JPMorgan ActiveBuilders Emerging Markets 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 ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.5%
Argentina — 0.1%
Vista Energy SAB de CV, ADR *
4,253
190,109
YPF SA, ADR *
18,219
611,065
 
801,174
Austria — 0.0% ^
Raiffeisen Bank International AG
13,498
389,747
Brazil — 5.3%
Ambev SA
179,873
402,819
B3 SA - Brasil Bolsa Balcao
2,011,794
4,512,529
Banco BTG Pactual SA
557,078
3,894,885
Banco do Brasil SA
338,618
1,196,143
Banco Santander Brasil SA
69,266
325,576
Centrais Eletricas Brasileiras SA (Preference)
97,921
711,733
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
80,718
1,557,406
CPFL Energia SA
46,273
311,624
Cury Construtora e Incorporadora SA
97,222
510,283
Embraer SA
139,328
2,002,503
Itau Unibanco Holding SA (Preference)
1,184,630
7,400,301
Itausa SA (Preference)
735,002
1,354,613
Localiza Rent a Car SA
285,412
1,758,483
Lojas Renner SA
254,336
735,817
Marcopolo SA (Preference)
379,834
559,622
MercadoLibre, Inc. *
3,954
9,386,361
Motiva Infraestrutura de Mobilidade SA
94,028
206,374
NU Holdings Ltd., Class A *
580,494
7,093,637
Petroleo Brasileiro SA, ADR
658,424
8,388,322
Porto Seguro SA
125,189
1,157,421
Raia Drogasil SA
405,359
977,283
Suzano SA
24,088
223,864
Telefonica Brasil SA
115,858
651,961
TIM SA
389,236
1,434,033
TOTVS SA
46,754
363,625
Vale SA, ADR
143,539
1,367,927
Vibra Energia SA
178,126
676,615
WEG SA
380,839
2,516,460
Wilson Sons SA
87,943
277,514
YDUQS Participacoes SA
99,963
231,362
 
62,187,096
Chile — 0.1%
Banco de Chile
3,059,026
421,390
Banco Santander Chile
18,089,772
1,044,903
 
1,466,293
China — 27.5%
Advanced Micro-Fabrication Equipment, Inc., Class A
13,403
366,382
Airtac International Group
29,670
843,860
Alibaba Group Holding Ltd.
2,015,686
30,305,393
Angel Yeast Co. Ltd., Class A
191,209
909,376
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Anhui Expressway Co. Ltd., Class H
180,000
280,875
Anjoy Foods Group Co. Ltd., Class A
74,900
765,642
ANTA Sports Products Ltd.
57,200
656,547
Bank of Hangzhou Co. Ltd., Class A
176,000
391,352
Baoshan Iron & Steel Co. Ltd., Class A
265,300
269,799
Beijing Huafeng Test & Control Technology Co. Ltd., Class A
40,830
804,624
BYD Co. Ltd., Class H
138,000
2,014,918
China CITIC Bank Corp. Ltd., Class H
4,232,000
3,932,045
China Construction Bank Corp., Class H
7,426,000
7,595,339
China Feihe Ltd. (a)
612,000
363,835
China Galaxy Securities Co. Ltd., Class H
361,000
487,859
China Hongqiao Group Ltd.
203,500
536,812
China International Capital Corp. Ltd., Class H (a)
144,800
367,682
China Life Insurance Co. Ltd., Class H
371,000
1,071,675
China Mengniu Dairy Co. Ltd.
427,000
888,594
China Merchants Bank Co. Ltd., Class H
1,717,500
11,145,110
China Minsheng Banking Corp. Ltd., Class H
3,489,500
2,100,292
China Pacific Insurance Group Co. Ltd., Class H
1,142,200
4,600,119
China Petroleum & Chemical Corp., Class H
3,548,000
2,082,047
China Resources Gas Group Ltd.
317,700
804,196
China Resources Land Ltd.
158,000
579,381
China Resources Power Holdings Co. Ltd.
182,000
451,012
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A
193,243
838,480
China Tower Corp. Ltd., Class H (a)
328,600
459,815
China Yangtze Power Co. Ltd., Class A
877,675
3,389,731
China Zheshang Bank Co. Ltd., Class H
894,000
314,159
CITIC Securities Co. Ltd., Class H
612,000
2,150,320
Contemporary Amperex Technology Co. Ltd., Class A
185,000
6,756,276
ENN Energy Holdings Ltd.
357,400
2,912,818
Focus Media Information Technology Co. Ltd., Class A
1,855,700
1,926,055
Foshan Haitian Flavouring & Food Co. Ltd., Class H *
100,700
438,719
Foxconn Industrial Internet Co. Ltd., Class A
813,800
3,877,443
Full Truck Alliance Co. Ltd., ADR
103,706
1,197,804
Fuyao Glass Industry Group Co. Ltd., Class H (a)
1,100,800
7,936,297
Geely Automobile Holdings Ltd.
228,000
511,408
Gree Electric Appliances, Inc. of Zhuhai, Class A
109,600
692,663
H World Group Ltd.
880,486
2,748,174
Haidilao International Holding Ltd. (a)
928,000
1,645,064
Haier Smart Home Co. Ltd., Class H
1,142,000
3,597,733
Hongfa Technology Co. Ltd., Class A
342,380
1,162,559
Huaming Power Equipment Co. Ltd., Class A
169,000
411,767
Industrial & Commercial Bank of China Ltd., Class H
490,000
375,450
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
1,151,513
4,372,573
JD.com, Inc., Class A
58,202
917,377
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
314,000
2,737,605
Kanzhun Ltd., ADR *
97,454
1,847,728
KE Holdings, Inc., Class A
623,668
3,814,370
Kingdee International Software Group Co. Ltd. *
986,000
2,288,517
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Kingsoft Corp. Ltd.
70,600
321,036
Kuaishou Technology * (a)
108,800
1,062,329
Kunlun Energy Co. Ltd.
298,000
287,079
Kweichow Moutai Co. Ltd., Class A
26,100
5,136,405
Lenovo Group Ltd.
1,188,000
1,523,313
Luxshare Precision Industry Co. Ltd., Class A
252,100
1,272,563
Luzhou Laojiao Co. Ltd., Class A
44,800
762,486
Meituan * (a)
513,328
7,919,393
Midea Group Co. Ltd., Class A
776,712
7,543,454
Minth Group Ltd.
182,000
600,789
Montage Technology Co. Ltd., Class A
206,997
2,430,971
NARI Technology Co. Ltd., Class A
567,848
1,721,921
NAURA Technology Group Co. Ltd., Class A
21,075
976,385
NetEase, Inc.
625,548
16,353,235
Nongfu Spring Co. Ltd., Class H (a)
71,000
410,213
PDD Holdings, Inc., ADR *
44,466
5,044,668
People's Insurance Co. Group of China Ltd. (The), Class H
2,148,000
1,650,240
PetroChina Co. Ltd., Class H
2,598,000
2,538,847
PICC Property & Casualty Co. Ltd., Class H
836,000
1,735,188
Ping An Insurance Group Co. of China Ltd., Class H
1,058,000
7,263,555
Qifu Technology, Inc., Class A
17,000
292,035
Sany Heavy Industry Co. Ltd., Class A
552,700
1,526,118
SF Holding Co. Ltd., Class A
72,100
459,102
Shanghai Baosight Software Co. Ltd., Class A
318,401
1,089,264
Shanghai Pudong Development Bank Co. Ltd., Class A
296,806
526,528
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
11,600
287,546
Shenzhen Inovance Technology Co. Ltd., Class A
61,900
541,517
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A
54,700
1,750,210
Shenzhou International Group Holdings Ltd.
375,500
2,702,384
Sieyuan Electric Co. Ltd., Class A
32,300
348,863
Silergy Corp.
156,625
1,684,750
Sinopharm Group Co. Ltd., Class H
687,600
1,652,735
Sinotruk Hong Kong Ltd.
117,000
356,564
SITC International Holdings Co. Ltd.
179,000
580,325
Sunresin New Materials Co. Ltd., Class A
88,700
635,285
TCL Electronics Holdings Ltd.
317,000
410,550
Tencent Holdings Ltd.
968,700
67,820,856
Tencent Music Entertainment Group, Class A
266,700
2,805,399
Tingyi Cayman Islands Holding Corp.
782,000
1,156,003
Tongcheng Travel Holdings Ltd. (a)
132,000
330,743
Trip.com Group Ltd.
77,118
4,787,675
Tsingtao Brewery Co. Ltd.
44,000
279,530
Weichai Power Co. Ltd., Class H
1,132,000
2,399,689
Wuliangye Yibin Co. Ltd., Class A
81,300
1,364,061
XCMG Construction Machinery Co. Ltd., Class A
2,490,900
2,893,530
Xiamen Faratronic Co. Ltd., Class A
36,800
560,304
Xiaomi Corp., Class B * (a)
1,295,800
8,718,080
Yum China Holdings, Inc.
86,767
4,050,284
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Yutong Bus Co. Ltd., Class A
91,100
314,485
Zhejiang Expressway Co. Ltd., Class H
896,000
853,718
Zhejiang Huayou Cobalt Co. Ltd., Class A
61,500
375,522
Zhejiang Supor Co. Ltd., Class A
182,073
1,308,710
Zhuzhou CRRC Times Electric Co. Ltd., Class H
556,900
2,259,001
Zijin Mining Group Co. Ltd., Class H
1,496,000
3,966,883
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H
352,200
274,854
ZTO Express Cayman, Inc.
11,000
214,441
 
322,067,285
Colombia — 0.0% ^
Grupo Cibest SA (Preference)
52,744
570,820
Cyprus — 0.1%
Bank of Cyprus Holdings plc
81,591
612,654
Czech Republic — 0.1%
Moneta Money Bank A/S (a)
147,392
1,025,205
Greece — 1.3%
Alpha Bank SA
238,208
891,644
Athens International Airport SA
40,265
459,504
Eurobank Ergasias Services and Holdings SA
668,176
2,452,450
Hellenic Telecommunications Organization SA
48,220
874,956
Metlen Energy & Metals SA
37,340
2,054,126
National Bank of Greece SA
345,543
4,819,828
OPAP SA
48,017
1,077,309
Piraeus Financial Holdings SA
346,464
2,664,114
Public Power Corp. SA
21,216
344,113
 
15,638,044
Guatemala — 0.0% ^
Millicom International Cellular SA
8,967
360,025
Hong Kong — 1.1%
AIA Group Ltd.
700,400
6,530,650
ASMPT Ltd.
30,300
256,329
Cathay Pacific Airways Ltd.
201,000
298,750
Hong Kong Exchanges & Clearing Ltd.
64,100
3,469,016
Stella International Holdings Ltd.
158,500
314,981
Techtronic Industries Co. Ltd.
155,500
1,859,415
United Laboratories International Holdings Ltd. (The)
164,000
307,426
WH Group Ltd. (a)
381,000
381,434
 
13,418,001
Hungary — 0.4%
MOL Hungarian Oil & Gas plc
53,610
465,792
OTP Bank Nyrt.
38,604
3,132,558
Richter Gedeon Nyrt.
20,502
615,376
 
4,213,726
India — 14.7%
Aavas Financiers Ltd. *
15,572
305,440
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
ABB India Ltd.
10,080
631,191
Apollo Hospitals Enterprise Ltd.
3,591
306,154
Asian Paints Ltd.
14,325
391,010
Axis Bank Ltd., GDR (a)
7,168
434,786
Bajaj Auto Ltd.
36,701
3,341,530
Bajaj Finance Ltd.
275,630
2,758,331
Bajaj Finserv Ltd.
169,197
3,743,916
Bharat Electronics Ltd.
495,786
2,153,842
Bharat Petroleum Corp. Ltd.
114,389
427,464
Bharti Airtel Ltd.
229,626
4,998,763
Biocon Ltd.
60,775
270,188
Blue Star Ltd.
88,467
1,744,358
Britannia Industries Ltd.
31,087
2,045,375
Canara Bank
225,333
274,225
CG Power & Industrial Solutions Ltd.
160,329
1,203,812
Cholamandalam Investment and Finance Co. Ltd.
228,708
3,749,348
Coforge Ltd.
95,362
1,889,585
Colgate-Palmolive India Ltd.
51,855
1,325,899
Computer Age Management Services Ltd.
29,524
1,250,919
CRISIL Ltd.
15,908
961,321
Crompton Greaves Consumer Electricals Ltd.
406,857
1,493,274
Delhivery Ltd. *
316,445
1,529,788
Dr Lal PathLabs Ltd. (a)
7,644
273,570
Dr Reddy's Laboratories Ltd.
254,526
3,672,226
Eicher Motors Ltd.
15,395
957,919
Embassy Office Parks, REIT
182,694
823,718
GAIL India Ltd.
230,878
465,083
Godrej Consumer Products Ltd.
19,366
277,479
Havells India Ltd.
93,240
1,592,514
HCL Technologies Ltd.
87,275
1,454,884
HDFC Asset Management Co. Ltd. (a)
19,582
1,258,483
HDFC Bank Ltd., ADR
185,118
14,211,509
HDFC Bank Ltd.
503,047
11,544,079
HDFC Life Insurance Co. Ltd. (a)
329,008
2,826,900
Hexaware Technologies Ltd.
121,616
972,619
Hindalco Industries Ltd.
36,796
284,861
Hindustan Aeronautics Ltd. (a)
7,067
363,711
Hindustan Unilever Ltd.
92,254
2,649,498
ICICI Bank Ltd.
767,481
12,923,850
ICICI Lombard General Insurance Co. Ltd. (a)
21,490
471,607
Indian Energy Exchange Ltd. (a)
152,291
233,913
Indian Hotels Co. Ltd. (The)
38,014
319,738
Info Edge India Ltd.
154,011
2,431,994
Infosys Ltd.
544,563
9,261,355
InterGlobe Aviation Ltd. * (a)
10,912
732,287
ITC Ltd.
435,198
2,040,946
Kotak Mahindra Bank Ltd.
266,774
6,010,511
Mahanagar Gas Ltd. (a)
22,954
353,535
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Mahindra & Mahindra Ltd.
183,070
6,668,985
MakeMyTrip Ltd. *
19,840
1,856,826
Maruti Suzuki India Ltd.
5,749
824,631
Max Financial Services Ltd. *
86,758
1,481,225
Max Healthcare Institute Ltd.
68,520
972,133
Multi Commodity Exchange of India Ltd.
20,120
1,755,824
Muthoot Finance Ltd.
14,209
422,573
NTPC Ltd.
180,031
683,275
Nuvama Wealth Management Ltd.
3,973
327,362
PB Fintech Ltd. *
111,070
2,279,268
Power Grid Corp. of India Ltd.
269,862
892,101
REC Ltd.
84,309
377,900
Reliance Industries Ltd.
479,053
7,565,443
Shriram Finance Ltd.
691,612
4,953,390
State Bank of India
82,369
746,299
Supreme Industries Ltd.
13,839
676,489
Syngene International Ltd. (a)
153,890
1,249,524
Tata Consultancy Services Ltd.
195,206
6,731,962
Tata Motors Ltd.
567,319
4,288,177
Tata Steel Ltd.
1,257,312
2,257,919
Tech Mahindra Ltd.
44,418
736,897
Triveni Turbine Ltd.
81,082
551,076
Tube Investments of India Ltd.
47,056
1,519,164
UltraTech Cement Ltd.
30,851
4,295,506
United Breweries Ltd.
21,987
486,591
United Spirits Ltd.
82,315
1,256,754
Vishal Mega Mart Ltd. *
475,972
755,355
Wipro Ltd.
109,293
307,437
 
172,559,394
Indonesia — 1.6%
Astra International Tbk. PT
1,596,500
493,511
Bank Central Asia Tbk. PT
15,427,700
7,732,295
Bank Mandiri Persero Tbk. PT
11,296,600
3,075,284
Bank Negara Indonesia Persero Tbk. PT
1,568,500
380,375
Bank Rakyat Indonesia Persero Tbk. PT
20,510,670
4,592,968
Indofood Sukses Makmur Tbk. PT
544,900
281,362
Telkom Indonesia Persero Tbk. PT
11,794,200
2,071,002
 
18,626,797
Kazakhstan — 0.2%
Kaspi.KZ JSC, ADR
20,698
1,633,072
NAC Kazatomprom JSC, GDR (a)
24,207
996,216
 
2,629,288
Macau — 0.1%
Galaxy Entertainment Group Ltd.
74,000
360,873
MGM China Holdings Ltd.
213,600
450,962
 
811,835
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Malaysia — 0.4%
AMMB Holdings Bhd.
247,800
292,797
CIMB Group Holdings Bhd.
954,000
1,458,301
Gamuda Bhd.
337,500
407,361
Malayan Banking Bhd.
217,700
478,814
Press Metal Aluminium Holdings Bhd.
290,300
362,558
Public Bank Bhd.
818,400
806,016
Sunway Bhd.
416,100
459,838
Tenaga Nasional Bhd.
192,800
587,259
 
4,852,944
Mexico — 2.6%
Arca Continental SAB de CV
89,963
937,923
BBB Foods, Inc., Class A *
24,381
622,203
Bolsa Mexicana de Valores SAB de CV
229,864
491,896
Cemex SAB de CV
2,200,671
1,920,119
Corp. Inmobiliaria Vesta SAB de CV
222,610
627,414
Fomento Economico Mexicano SAB de CV
155,322
1,404,196
Gentera SAB de CV
554,780
1,258,070
Gruma SAB de CV, Class B
20,323
350,086
Grupo Aeroportuario del Pacifico SAB de CV, Class B (b)
37,484
862,817
Grupo Aeroportuario del Sureste SAB de CV, Class B
68,532
2,077,975
Grupo Financiero Banorte SAB de CV, Class O
1,073,885
9,563,924
Grupo Mexico SAB de CV
306,743
1,913,628
Kimberly-Clark de Mexico SAB de CV, Class A (b)
548,578
1,027,075
Regional SAB de CV
110,124
851,454
Southern Copper Corp.
3,078
289,824
Wal-Mart de Mexico SAB de CV
2,143,562
6,317,628
 
30,516,232
Panama — 0.2%
Copa Holdings SA, Class A
16,435
1,818,697
Peru — 0.5%
Credicorp Ltd.
21,118
5,004,966
Intercorp Financial Services, Inc.
7,265
261,976
 
5,266,942
Philippines — 0.2%
Ayala Land, Inc.
857,300
366,286
Bank of the Philippine Islands
372,770
755,349
BDO Unibank, Inc.
265,874
649,032
International Container Terminal Services, Inc.
105,060
806,694
Universal Robina Corp.
203,560
308,308
 
2,885,669
Poland — 0.9%
Bank Polska Kasa Opieki SA
29,762
1,616,178
Benefit Systems SA
1,020
923,920
Budimex SA
3,446
515,715
CCC SA *
9,582
492,332
Dino Polska SA * (a)
102,520
1,352,049
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Poland — continued
KRUK SA
3,635
398,255
LPP SA
169
750,590
Powszechna Kasa Oszczednosci Bank Polski SA
83,005
1,817,519
Powszechny Zaklad Ubezpieczen SA
157,600
2,641,531
 
10,508,089
Portugal — 0.2%
Jeronimo Martins SGPS SA
86,240
2,102,331
Qatar — 0.2%
Qatar Gas Transport Co. Ltd.
581,596
768,327
Qatar National Bank QPSC
380,802
1,959,085
 
2,727,412
Russia — 0.0% ^
Gazprom PJSC, ADR ‡ *
12,780
—
Gazprom PJSC ‡ *
1,135,066
—
GMK Norilskiy Nickel PAO, ADR ‡ *
2,018
—
GMK Norilskiy Nickel PAO ‡ *
203,600
—
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ * (a)
12,378
—
Moscow Exchange MICEX-RTS PJSC ‡ *
571,670
1
Rosneft Oil Co. PJSC ‡ *
141,777
—
Sberbank of Russia PJSC ‡ *
629,236
—
Severstal PAO, GDR ‡ * (a)
98,048
—
VTB Bank PJSC ‡ *
33,691
—
X5 Retail Group NV, GDR ‡ * (a)
1,062
—
 
1
Saudi Arabia — 1.8%
Ades Holding Co.
96,958
325,233
Al Rajhi Bank
231,683
5,841,671
Aldrees Petroleum and Transport Services Co.
18,436
585,591
Arab National Bank
78,278
452,826
Arabian Centres Co. (a)
60,744
335,748
Bupa Arabia for Cooperative Insurance Co.
9,432
423,938
Co. for Cooperative Insurance (The)
11,588
414,445
Elm Co.
4,708
1,140,638
Leejam Sports Co. JSC
14,983
566,138
Riyad Bank
110,558
829,573
Riyadh Cables Group Co.
15,784
550,570
Saudi Arabian Oil Co. (a)
449,926
2,911,315
Saudi Aramco Base Oil Co.
19,210
533,054
Saudi Awwal Bank
74,335
640,762
Saudi Ground Services Co.
52,280
678,105
Saudi National Bank (The)
352,680
3,519,426
United Electronics Co.
17,950
429,477
United International Transportation Co.
50,016
932,184
 
21,110,694
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Singapore — 0.2%
Grab Holdings Ltd., Class A *
79,426
388,393
Sea Ltd., ADR *
12,154
1,903,924
 
2,292,317
South Africa — 2.0%
Absa Group Ltd.
163,172
1,610,644
AVI Ltd.
78,829
406,343
Bid Corp. Ltd.
58,879
1,480,359
Bidvest Group Ltd.
81,730
1,063,209
Capitec Bank Holdings Ltd.
22,444
4,350,735
Clicks Group Ltd.
38,216
801,212
FirstRand Ltd.
497,722
2,113,607
Gold Fields Ltd.
103,189
2,516,463
Harmony Gold Mining Co. Ltd.
83,361
1,116,156
Naspers Ltd., Class N
4,301
1,327,642
Sasol Ltd. *
329,529
1,695,129
Shoprite Holdings Ltd.
105,635
1,539,677
Standard Bank Group Ltd.
164,716
2,119,479
Vodacom Group Ltd.
109,574
836,591
 
22,977,246
South Korea — 11.9%
BGF retail Co. Ltd.
12,055
976,496
BNK Financial Group, Inc.
63,742
667,569
CJ CheilJedang Corp.
3,668
660,480
Coupang, Inc. *
23,013
677,273
Coway Co. Ltd.
5,292
412,753
DB Insurance Co. Ltd.
5,276
484,941
Eugene Technology Co. Ltd.
26,423
841,317
Hana Financial Group, Inc.
70,126
4,287,441
Hanmi Pharm Co. Ltd.
1,889
378,078
Hansol Chemical Co. Ltd.
2,703
350,692
Hanwha Aerospace Co. Ltd.
5,566
3,971,076
Hanwha Ocean Co. Ltd. *
8,210
659,987
HD Hyundai Electric Co. Ltd.
4,014
1,428,430
HD Hyundai Marine Solution Co. Ltd.
9,730
1,423,147
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
3,211
825,170
HDC Hyundai Development Co-Engineering & Construction, Class E
28,290
477,251
HL Mando Co. Ltd.
9,275
230,539
HMM Co. Ltd.
24,417
410,518
Hugel, Inc. *
5,815
1,403,618
Hyundai Engineering & Construction Co. Ltd.
9,009
435,998
Hyundai Glovis Co. Ltd.
13,221
1,396,576
Hyundai Mobis Co. Ltd.
8,183
1,726,775
Hyundai Motor Co.
13,435
2,043,832
Hyundai Steel Co.
20,911
532,222
JB Financial Group Co. Ltd.
34,636
574,858
JYP Entertainment Corp.
3,809
198,448
Kangwon Land, Inc.
23,829
319,862
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
KB Financial Group, Inc.
31,433
2,497,296
Kia Corp.
97,490
7,133,420
KIWOOM Securities Co. Ltd.
4,435
683,896
Kolmar Korea Co. Ltd. *
5,333
372,230
Korea Aerospace Industries Ltd.
28,127
1,904,767
Korea Electric Power Corp.
49,749
1,374,160
Korea Investment Holdings Co. Ltd.
17,469
1,788,371
Korean Air Lines Co. Ltd.
35,088
594,053
Krafton, Inc. *
1,519
357,657
KT Corp.
20,610
817,803
Kumho Petrochemical Co. Ltd.
4,713
412,558
LG Chem Ltd.
14,851
3,193,039
LigaChem Biosciences, Inc. *
6,017
575,780
NAVER Corp.
14,552
2,449,031
Park Systems Corp.
1,953
385,526
POSCO Holdings, Inc.
2,193
482,261
Samsung Biologics Co. Ltd. * (a)
2,982
2,278,331
Samsung C&T Corp.
18,623
2,246,770
Samsung Electro-Mechanics Co. Ltd.
16,368
1,739,056
Samsung Electronics Co. Ltd.
801,867
40,866,329
Samsung Fire & Marine Insurance Co. Ltd.
12,446
3,929,073
Samsung Heavy Industries Co. Ltd. *
100,997
1,378,551
Samsung Life Insurance Co. Ltd.
4,702
424,424
Samsung SDI Co. Ltd.
7,153
1,026,428
Samsung Securities Co. Ltd.
7,015
355,622
SHIFT UP Corp. *
7,830
234,269
Shinhan Financial Group Co. Ltd.
109,723
5,342,842
SK Hynix, Inc.
101,123
19,599,252
SK Telecom Co. Ltd.
28,438
1,148,653
SK, Inc.
12,536
1,819,375
SM Entertainment Co. Ltd.
12,707
1,213,592
S-Oil Corp.
32,965
1,486,954
SOOP Co. Ltd.
10,115
574,857
Soulbrain Co. Ltd.
1,816
307,965
Sung Kwang Bend Co. Ltd.
14,743
337,675
VT Co. Ltd. *
9,122
235,512
YC Corp. *
41,786
332,070
 
139,694,795
Spain — 0.7%
Banco Bilbao Vizcaya Argentaria SA
456,029
7,605,774
Taiwan — 20.8%
Accton Technology Corp.
151,113
4,463,003
All Ring Tech Co. Ltd.
64,000
798,399
Arcadyan Technology Corp.
44,000
325,157
ASE Technology Holding Co. Ltd.
1,724,258
8,361,599
Asia Vital Components Co. Ltd.
60,908
1,851,254
ASPEED Technology, Inc.
8,040
1,217,584
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Asustek Computer, Inc.
109,269
2,398,610
Cathay Financial Holding Co. Ltd.
1,062,124
2,152,753
Chailease Holding Co. Ltd.
193,465
746,901
China Airlines Ltd.
462,092
316,643
China Steel Corp.
2,462,276
1,599,008
CTBC Financial Holding Co. Ltd.
2,942,831
4,043,736
Delta Electronics, Inc.
537,357
10,122,790
E.Sun Financial Holding Co. Ltd.
3,263,505
3,490,300
Eclat Textile Co. Ltd.
58,219
778,757
Elite Material Co. Ltd.
97,265
3,565,408
eMemory Technology, Inc.
18,350
1,242,195
Ennoconn Corp.
27,000
274,491
Eva Airways Corp.
244,650
308,479
Formosa Petrochemical Corp.
417,534
610,108
Fortune Electric Co. Ltd.
69,400
1,527,425
Giant Manufacturing Co. Ltd.
147,000
563,035
Gudeng Precision Industrial Co. Ltd.
35,784
359,316
Hon Hai Precision Industry Co. Ltd.
482,968
2,840,086
Jentech Precision Industrial Co. Ltd.
14,519
690,779
KGI Financial Holding Co. Ltd.
3,518,615
1,782,374
Largan Precision Co. Ltd.
37,519
2,942,733
MediaTek, Inc.
208,816
9,456,143
Mega Financial Holding Co. Ltd.
1,439,000
2,046,972
MPI Corp.
46,000
1,598,797
Nien Made Enterprise Co. Ltd.
82,512
1,177,835
Novatek Microelectronics Corp.
29,000
458,307
Nuvoton Technology Corp.
171,092
390,704
Pixart Imaging, Inc.
45,000
291,734
Powertech Technology, Inc.
65,767
274,704
Poya International Co. Ltd.
69,720
1,078,945
President Chain Store Corp.
197,035
1,688,489
Quanta Computer, Inc.
990,248
9,223,330
Realtek Semiconductor Corp.
362,078
6,923,248
Taiwan Mobile Co. Ltd.
428,081
1,509,114
Taiwan Semiconductor Manufacturing Co. Ltd.
3,494,820
134,548,080
Tripod Technology Corp.
40,000
372,293
Uni-President Enterprises Corp.
830,035
2,190,681
Vanguard International Semiconductor Corp.
323,060
1,001,200
Wistron Corp.
364,074
1,481,731
Wiwynn Corp.
77,343
7,058,832
Yuanta Financial Holding Co. Ltd.
1,926,507
1,998,332
 
244,142,394
Thailand — 0.6%
Advanced Info Service PCL, NVDR
61,600
547,301
Bangkok Dusit Medical Services PCL, Class F
759,600
493,136
Central Pattana PCL, NVDR
273,900
436,548
CP ALL PCL
368,800
533,225
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Thailand — continued
Gulf Development PCL, NVDR *
420,800
604,958
Kasikornbank PCL, NVDR
59,400
293,723
Krung Thai Bank PCL, NVDR
1,283,900
863,220
Minor International PCL, NVDR
288,900
219,713
PTT Exploration & Production PCL
212,400
817,683
SCB X PCL
589,100
2,271,316
True Corp. PCL, NVDR *
1,284,900
407,658
 
7,488,481
Turkey — 0.8%
Akbank TAS
880,462
1,459,769
Aselsan Elektronik Sanayi ve Ticaret A/S
157,951
726,460
BIM Birlesik Magazalar A/S
169,372
2,213,386
Ford Otomotiv Sanayi A/S
491,208
1,149,765
Turk Hava Yollari AO
193,093
1,367,029
Turkcell Iletisim Hizmetleri A/S
157,590
361,289
Turkiye Garanti Bankasi A/S
494,530
1,733,782
Turkiye Sigorta A/S
2,129,540
518,814
Yapi ve Kredi Bankasi A/S *
391,762
323,996
 
9,854,290
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC
148,322
656,339
Abu Dhabi Islamic Bank PJSC
238,295
1,564,634
ADNOC Drilling Co. PJSC
370,636
589,296
ADNOC Logistics & Services
345,919
438,868
Aldar Properties PJSC
635,782
1,642,948
Dubai Islamic Bank PJSC
659,507
1,788,624
Emaar Development PJSC
189,216
772,179
Emaar Properties PJSC
1,049,892
4,347,922
Emirates NBD Bank PJSC
161,767
1,178,113
Parkin Co. PJSC
324,380
544,171
 
13,523,094
United Kingdom — 0.1%
WNS Holdings Ltd. *
12,521
936,446
United States — 0.6%
EPAM Systems, Inc. *
6,063
956,196
ExlService Holdings, Inc. *
46,298
2,010,722
Freshworks, Inc., Class A *
16,597
215,595
Genpact Ltd.
53,625
2,362,181
Globant SA *
10,818
911,525
Monolithic Power Systems, Inc.
1,040
739,689
 
7,195,908
Total Common Stocks
(Cost $946,755,059)
1,154,877,140
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS 
NO. OF
RIGHTS
VALUE($)
Rights — 0.0% ^
Taiwan — 0.0% ^
All Ring Tech Co. Ltd., expiring 9/4/2025*
887
—
All Ring Tech Co. Ltd., expiring 9/9/2025*
5,919
—
Total Rights
(Cost $—)
—
 
SHARES
Short-Term Investments — 1.4%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 4.37% (c) (d)
(Cost $15,496,455)
15,493,356
15,494,905
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (c) (d)(Cost $1,171,313)
1,171,313
1,171,313
Total Short-Term Investments
(Cost $16,667,768)
16,666,218
Total Investments — 99.9%
(Cost $963,422,827)
1,171,543,358
Other Assets in Excess of Liabilities — 0.1%
807,731
NET ASSETS — 100.0%
1,172,351,089
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference
shares may also have liquidation preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
RTS
Russian Trading System
SGPS
Holding company
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
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.
 
(b)
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 $1,116,958.
 
(c)
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.
 
(d)
The rate shown is the current yield as of July 31, 2025.
 
JPMorgan ActiveBuilders Emerging Markets 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
Banks
18.0
%
Semiconductors & Semiconductor Equipment
16.6
Interactive Media & Services
6.5
Technology Hardware, Storage & Peripherals
6.3
Broadline Retail
4.2
Insurance
3.7
Oil, Gas & Consumable Fuels
2.6
Electronic Equipment, Instruments & Components
2.5
Automobiles
2.5
Hotels, Restaurants & Leisure
2.3
IT Services
2.1
Entertainment
2.0
Capital Markets
1.9
Consumer Staples Distribution & Retail
1.8
Electrical Equipment
1.7
Machinery
1.6
Metals & Mining
1.5
Household Durables
1.5
Food Products
1.3
Consumer Finance
1.3
Real Estate Management & Development
1.1
Beverages
1.1
Automobile Components
1.0
Wireless Telecommunication Services
1.0
Aerospace & Defense
1.0
Others (each less than 1.0%)
11.5
Short-Term Investments
1.4
JPMorgan ActiveBuilders Emerging Markets 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.
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 ActiveBuilders Emerging Markets 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
Argentina
$801,174
$—
$—
$801,174
Austria
—
389,747
—
389,747
Brazil
62,187,096
—
—
62,187,096
Chile
1,466,293
—
—
1,466,293
China
13,159,528
308,907,757
—
322,067,285
Colombia
570,820
—
—
570,820
Cyprus
—
612,654
—
612,654
Czech Republic
—
1,025,205
—
1,025,205
Greece
2,411,769
13,226,275
—
15,638,044
Guatemala
360,025
—
—
360,025
Hong Kong
314,981
13,103,020
—
13,418,001
Hungary
615,376
3,598,350
—
4,213,726
India
16,068,335
156,491,059
—
172,559,394
Indonesia
—
18,626,797
—
18,626,797
Kazakhstan
1,633,072
996,216
—
2,629,288
Macau
—
811,835
—
811,835
Malaysia
—
4,852,944
—
4,852,944
Mexico
30,516,232
—
—
30,516,232
Panama
1,818,697
—
—
1,818,697
Peru
5,266,942
—
—
5,266,942
Philippines
755,349
2,130,320
—
2,885,669
Poland
—
10,508,089
—
10,508,089
Portugal
—
2,102,331
—
2,102,331
Qatar
768,327
1,959,085
—
2,727,412
Russia
—
—
1
1
Saudi Arabia
853,415
20,257,279
—
21,110,694
Singapore
2,292,317
—
—
2,292,317
South Africa
5,064,182
17,913,064
—
22,977,246
South Korea
677,273
139,017,522
—
139,694,795
Spain
—
7,605,774
—
7,605,774
Taiwan
—
244,142,394
—
244,142,394
Thailand
2,804,541
4,683,940
—
7,488,481
Turkey
2,732,200
7,122,090
—
9,854,290
United Arab Emirates
2,206,277
11,316,817
—
13,523,094
United Kingdom
936,446
—
—
936,446
United States
7,195,908
—
—
7,195,908
Total Common Stocks
163,476,575
991,400,564
1
1,154,877,140
Rights
—
—
(a)
—
—
(a)
Short-Term Investments
Investment Companies
15,494,905
—
—
15,494,905
Investment of Cash Collateral from Securities
Loaned
1,171,313
—
—
1,171,313
Total Short-Term Investments
16,666,218
—
—
16,666,218
JPMorgan ActiveBuilders Emerging Markets 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
Total Investments in Securities
$180,142,793
$991,400,564
$1
$1,171,543,358
 
 
(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 Prime Money Market
Fund Class IM Shares, 4.37%
 (a) (b)
$7,607,812
$167,028,802
$159,140,565
$405
$(1,549
)
$15,494,905
15,493,356
$293,057
$—
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 4.37%  (a) (b)
1,234,130
37,983,399
38,046,216
—
—
1,171,313
1,171,313
53,714
—
Total
$8,841,942
$205,012,201
$197,186,781
$405
$(1,549
)
$16,666,218
$346,771
$—
 
 
(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.