
WP Carey, Inc., REIT
489
31,374
Xcel Energy, Inc.
411
30,184
 
5,123,796
Total Common Stocks
(Cost $8,433,627)
8,811,069
 
PRINCIPAL
AMOUNT($)
U.S. Treasury Obligations — 1.1%
United States — 1.1%
U.S. Treasury Notes, 4.25%, 1/31/2026 (d)
(Cost $339,917)
340,000
339,795
 
SHARES
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class IM Shares, 4.37% (a) (e)
(Cost $761,756)
761,628
761,704
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (a) (e)(Cost $3,769)
3,769
3,769
Total Short-Term Investments
(Cost $765,525)
765,473
Total Investments — 99.8%
(Cost $29,722,151)
29,688,676
Other Assets in Excess of Liabilities — 0.2%
47,629
NET ASSETS — 100.0%
29,736,305
 
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
Percentages indicated are based on net assets.
 
Abbreviations
 
CHDI
Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA
Certificaten Van Aandelen (Dutch Certificate)
ETF
Exchange Traded Fund
OYJ
Public Limited Company
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SGPS
Holding company
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
*
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)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities
offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have
restrictions on resale.
 
(c)
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 $3,549.
 
(d)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
(e)
The rate shown is the current yield as of July 31, 2025.
 
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
Fixed Income
38.2
%
U.S. Equity
28.4
Oil, Gas & Consumable Fuels
2.5
Banks
2.2
Electric Utilities
2.0
Pharmaceuticals
1.4
Insurance
1.3
Semiconductors & Semiconductor Equipment
1.2
U.S. Treasury Notes
1.1
Software
1.1
Food Products
1.0
Diversified Telecommunication Services
1.0
Others (each less than 1.0%)
16.0
Short-Term Investments
2.6
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
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
NASDAQ 100 E-Mini Index
4
09/19/2025
USD
1,869,140
119,573
S&P 500 E-Mini Index
2
09/19/2025
USD
637,150
28,321
U.S. Treasury 10 Year Note
32
09/19/2025
USD
3,554,500
38,635
U.S. Treasury 5 Year Note
9
09/30/2025
USD
973,758
6,604
 
193,133
 
Abbreviations
 
USD
United States Dollar
JPMorgan Flexible Income 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, excluding exchange-traded funds (“ETFs”) (“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.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$168,799
$—
$168,799
Austria
—
28,310
—
28,310
Belgium
—
22,105
—
22,105
Canada
508,126
—
—
508,126
China
—
10,183
—
10,183
Denmark
—
35,264
—
35,264
JPMorgan Flexible Income 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
Finland
$—
$132,878
$—
$132,878
France
—
349,125
—
349,125
Germany
—
353,630
—
353,630
Guatemala
4,417
—
—
4,417
Hong Kong
—
54,071
—
54,071
Ireland
34,567
7,765
—
42,332
Israel
—
6,902
—
6,902
Italy
—
211,336
—
211,336
Ivory Coast
—
5,187
—
5,187
Japan
—
464,011
—
464,011
Netherlands
13,254
145,032
—
158,286
New Zealand
4,243
—
—
4,243
Norway
3,575
106,883
—
110,458
Peru
6,636
—
—
6,636
Poland
—
2,333
—
2,333
Portugal
—
6,908
—
6,908
Singapore
—
80,086
—
80,086
South Africa
—
8,301
—
8,301
South Korea
—
16,831
—
16,831
Spain
51,726
114,950
—
166,676
Sweden
—
149,519
—
149,519
Switzerland
—
40,351
—
40,351
Taiwan
—
115,498
—
115,498
United Kingdom
6,486
417,985
—
424,471
United States
4,959,510
164,286
—
5,123,796
Total Common Stocks
5,592,540
3,218,529
—
8,811,069
Exchange-Traded Funds
19,772,339
—
—
19,772,339
U.S. Treasury Obligations
—
339,795
—
339,795
Short-Term Investments
Investment Companies
761,704
—
—
761,704
Investment of Cash Collateral from Securities Loaned
3,769
—
—
3,769
Total Short-Term Investments
765,473
—
—
765,473
Total Investments in Securities
$26,130,352
$3,558,324
$—
$29,688,676
Appreciation in Other Financial Instruments
Futures Contracts
$193,133
$—
$—
$193,133
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.
JPMorgan Flexible Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
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
February 12,
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 BetaBuilders USD High Yield
Corporate Bond ETF  (b)
$—
$10,878,260
$130,763
$(8,471
)
$11,824
$10,750,850
231,052
$343,555
$—
JPMorgan Equity Premium Income ETF  (b)
—
1,471,590
—
—
(69,192
)
1,402,398
24,830
53,709
—
JPMorgan Income ETF  (b)
—
588,020
—
—
5,049
593,069
12,837
13,791
—
JPMorgan Nasdaq Equity Premium Income
ETF  (b)
—
7,384,446
—
—
(358,424
)
7,026,022
127,514
348,857
—
JPMorgan Prime Money Market Fund
Class IM Shares, 4.37%  (b) (c)
—
2,511,483
1,749,741
14
(52
)
761,704
761,628
7,731
—
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
4.37%  (b) (c)
—
15,087
11,318
—
—
3,769
3,769
16
—
Total
$—
$22,848,886
$1,891,822
$(8,457
)
$(410,795
)
$20,537,812
$767,659
$—
 
 
(a)
Commencement of operations was February 12, 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.