JPMorgan Hedged Equity Laddered Overlay 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 Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 100.6%
Aerospace & Defense — 2.4%
Howmet Aerospace, Inc.
161,844
29,094,696
RTX Corp.
133,015
20,959,174
Textron, Inc.
85,000
6,610,450
TransDigm Group, Inc.
12,277
19,747,063
 
76,411,383
Air Freight & Logistics — 0.5%
FedEx Corp.
35,416
7,915,122
United Parcel Service, Inc., Class B
108,770
9,371,623
 
17,286,745
Automobile Components — 0.1%
Aptiv plc (Jersey) *
39,530
2,713,339
Automobiles — 1.5%
Tesla, Inc. * (a)
160,888
49,596,944
Banks — 3.6%
Bank of America Corp.
853,992
40,368,202
Citigroup, Inc.
131,818
12,351,346
Fifth Third Bancorp
297,916
12,384,368
Truist Financial Corp.
130,566
5,707,040
US Bancorp
223,343
10,041,501
Wells Fargo & Co. (a)
441,147
35,569,683
 
116,422,140
Beverages — 1.8%
Coca-Cola Co. (The)
240,462
16,324,965
Keurig Dr Pepper, Inc.
506,162
16,526,189
PepsiCo, Inc. (a)
181,379
25,015,792
 
57,866,946
Biotechnology — 1.9%
AbbVie, Inc. (a)
193,346
36,546,261
Neurocrine Biosciences, Inc. *
18,866
2,419,187
Regeneron Pharmaceuticals, Inc.
19,782
10,790,290
Vertex Pharmaceuticals, Inc. *
26,914
12,296,199
 
62,051,937
Broadline Retail — 4.6%
Amazon.com, Inc. * (a)
642,290
150,366,512
Building Products — 1.6%
Carrier Global Corp.
262,531
18,014,877
Masco Corp.
105,287
7,173,203
Trane Technologies plc
58,657
25,696,459
 
50,884,539
Capital Markets — 2.3%
Ameriprise Financial, Inc.
28,411
14,722,296
Charles Schwab Corp. (The)
294,880
28,818,622
CME Group, Inc.
58,230
16,204,244
MSCI, Inc.
6,185
3,472,012
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Capital Markets — continued
Raymond James Financial, Inc.
29,648
4,955,070
State Street Corp.
63,930
7,144,178
 
75,316,422
Chemicals — 1.3%
Linde plc
52,290
24,066,995
LyondellBasell Industries NV, Class A
83,507
4,837,561
PPG Industries, Inc.
68,384
7,214,512
Sherwin-Williams Co. (The)
14,185
4,693,533
 
40,812,601
Communications Equipment — 0.4%
Arista Networks, Inc. *
78,387
9,658,846
Motorola Solutions, Inc.
10,024
4,400,336
 
14,059,182
Construction Materials — 0.4%
Martin Marietta Materials, Inc.
9,491
5,456,186
Vulcan Materials Co.
24,288
6,671,185
 
12,127,371
Consumer Finance — 0.8%
American Express Co.
37,005
11,075,967
Capital One Financial Corp.
67,510
14,514,650
 
25,590,617
Consumer Staples Distribution & Retail — 1.0%
Walmart, Inc.
335,461
32,868,469
Diversified Telecommunication Services — 0.4%
AT&T, Inc.
505,003
13,842,132
Electric Utilities — 1.9%
Entergy Corp.
26,416
2,388,799
NextEra Energy, Inc. (a)
348,207
24,743,589
NRG Energy, Inc.
13,221
2,210,551
PG&E Corp.
370,904
5,200,074
Southern Co. (The) (a)
292,912
27,674,326
 
62,217,339
Electrical Equipment — 0.9%
Eaton Corp. plc
38,206
14,698,612
Emerson Electric Co.
45,133
6,567,303
GE Vernova, Inc.
12,538
8,278,716
 
29,544,631
Energy Equipment & Services — 0.3%
Baker Hughes Co.
193,943
8,737,132
Entertainment — 1.3%
Netflix, Inc. *
18,385
21,315,569
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Entertainment — continued
Walt Disney Co. (The)
162,622
19,369,906
Warner Music Group Corp., Class A
100,380
2,937,119
 
43,622,594
Financial Services — 6.0%
Apollo Global Management, Inc.
60,046
8,725,885
Berkshire Hathaway, Inc., Class B * (a)
98,744
46,595,319
Corpay, Inc. *
43,234
13,966,744
Fidelity National Information Services, Inc.
195,320
15,510,361
Mastercard, Inc., Class A (a)
97,950
55,485,736
Toast, Inc., Class A *
115,392
5,635,745
Visa, Inc., Class A (a)
141,905
49,023,920
WEX, Inc. *
8,295
1,407,496
 
196,351,206
Food Products — 0.6%
Mondelez International, Inc., Class A (a)
306,663
19,838,029
Ground Transportation — 0.3%
Uber Technologies, Inc. *
109,061
9,570,103
Health Care Equipment & Supplies — 2.3%
Baxter International, Inc.
54,542
1,186,834
Boston Scientific Corp. * (a)
186,647
19,583,003
Edwards Lifesciences Corp. *
128,455
10,187,766
Medtronic plc
198,315
17,895,945
Stryker Corp.
59,886
23,519,029
Zimmer Biomet Holdings, Inc.
12,095
1,108,507
 
73,481,084
Health Care Providers & Services — 1.4%
Cigna Group (The)
44,873
11,998,143
HCA Healthcare, Inc.
9,875
3,495,651
Humana, Inc.
27,137
6,780,722
McKesson Corp.
7,961
5,521,272
UnitedHealth Group, Inc. (a)
76,392
19,064,388
 
46,860,176
Health Care REITs — 0.8%
Alexandria Real Estate Equities, Inc.
15,343
1,172,666
Ventas, Inc.
222,701
14,961,053
Welltower, Inc.
63,073
10,411,460
 
26,545,179
Hotels, Restaurants & Leisure — 3.5%
Booking Holdings, Inc.
1,963
10,804,470
Carnival Corp. *
356,174
10,603,300
Chipotle Mexican Grill, Inc., Class A *
345,486
14,814,440
DoorDash, Inc., Class A *
27,740
6,941,935
Expedia Group, Inc.
51,515
9,284,033
Hilton Worldwide Holdings, Inc.
67,388
18,065,375
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
McDonald's Corp. (a)
95,862
28,765,310
Yum! Brands, Inc.
107,055
15,431,978
 
114,710,841
Household Durables — 0.1%
Lennar Corp., Class A
29,897
3,353,845
Household Products — 0.1%
Church & Dwight Co., Inc.
44,262
4,150,448
Independent Power and Renewable Electricity Producers — 0.5%
Vistra Corp.
77,443
16,149,963
Industrial Conglomerates — 0.7%
3M Co.
140,035
20,896,023
Industrial REITs — 0.3%
Prologis, Inc.
84,073
8,977,315
Insurance — 1.7%
Aon plc, Class A
38,398
13,658,553
Arthur J Gallagher & Co.
62,612
17,985,297
Progressive Corp. (The)
91,573
22,164,329
 
53,808,179
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A (a)
359,129
68,916,855
Alphabet, Inc., Class C (a)
204,023
39,347,876
Meta Platforms, Inc., Class A (a)
155,486
120,259,092
 
228,523,823
IT Services — 0.4%
Cognizant Technology Solutions Corp., Class A
188,335
13,514,920
Life Sciences Tools & Services — 0.7%
Danaher Corp.
55,085
10,860,558
Thermo Fisher Scientific, Inc. (a)
26,216
12,260,699
 
23,121,257
Machinery — 1.5%
Deere & Co. (a)
38,332
20,100,151
Ingersoll Rand, Inc.
67,499
5,712,441
Otis Worldwide Corp.
176,615
15,134,139
PACCAR, Inc.
82,850
8,182,266
 
49,128,997
Media — 0.8%
Charter Communications, Inc., Class A *
28,455
7,664,639
Comcast Corp., Class A (a)
482,213
16,023,938
Omnicom Group, Inc.
11,894
856,962
 
24,545,539
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.
126,304
5,082,473
Nucor Corp.
22,119
3,164,565
 
8,247,038
Oil, Gas & Consumable Fuels — 2.8%
Chevron Corp.
54,699
8,294,556
ConocoPhillips
152,641
14,552,793
Diamondback Energy, Inc.
47,303
7,032,064
EOG Resources, Inc. (a)
166,580
19,992,932
Exxon Mobil Corp. (a)
367,048
40,977,239
 
90,849,584
Passenger Airlines — 0.2%
Delta Air Lines, Inc.
107,891
5,740,880
Personal Care Products — 0.2%
Kenvue, Inc.
240,894
5,164,767
Pharmaceuticals — 2.5%
Bristol-Myers Squibb Co.
358,503
15,526,765
Eli Lilly & Co. (a)
40,827
30,214,838
Johnson & Johnson (a)
196,997
32,453,286
Merck & Co., Inc.
54,126
4,228,323
 
82,423,212
Professional Services — 0.4%
Leidos Holdings, Inc.
74,251
11,854,172
Residential REITs — 0.1%
Equity LifeStyle Properties, Inc.
77,511
4,644,459
Semiconductors & Semiconductor Equipment — 14.3%
Analog Devices, Inc. (a)
103,935
23,346,919
Broadcom, Inc. (a)
283,260
83,193,462
Lam Research Corp.
258,065
24,474,885
Micron Technology, Inc.
144,308
15,749,775
NVIDIA Corp. (a)
1,566,549
278,642,071
NXP Semiconductors NV (Netherlands) (a)
91,785
19,620,879
Texas Instruments, Inc. (a)
115,430
20,899,756
 
465,927,747
Software — 12.2%
Cadence Design Systems, Inc. *
29,874
10,891,164
Crowdstrike Holdings, Inc., Class A *
5,312
2,414,676
Intuit, Inc.
15,594
12,243,317
Microsoft Corp. (a)
509,117
271,613,920
Oracle Corp.
156,204
39,639,889
Palantir Technologies, Inc., Class A *
76,213
12,068,329
Salesforce, Inc. (a)
97,455
25,175,550
ServiceNow, Inc. *
24,676
23,272,429
 
397,319,274
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialized REITs — 0.6%
Equinix, Inc.
14,221
11,165,902
SBA Communications Corp.
43,019
9,667,230
 
20,833,132
Specialty Retail — 1.8%
AutoZone, Inc. *
1,159
4,367,552
Burlington Stores, Inc. *
37,010
10,102,250
Lowe's Cos., Inc. (a)
130,877
29,260,171
Ross Stores, Inc.
116,589
15,919,062
 
59,649,035
Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc. (a)
913,283
189,570,152
Seagate Technology Holdings plc
126,051
19,791,268
Western Digital Corp.
21,981
1,729,685
 
211,091,105
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B
70,619
5,274,533
Tobacco — 0.6%
Altria Group, Inc.
103,236
6,394,438
Philip Morris International, Inc.
86,950
14,264,147
 
20,658,585
Trading Companies & Distributors — 0.2%
United Rentals, Inc.
5,866
5,179,326
Total Common Stocks
(Cost $2,925,052,397)
3,270,722,751
 
NO. OF
CONTRACTS
Options Purchased — 0.7%
Put Options Purchased — 0.7%
SPDR S&P 500 ETF Trust
8/29/2025 at USD 558.00, American Style
Notional Amount: USD 1,133,382,648
Counterparty: Exchange-Traded *
17,931
1,398,618
SPDR S&P 500 ETF Trust
9/30/2025 at USD 585.00, American Style
Notional Amount: USD 1,133,382,648
Counterparty: Exchange-Traded *
17,931
7,620,675
SPDR S&P 500 ETF Trust
10/31/2025 at USD 599.00, American Style
Notional Amount: USD 1,023,969,600
Counterparty: Exchange-Traded *
16,200
14,199,300
Total Put Options Purchased
(Cost $47,524,630)
23,218,593
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (b) (c)
(Cost $13,003,016)
13,003,016
13,003,016
Total Investments — 101.7%
(Cost $2,985,580,043)
3,306,944,360
Liabilities in Excess of Other Assets — (1.7)%
(56,681,451
)
NET ASSETS — 100.0%
3,250,262,909
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
 
*
Non-income producing security.
(a)
All or a portion of the security is segregated as collateral for options written.
(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.
Written Call Options Contracts as of July 31, 2025
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
SPDR S&P 500 ETF Trust
Exchange-Traded
17,931
USD
 1,133,382,648
USD
 619.00
8/29/2025
(37,332,342
)
SPDR S&P 500 ETF Trust
Exchange-Traded
17,931
USD
 1,133,382,648
USD
 648.00
9/30/2025
(12,533,769
)
SPDR S&P 500 ETF Trust
Exchange-Traded
16,200
USD
 1,023,969,600
USD
 660.00
10/31/2025
(11,129,400
)
 
(60,995,511
)
Written Put Options Contracts as of July 31, 2025
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
SPDR S&P 500 ETF Trust
Exchange-Traded
17,931
USD
 1,133,382,648
USD
 470.00
8/29/2025
(376,551
)
SPDR S&P 500 ETF Trust
Exchange-Traded
17,931
USD
 1,133,382,648
USD
 495.00
9/30/2025
(1,595,859
)
SPDR S&P 500 ETF Trust
Exchange-Traded
16,200
USD
 1,023,969,600
USD
 505.00
10/31/2025
(3,215,700
)
 
 
 
 
(5,188,110
)
Total Written Options Contracts (Premiums Received $46,239,678)
(66,183,621
)
 
Abbreviations
 
ETF
Exchange Traded Fund
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
JPMorgan Hedged Equity Laddered Overlay 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.
Options are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$3,306,944,360
$—
$—
$3,306,944,360
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written
(60,995,511
)
—
—
(60,995,511
)
Put Options Written
(5,188,110
)
—
—
(5,188,110
)
Total Depreciation in Other Financial Instruments
$(66,183,621
)
$—
$—
$(66,183,621
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. 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 U.S. Government Money
Market Fund Class IM Shares,
4.26%  (a) (b)
$3,197,539
$122,354,870
$112,549,393
$—
$—
$13,003,016
13,003,016
$306,126
$—
 
 
(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.