JPMorgan International Value 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.
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© J.P. Morgan Chase & Co., 2025.
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.5%
Australia — 3.0%
AGL Energy Ltd.
120,010
747,914
BHP Group Ltd.
203,541
5,140,476
Fortescue Ltd.
106,184
1,201,394
Perseus Mining Ltd.
617,992
1,290,187
QBE Insurance Group Ltd.
81,285
1,205,800
Rio Tinto plc
67,313
4,009,124
Ventia Services Group Pty. Ltd.
350,700
1,167,757
Yancoal Australia Ltd. (a)
205,648
830,561
 
15,593,213
Austria — 1.2%
BAWAG Group AG (b)
7,654
965,993
Erste Group Bank AG
21,140
1,933,125
OMV AG
23,099
1,176,395
Telekom Austria AG
94,492
1,002,859
Vienna Insurance Group AG Wiener Versicherung Gruppe
22,207
1,171,746
 
6,250,118
Belgium — 1.1%
Ageas SA
20,097
1,366,442
Deme Group NV
4,685
701,200
KBC Group NV
15,447
1,611,184
Proximus SADP
88,618
736,304
Umicore SA
70,487
1,113,961
 
5,529,091
Brazil — 1.9%
Banco do Brasil SA
253,723
896,258
Cia Energetica de Minas Gerais (Preference)
553,506
1,012,207
Gerdau SA (Preference)
280,791
842,942
Lojas Renner SA
288,608
834,969
Marcopolo SA (Preference)
612,623
902,598
Petroleo Brasileiro SA (Preference)
481,615
2,799,612
TIM SA
245,810
905,619
Vale SA
200,809
1,911,066
 
10,105,271
Burkina Faso — 0.2%
IAMGOLD Corp. *
173,854
1,174,418
Canada — 4.1%
Air Canada *
71,410
994,669
Bank of Nova Scotia (The)
52,039
2,895,270
Canadian Imperial Bank of Commerce
41,280
2,950,316
Canadian Natural Resources Ltd.
46,974
1,486,922
Dundee Precious Metals, Inc.
90,627
1,465,102
EQB, Inc.
11,842
880,287
Fairfax Financial Holdings Ltd.
872
1,542,337
First Capital REIT, REIT
48,601
652,059
Manulife Financial Corp.
94,498
2,923,737
NuVista Energy Ltd. *
106,801
1,128,440
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Canada — continued
Russel Metals, Inc.
32,102
1,028,209
Suncor Energy, Inc.
44,857
1,769,223
Whitecap Resources, Inc. (a)
196,959
1,486,859
 
21,203,430
China — 8.6%
Agricultural Bank of China Ltd., Class H
2,280,000
1,493,665
Alibaba Group Holding Ltd.
392,100
5,895,137
BOC Hong Kong Holdings Ltd.
252,500
1,133,790
China Coal Energy Co. Ltd., Class H
947,000
1,163,587
China Communications Services Corp. Ltd., Class H
1,790,000
1,042,566
China Construction Bank Corp., Class H
2,713,000
2,774,866
China Feihe Ltd. (b)
1,427,000
848,353
China Hongqiao Group Ltd.
626,000
1,651,324
China Merchants Bank Co. Ltd., Class H
200,000
1,297,829
China Pacific Insurance Group Co. Ltd., Class H
452,200
1,821,199
China Resources Pharmaceutical Group Ltd. (b)
1,174,500
820,182
CMOC Group Ltd., Class H
1,194,000
1,355,350
Geely Automobile Holdings Ltd.
592,000
1,327,867
Gree Electric Appliances, Inc. of Zhuhai, Class A
194,700
1,230,488
Huayu Automotive Systems Co. Ltd., Class A
394,200
958,708
Industrial & Commercial Bank of China Ltd., Class H
2,051,000
1,571,528
JD.com, Inc., Class A
142,850
2,251,594
Kunlun Energy Co. Ltd.
1,188,000
1,144,461
Lenovo Group Ltd.
864,000
1,107,864
Livzon Pharmaceutical Group, Inc., Class H
271,600
1,300,067
People's Insurance Co. Group of China Ltd. (The), Class H
2,441,000
1,875,343
PetroChina Co. Ltd., Class H
1,892,000
1,848,922
PICC Property & Casualty Co. Ltd., Class H
604,000
1,253,652
Ping An Insurance Group Co. of China Ltd., Class H
312,500
2,145,426
Sinotruk Hong Kong Ltd.
394,000
1,200,736
Vipshop Holdings Ltd., ADR
79,350
1,197,392
Weichai Power Co. Ltd., Class H
450,000
953,940
Xtep International Holdings Ltd.
1,085,500
777,175
Yangzijiang Shipbuilding Holdings Ltd.
601,000
1,178,819
 
44,621,830
Denmark — 1.0%
Danske Bank A/S
48,758
1,934,302
H Lundbeck A/S
227,523
1,185,340
ISS A/S
33,006
948,802
Sydbank A/S
14,105
1,045,000
 
5,113,444
Finland — 0.7%
Nokia OYJ
346,049
1,410,271
Nordea Bank Abp
169,199
2,468,916
 
3,879,187
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — 5.5%
AXA SA
76,995
3,739,586
Ayvens SA (b)
77,778
835,764
BNP Paribas SA
43,605
3,975,829
Cie Generale des Etablissements Michelin SCA
43,560
1,549,713
Covivio SA, REIT
13,981
905,156
Credit Agricole SA
77,849
1,432,774
Eiffage SA
10,352
1,389,605
Engie SA
102,602
2,306,312
Forvia SE *
41,901
532,698
IPSOS SA
16,239
729,170
Orange SA
114,937
1,748,316
Societe Generale SA
41,425
2,644,099
TotalEnergies SE
81,909
4,870,760
Vallourec SACA
42,738
798,734
Vicat SACA
16,786
1,087,125
 
28,545,641
Georgia — 0.2%
Lion Finance Group plc
11,239
1,126,758
Germany — 7.0%
Allianz SE (Registered)
15,259
6,030,022
Bayer AG (Registered)
57,249
1,780,544
Bayerische Motoren Werke AG
10,238
974,161
Bilfinger SE
11,386
1,224,967
Commerzbank AG
52,858
1,927,513
Continental AG
12,190
1,041,156
Deutsche Bank AG (Registered)
89,058
2,933,262
Deutsche Telekom AG (Registered)
121,923
4,372,881
E.ON SE
86,388
1,575,998
Freenet AG
23,846
773,394
Fresenius SE & Co. KGaA
32,541
1,553,204
Heidelberg Materials AG
4,552
1,050,122
Hornbach Holding AG & Co. KGaA
7,651
899,634
Mercedes-Benz Group AG
37,248
2,108,992
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
5,701
3,732,280
ProSiebenSat.1 Media SE
98,553
898,320
SAF-Holland SE
38,980
703,166
Volkswagen AG (Preference)
12,599
1,317,425
Vonovia SE
42,758
1,327,020
 
36,224,061
Greece — 0.6%
Eurobank Ergasias Services and Holdings SA
245,689
901,769
Hellenic Telecommunications Organization SA
54,745
993,352
National Bank of Greece SA
82,914
1,156,531
 
3,051,652
Guatemala — 0.3%
Millicom International Cellular SA
31,946
1,282,632
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hong Kong — 1.7%
Cathay Pacific Airways Ltd.
600,000
891,790
CK Asset Holdings Ltd.
231,500
1,060,780
Hysan Development Co. Ltd.
403,000
801,911
Kerry Properties Ltd.
426,000
1,137,464
Prudential plc
152,166
1,930,406
Swire Properties Ltd.
327,200
876,965
United Laboratories International Holdings Ltd. (The)
626,000
1,173,470
WH Group Ltd. (b)
1,046,500
1,047,691
 
8,920,477
Hungary — 0.8%
MOL Hungarian Oil & Gas plc
135,134
1,174,115
OTP Bank Nyrt.
21,326
1,730,518
Richter Gedeon Nyrt.
37,559
1,127,350
 
4,031,983
India — 2.1%
Bank of Baroda
352,858
953,452
Bharat Petroleum Corp. Ltd.
322,075
1,203,574
Canara Bank
755,177
919,033
Coal India Ltd.
276,459
1,182,262
GAIL India Ltd.
377,698
760,839
Mahanagar Gas Ltd. (b)
45,406
699,338
National Aluminium Co. Ltd.
461,048
967,095
NMDC Ltd.
1,195,635
960,988
Petronet LNG Ltd.
245,463
804,738
Sun TV Network Ltd.
91,375
584,773
Tata Motors Ltd.
142,923
1,080,308
Vedanta Ltd.
195,071
942,069
 
11,058,469
Indonesia — 1.2%
Astra International Tbk. PT
4,154,500
1,284,241
Bank Mandiri Persero Tbk. PT
3,359,500
914,560
First Pacific Co. Ltd.
954,000
750,632
Indofood Sukses Makmur Tbk. PT
2,090,000
1,079,183
Telkom Indonesia Persero Tbk. PT
6,119,400
1,074,536
United Tractors Tbk. PT
796,700
1,167,419
 
6,270,571
Ireland — 1.6%
AerCap Holdings NV
13,252
1,421,277
AIB Group plc
173,146
1,365,889
Bank of Ireland Group plc
87,886
1,178,550
Cairn Homes plc
384,452
956,446
Glanbia plc
81,926
1,190,376
Glenveagh Properties plc * (b)
434,251
926,200
Greencore Group plc
350,852
1,190,816
 
8,229,554
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Italy — 3.6%
Azimut Holding SpA
33,297
1,131,849
Banca Monte dei Paschi di Siena SpA
104,389
888,708
Banco BPM SpA
118,061
1,505,652
BFF Bank SpA * (b)
57,449
682,046
BPER Banca SpA
160,495
1,579,355
Danieli & C Officine Meccaniche SpA
34,498
1,121,596
Enel SpA
344,401
3,037,029
Intesa Sanpaolo SpA
600,768
3,619,788
UniCredit SpA
39,111
2,877,547
Unipol Assicurazioni SpA
68,240
1,368,738
Webuild SpA
251,699
1,132,810
 
18,945,118
Japan — 14.3%
Asahi Kasei Corp.
151,400
1,053,405
Cosmo Energy Holdings Co. Ltd.
16,100
714,560
Credit Saison Co. Ltd.
30,000
791,506
Dai-ichi Life Holdings, Inc.
208,000
1,645,734
ENEOS Holdings, Inc.
224,900
1,180,418
Fuji Media Holdings, Inc.
61,400
1,447,415
Hakuhodo DY Holdings, Inc.
93,300
734,219
Inpex Corp.
101,700
1,448,082
Isuzu Motors Ltd.
90,000
1,153,441
Japan Airlines Co. Ltd.
50,400
1,000,818
Japan Airport Terminal Co. Ltd.
25,100
762,278
Japan Petroleum Exploration Co. Ltd.
107,700
782,190
Kamigumi Co. Ltd.
31,700
890,880
Kandenko Co. Ltd.
45,200
1,070,744
Kansai Paint Co. Ltd.
54,400
770,299
KDDI Corp.
151,900
2,492,924
Komatsu Ltd.
62,200
2,003,953
Kyocera Corp.
122,400
1,444,855
Marubeni Corp.
90,100
1,844,685
Mitsubishi UFJ Financial Group, Inc.
421,100
5,803,924
Mitsui & Co. Ltd.
118,400
2,410,227
Mizuho Financial Group, Inc.
103,000
3,021,161
Modec, Inc.
30,300
1,290,953
MS&AD Insurance Group Holdings, Inc.
80,500
1,719,970
Nippon Yusen KK
42,600
1,493,973
Niterra Co. Ltd.
30,100
1,037,659
Nomura Holdings, Inc.
259,800
1,716,316
Nomura Real Estate Holdings, Inc.
149,000
825,701
Open House Group Co. Ltd.
21,100
933,051
ORIX Corp.
86,200
1,936,314
Osaka Gas Co. Ltd.
31,900
807,113
Panasonic Holdings Corp.
149,900
1,417,952
Sankyo Co. Ltd.
76,600
1,429,379
SBI Holdings, Inc.
35,800
1,329,894
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Sojitz Corp.
30,400
723,516
Sompo Holdings, Inc.
44,100
1,300,379
Sumitomo Corp.
67,000
1,712,505
Sumitomo Electric Industries Ltd.
90,200
2,238,286
Sumitomo Mitsui Financial Group, Inc.
150,000
3,783,992
Sumitomo Realty & Development Co. Ltd.
44,000
1,607,283
Sumitomo Rubber Industries Ltd.
60,100
686,911
T&D Holdings, Inc.
46,900
1,145,239
Takeda Pharmaceutical Co. Ltd.
59,400
1,631,706
TBS Holdings, Inc.
28,000
921,036
Tokyo Gas Co. Ltd.
20,800
696,563
Tokyo Tatemono Co. Ltd.
55,800
933,806
Tokyu Fudosan Holdings Corp.
133,100
938,575
Toyo Tire Corp.
43,400
919,258
Toyota Motor Corp.
64,600
1,149,080
Toyota Tsusho Corp.
65,300
1,496,567
Tsubakimoto Chain Co.
75,000
1,052,687
UACJ Corp.
29,700
1,168,752
 
74,512,134
Mexico — 0.6%
Grupo Financiero Banorte SAB de CV, Class O
175,308
1,561,278
Grupo Mexico SAB de CV
218,852
1,365,316
 
2,926,594
Netherlands — 3.0%
ABN AMRO Bank NV, CVA (b)
48,309
1,396,539
Aegon Ltd.
142,501
1,018,388
ASR Nederland NV
16,499
1,095,929
Eurocommercial Properties NV, REIT
23,705
723,549
Havas NV
478,338
768,368
Heineken Holding NV
21,312
1,438,372
ING Groep NV
138,467
3,227,035
Koninklijke BAM Groep NV
130,189
1,136,582
Koninklijke Heijmans N.V., CVA
21,002
1,338,600
NN Group NV
25,630
1,725,814
OCI NV
87,799
731,314
SBM Offshore NV
35,691
930,795
 
15,531,285
Norway — 1.1%
Aker Solutions ASA
284,550
841,614
DNB Bank ASA
61,419
1,553,885
Equinor ASA
68,450
1,758,315
Telenor ASA
85,346
1,309,285
 
5,463,099
Peru — 0.2%
Hochschild Mining plc
276,749
1,017,073
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Poland — 0.3%
ORLEN SA
65,691
1,462,840
Portugal — 0.3%
Banco Comercial Portugues SA, Class R
1,246,978
1,023,951
NOS SGPS SA
185,274
763,723
 
1,787,674
Qatar — 0.2%
Ooredoo QPSC
286,675
1,059,432
Singapore — 0.7%
Oversea-Chinese Banking Corp. Ltd.
148,800
1,928,324
United Overseas Bank Ltd.
62,100
1,725,308
 
3,653,632
South Africa — 0.9%
Absa Group Ltd.
107,349
1,059,624
Anglo American plc
63,131
1,776,387
Kumba Iron Ore Ltd.
44,804
740,869
Nedbank Group Ltd.
76,212
1,039,952
 
4,616,832
South Korea — 5.8%
BGF retail Co. Ltd.
9,024
730,975
DB Insurance Co. Ltd.
14,526
1,335,151
Hankook Tire & Technology Co. Ltd.
25,380
809,551
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
4,074
1,046,945
HMM Co. Ltd.
55,067
925,829
Hyundai Glovis Co. Ltd.
13,948
1,473,371
Hyundai Mobis Co. Ltd.
7,447
1,571,465
Industrial Bank of Korea
62,578
873,054
JB Financial Group Co. Ltd.
68,869
1,143,028
KB Financial Group, Inc.
22,237
1,766,690
Kia Corp.
19,201
1,404,952
Korean Air Lines Co. Ltd.
64,051
1,084,408
KT Corp.
19,743
783,400
LG Uplus Corp.
109,345
1,151,031
Samsung Electronics Co. Ltd.
151,089
7,700,096
Samsung Fire & Marine Insurance Co. Ltd.
5,093
1,607,807
Samsung Securities Co. Ltd.
20,833
1,056,118
SK Hynix, Inc.
14,595
2,828,744
SK Telecom Co. Ltd.
27,448
1,108,666
 
30,401,281
Spain — 3.0%
Banco Bilbao Vizcaya Argentaria SA
251,863
4,200,639
Banco de Sabadell SA
446,567
1,648,236
Banco Santander SA
520,004
4,467,246
CaixaBank SA
221,417
2,083,160
Grupo Catalana Occidente SA
14,412
804,257
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Spain — continued
Tecnicas Reunidas SA *
55,950
1,377,873
Unicaja Banco SA (b)
409,012
1,074,638
 
15,656,049
Sweden — 2.1%
Ambea AB (b)
89,697
1,128,435
Betsson AB, Class B
58,521
990,900
Dometic Group AB (c)
87,682
442,919
Loomis AB
19,938
788,335
Modern Times Group MTG AB, Class B *
68,710
706,379
NCC AB, Class B
45,300
857,768
Skandinaviska Enskilda Banken AB, Class A
102,463
1,792,338
Svenska Handelsbanken AB, Class A
94,220
1,148,012
Swedbank AB, Class A
63,308
1,685,769
Tele2 AB, Class B
89,698
1,386,294
 
10,927,149
Switzerland — 0.3%
Aryzta AG *
7,769
729,144
Avolta AG
15,749
818,689
 
1,547,833
Taiwan — 1.6%
Arcadyan Technology Corp.
145,000
1,071,540
ASE Technology Holding Co. Ltd.
284,000
1,377,227
Compal Electronics, Inc.
1,183,000
1,157,688
Compeq Manufacturing Co. Ltd.
477,000
1,036,722
Eva Airways Corp.
751,000
946,936
Genius Electronic Optical Co. Ltd.
57,000
820,903
Largan Precision Co. Ltd.
14,000
1,098,064
Zhen Ding Technology Holding Ltd.
219,000
913,377
 
8,422,457
Thailand — 0.5%
Krung Thai Bank PCL, NVDR
1,979,100
1,330,632
PTT Exploration & Production PCL, NVDR
375,300
1,444,804
 
2,775,436
Turkey — 0.7%
BIM Birlesik Magazalar A/S
74,405
972,339
Ford Otomotiv Sanayi A/S
436,106
1,020,788
Turkcell Iletisim Hizmetleri A/S
375,958
861,917
Turkiye Garanti Bankasi A/S
224,731
787,889
 
3,642,933
United Arab Emirates — 0.8%
Dubai Islamic Bank PJSC
233,343
632,841
Emaar Properties PJSC
551,551
2,284,140
Emirates NBD Bank PJSC
167,676
1,221,147
 
4,138,128
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — 9.0%
3i Group plc
30,287
1,654,947
Balfour Beatty plc
137,549
982,994
Barclays plc
642,884
3,142,430
Beazley plc
78,600
926,123
Bellway plc
20,433
668,731
British American Tobacco plc
83,345
4,465,405
Centrica plc
570,149
1,239,364
Currys plc *
734,094
1,094,544
Drax Group plc
104,542
976,375
easyJet plc
115,992
752,123
HSBC Holdings plc
656,392
7,996,806
Imperial Brands plc
51,448
2,005,412
International Consolidated Airlines Group SA
224,234
1,120,406
Investec plc
134,696
998,831
ITV plc
765,152
829,954
JET2 plc
33,899
726,095
Johnson Matthey plc
30,851
718,853
Just Group plc
411,316
1,146,162
Keller Group plc
29,255
510,982
Kier Group plc
396,900
1,037,538
Lancashire Holdings Ltd.
106,642
881,638
Lloyds Banking Group plc
2,875,647
2,948,828
Marks & Spencer Group plc
168,298
772,924
Morgan Sindall Group plc
16,361
992,609
NatWest Group plc
339,588
2,357,278
Paragon Banking Group plc
86,238
1,028,430
Serco Group plc
330,159
909,741
SSE plc
31,077
761,767
Standard Chartered plc
126,621
2,269,932
TP ICAP Group plc
233,999
944,605
 
46,861,827
United States — 5.7%
Bausch Health Cos., Inc. *
99,168
584,730
Buzzi SpA
15,900
830,292
Carnival plc *
29,675
807,486
GSK plc
191,679
3,525,743
Novartis AG (Registered)
39,466
4,494,668
Roche Holding AG
26,981
8,420,042
Shell plc
233,278
8,382,408
Swiss Re AG
14,700
2,631,321
 
29,676,690
Total Common Stocks
(Cost $458,597,296)
507,237,296
Short-Term Investments — 2.5%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 4.37% (d) (e)
(Cost $11,585,300)
11,583,751
11,584,910
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (d) (e)(Cost $1,535,653)
1,535,653
1,535,653
Total Short-Term Investments
(Cost $13,120,953)
13,120,563
Total Investments — 100.0%
(Cost $471,718,249)
520,357,859
Other Assets in Excess of Liabilities — 0.0% ^
86,120
NET ASSETS — 100.0%
520,443,979
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
CVA
Certificaten Van Aandelen (Dutch Certificate)
NVDR
Non-Voting Depositary Receipt
OYJ
Public Limited Company
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
SCA
Limited partnership with share capital
SGPS
Holding company
 
^
Amount rounds to less than 0.1% of net assets.
*
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 $1,425,063.
 
(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)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(d)
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.
 
(e)
The rate shown is the current yield as of July 31, 2025.
 
JPMorgan International Value 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
24.6
%
Insurance
9.8
Oil, Gas & Consumable Fuels
7.9
Metals & Mining
5.6
Pharmaceuticals
5.0
Diversified Telecommunication Services
2.9
Construction & Engineering
2.6
Automobile Components
2.4
Real Estate Management & Development
2.3
Capital Markets
2.3
Automobiles
2.2
Trading Companies & Distributors
2.0
Technology Hardware, Storage & Peripherals
1.9
Machinery
1.8
Broadline Retail
1.8
Wireless Telecommunication Services
1.7
Passenger Airlines
1.4
Media
1.3
Food Products
1.3
Tobacco
1.2
Household Durables
1.2
Multi-Utilities
1.1
Electronic Equipment, Instruments & Components
1.0
Energy Equipment & Services
1.0
Others (each less than 1.0%)
11.2
Short-Term Investments
2.5
JPMorgan International Value 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
Australia
$—
$15,593,213
$—
$15,593,213
Austria
1,002,859
5,247,259
—
6,250,118
Belgium
—
5,529,091
—
5,529,091
Brazil
10,105,271
—
—
10,105,271
Burkina Faso
1,174,418
—
—
1,174,418
Canada
21,203,430
—
—
21,203,430
China
1,197,392
43,424,438
—
44,621,830
Denmark
—
5,113,444
—
5,113,444
JPMorgan International Value 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
$—
$3,879,187
$—
$3,879,187
France
—
28,545,641
—
28,545,641
Georgia
—
1,126,758
—
1,126,758
Germany
—
36,224,061
—
36,224,061
Greece
993,352
2,058,300
—
3,051,652
Guatemala
1,282,632
—
—
1,282,632
Hong Kong
—
8,920,477
—
8,920,477
Hungary
1,127,350
2,904,633
—
4,031,983
India
—
11,058,469
—
11,058,469
Indonesia
—
6,270,571
—
6,270,571
Ireland
3,568,539
4,661,015
—
8,229,554
Italy
—
18,945,118
—
18,945,118
Japan
—
74,512,134
—
74,512,134
Mexico
2,926,594
—
—
2,926,594
Netherlands
—
15,531,285
—
15,531,285
Norway
—
5,463,099
—
5,463,099
Peru
—
1,017,073
—
1,017,073
Poland
—
1,462,840
—
1,462,840
Portugal
—
1,787,674
—
1,787,674
Qatar
—
1,059,432
—
1,059,432
Singapore
—
3,653,632
—
3,653,632
South Africa
1,780,821
2,836,011
—
4,616,832
South Korea
—
30,401,281
—
30,401,281
Spain
804,257
14,851,792
—
15,656,049
Sweden
—
10,927,149
—
10,927,149
Switzerland
—
1,547,833
—
1,547,833
Taiwan
—
8,422,457
—
8,422,457
Thailand
—
2,775,436
—
2,775,436
Turkey
972,339
2,670,594
—
3,642,933
United Arab Emirates
1,221,147
2,916,981
—
4,138,128
United Kingdom
4,121,175
42,740,652
—
46,861,827
United States
584,730
29,091,960
—
29,676,690
Total Common Stocks
54,066,306
453,170,990
—
507,237,296
Short-Term Investments
Investment Companies
11,584,910
—
—
11,584,910
Investment of Cash Collateral from Securities Loaned
1,535,653
—
—
1,535,653
Total Short-Term Investments
13,120,563
—
—
13,120,563
Total Investments in Securities
$67,186,869
$453,170,990
$—
$520,357,859
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 International Value 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
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)
$1,798,145
$83,817,790
$74,029,117
$(1,513
)
$(395
)
$11,584,910
11,583,751
$174,971
$—
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 4.37%  (a) (b)
—
8,608,234
7,072,581
—
—
1,535,653
1,535,653
16,754
—
Total
$1,798,145
$92,426,024
$81,101,698
$(1,513
)
$(395
)
$13,120,563
$191,725
$—
 
 
(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.