JPMorgan ActiveBuilders Emerging Markets Equity ETF
Schedule of Portfolio Investments as of January 31, 2026
(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., 2026.
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.5%
Argentina — 0.1%
Vista Energy SAB de CV, ADR *
4,092
247,525
YPF SA, ADR *
17,537
697,797
 
945,322
Australia — 0.0% ^
Anglogold Ashanti plc
7,113
641,220
Austria — 0.0% ^
Raiffeisen Bank International AG
12,997
655,120
Brazil — 6.0%
Axia Energia (Preference)
444,514
4,868,517
Axia Energia (Preference) *
116,834
1,177,276
B3 SA - Brasil Bolsa Balcao
1,936,806
5,954,591
Banco BTG Pactual SA
536,313
6,089,984
Banco do Brasil SA
325,994
1,556,644
Banco Santander Brasil SA
66,690
460,123
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
80,014
2,145,870
CPFL Energia SA
44,548
432,973
Cury Construtora e Incorporadora SA
93,603
615,216
Itau Unibanco Holding SA (Preference)
1,174,687
10,095,690
Itausa SA (Preference)
721,762
1,866,549
Localiza Rent a Car SA
274,774
2,529,106
Lojas Renner SA
244,861
697,443
Marcopolo SA (Preference)
402,244
492,988
MercadoLibre, Inc. *
3,803
8,168,045
Motiva Infraestrutura de Mobilidade SA
90,529
289,679
NU Holdings Ltd., Class A *
558,857
9,919,712
Petroleo Brasileiro SA, ADR
837,949
12,854,137
Porto Seguro SA
120,527
1,148,302
Raia Drogasil SA
398,053
1,848,542
Telefonica Brasil SA
409,550
2,904,262
TIM SA
374,728
1,740,934
TOTVS SA
45,009
381,521
Ultrapar Participacoes SA
149,251
718,640
Vale SA, ADR
138,184
2,220,617
WEG SA
366,641
3,624,087
 
84,801,448
Chile — 0.3%
Banco de Chile
2,945,005
649,105
Banco Santander Chile
17,415,516
1,532,425
Falabella SA
95,753
743,381
Latam Airlines Group SA
17,419,386
565,144
Sociedad Quimica y Minera de Chile SA (Preference), Class B *
7,572
586,641
 
4,076,696
China — 25.4%
Advanced Micro-Fabrication Equipment, Inc., Class A
44,163
2,197,931
Agricultural Bank of China Ltd., Class H
861,000
601,940
Alibaba Group Holding Ltd.
1,722,386
36,641,328
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Anji Microelectronics Technology Shanghai Co. Ltd., Class A
9,738
377,054
ANTA Sports Products Ltd.
96,600
965,028
Atour Lifestyle Holdings Ltd., ADR
9,925
354,720
Avary Holding Shenzhen Co. Ltd., Class A
50,000
409,563
Baidu, Inc., Class A *
45,800
877,874
Bank of China Ltd., Class H
6,042,000
3,608,182
Beijing Huafeng Test & Control Technology Co. Ltd., Class A
39,246
1,697,867
BYD Co. Ltd., Class H
133,000
1,658,093
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A
20,200
400,408
China CITIC Bank Corp. Ltd., Class H
1,294,000
1,205,222
China Construction Bank Corp., Class H
7,145,000
7,214,524
China Galaxy Securities Co. Ltd., Class H
346,000
465,265
China Hongqiao Group Ltd.
556,000
2,542,962
China International Capital Corp. Ltd., Class H (a)
615,600
1,668,387
China Life Insurance Co. Ltd., Class H
361,000
1,606,536
China Merchants Bank Co. Ltd., Class H
1,652,000
10,093,054
China Minsheng Banking Corp. Ltd., Class H
5,896,000
2,933,691
China Pacific Insurance Group Co. Ltd., Class H
689,600
3,473,403
China Petroleum & Chemical Corp., Class H
3,406,000
2,344,026
China Resources Land Ltd.
153,000
599,177
China Resources Power Holdings Co. Ltd.
174,000
396,341
China Shenhua Energy Co. Ltd., Class H
351,500
1,933,992
China Tower Corp. Ltd., Class H (a)
318,600
458,394
China Yangtze Power Co. Ltd., Class A
368,475
1,395,436
Chuangxin Industries Holdings Ltd. *
135,500
433,622
CITIC Securities Co. Ltd., Class H
586,500
2,194,858
Contemporary Amperex Technology Co. Ltd., Class A
208,300
10,492,022
ENN Energy Holdings Ltd.
344,400
2,964,851
Focus Media Information Technology Co. Ltd., Class A
1,786,500
1,848,044
Foxconn Industrial Internet Co. Ltd., Class A
190,200
1,568,587
Full Truck Alliance Co. Ltd., ADR
99,852
988,535
Fuyao Glass Industry Group Co. Ltd., Class H (a)
883,600
7,573,791
Geely Automobile Holdings Ltd.
218,000
448,752
GF Securities Co. Ltd., Class H
272,000
634,728
H World Group Ltd.
1,190,586
5,718,079
Haidilao International Holding Ltd. (a)
898,000
1,830,868
Haier Smart Home Co. Ltd., Class H
480,600
1,584,403
Harbin Electric Co. Ltd., Class H
188,000
477,551
Hongfa Technology Co. Ltd., Class A
320,280
1,319,511
Huaming Power Equipment Co. Ltd., Class A
649,500
2,777,642
Huaqin Technology Co. Ltd., Class A
24,100
298,237
Huayu Automotive Systems Co. Ltd., Class A
122,200
337,614
Hwatsing Technology Co. Ltd., Class A
21,339
579,550
Inner Mongolia Berun Chemical Co. Ltd., Class A
803,500
975,399
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
416,813
1,577,673
Jason Furniture Hangzhou Co. Ltd., Class A
77,600
394,650
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
301,900
2,520,740
Kanzhun Ltd., ADR
24,396
451,814
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
KE Holdings, Inc., Class A
318,168
2,022,633
Kingdee International Software Group Co. Ltd. *
213,000
351,816
Kuaishou Technology (a)
104,800
1,070,753
Kweichow Moutai Co. Ltd., Class A
32,400
6,520,239
Lenovo Group Ltd.
1,148,000
1,293,467
Loncin Motor Co. Ltd., Class A
754,200
1,661,079
Luxshare Precision Industry Co. Ltd., Class A
243,100
1,799,611
Luzhou Laojiao Co. Ltd., Class A
42,800
742,030
Meitu, Inc. * (a)
363,500
359,065
Meituan * (a)
262,028
3,239,317
Midea Group Co. Ltd., Class A
747,612
8,335,353
Minimax Group, Inc. *
16,300
986,918
Minth Group Ltd.
550,000
2,589,372
Montage Technology Co. Ltd., Class A
199,324
5,193,702
NARI Technology Co. Ltd., Class A
103,648
374,256
NAURA Technology Group Co. Ltd., Class A
47,075
3,208,743
NetEase, Inc.
510,048
13,225,588
New China Life Insurance Co. Ltd., Class H
109,100
887,139
OmniVision Integrated Circuits Group, Inc.
16,300
284,016
PDD Holdings, Inc., ADR *
57,460
5,806,333
People's Insurance Co. Group of China Ltd. (The), Class H
2,068,000
1,798,190
PetroChina Co. Ltd., Class H
5,782,000
6,868,783
PICC Property & Casualty Co. Ltd., Class H
794,000
1,643,737
Ping An Insurance Group Co. of China Ltd., Class H
1,726,500
16,013,894
Pop Mart International Group Ltd. (a)
82,800
2,366,967
Qfin Holdings, Inc., Class A
99,500
793,944
Sany Heavy Industry Co. Ltd., Class A
531,600
1,674,176
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A
50,800
608,553
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
14,100
345,908
Shenzhen Inovance Technology Co. Ltd., Class A
176,200
1,891,474
Shenzhou International Group Holdings Ltd.
361,500
2,875,140
Sieyuan Electric Co. Ltd., Class A
132,000
3,505,580
Sinotruk Hong Kong Ltd.
112,000
514,324
SITC International Holdings Co. Ltd.
169,000
631,076
StarPower Semiconductor Ltd., Class A
32,300
513,358
Sunresin New Materials Co. Ltd., Class A
85,700
827,324
TCL Electronics Holdings Ltd.
307,000
471,957
Tencent Holdings Ltd.
969,600
74,525,209
Tencent Music Entertainment Group, Class A
256,700
2,154,578
Tianqi Lithium Corp., Class H *
60,400
377,181
Tingyi Cayman Islands Holding Corp.
762,000
1,154,911
Tongcheng Travel Holdings Ltd. (a)
128,000
380,736
Trip.com Group Ltd.
74,118
4,549,040
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *
15,832
501,916
Vipshop Holdings Ltd., ADR
25,844
442,191
Weichai Power Co. Ltd., Class H
1,092,000
3,701,477
Wuliangye Yibin Co. Ltd., Class A
78,300
1,179,972
WUS Printed Circuit Kunshan Co. Ltd., Class A
140,500
1,402,837
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
XCMG Construction Machinery Co. Ltd., Class A
2,397,600
3,699,036
Xiaomi Corp., Class B * (a)
1,709,200
7,736,813
Xinyi Solar Holdings Ltd. (b)
3,148,000
1,360,697
Xtep International Holdings Ltd.
391,500
257,314
YTO Express Group Co. Ltd., Class A
168,200
407,742
Yum China Holdings, Inc.
83,528
4,127,954
Yunnan Energy New Material Group Co. Ltd., Class A *
59,100
432,877
Yunnan Yuntianhua Co. Ltd., Class A
88,300
484,487
Yutong Bus Co. Ltd., Class A
88,100
391,103
Zhejiang Cfmoto Power Co. Ltd., Class A
8,200
296,497
Zhejiang Expressway Co. Ltd., Class H
856,000
807,558
Zhejiang Huayou Cobalt Co. Ltd., Class A
59,500
609,814
Zhongji Innolight Co. Ltd., Class A
15,200
1,409,093
Zhuzhou CRRC Times Electric Co. Ltd., Class H
210,400
1,150,414
Zijin Mining Group Co. Ltd., Class H
1,070,000
5,579,005
ZTO Express Cayman, Inc.
10,500
231,842
 
360,760,028
Colombia — 0.1%
Grupo Cibest SA (Preference)
50,779
1,032,917
Cyprus — 0.1%
Bank of Cyprus Holdings plc
78,553
866,709
Czech Republic — 0.0% ^
Moneta Money Bank A/S (a)
45,690
458,561
Georgia — 0.0% ^
Lion Finance Group plc
3,318
458,413
Greece — 1.3%
Alpha Bank SA
229,329
1,097,790
Eurobank SA
638,284
3,119,280
Hellenic Telecommunications Organization SA
46,425
870,721
JUMBO SA
10,380
308,091
Metlen Energy & Metals plc *
35,946
1,959,995
National Bank of Greece SA
332,670
5,873,104
OPAP SA
46,233
931,639
Piraeus Bank SA *
333,550
3,364,629
Public Power Corp. SA
20,424
482,744
 
18,007,993
Guatemala — 0.2%
Millicom International Cellular SA
44,019
2,686,480
Hong Kong — 1.1%
AIA Group Ltd.
674,400
7,780,878
Hong Kong Exchanges & Clearing Ltd.
62,100
3,423,642
Prudential plc
33,475
549,835
Stella International Holdings Ltd.
153,500
283,732
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hong Kong — continued
Techtronic Industries Co. Ltd.
242,500
3,310,489
WH Group Ltd. (a)
366,000
431,915
 
15,780,491
Hungary — 0.4%
MOL Hungarian Oil & Gas plc
51,615
630,371
OTP Bank Nyrt.
37,171
4,677,303
 
5,307,674
India — 11.3%
Aavas Financiers Ltd. *
14,990
238,395
ABB India Ltd.
9,709
590,676
Adani Ports & Special Economic Zone Ltd.
30,868
477,093
Asian Paints Ltd.
13,794
364,249
Axis Bank Ltd., GDR (a)
6,897
511,083
Bajaj Auto Ltd.
22,251
2,323,812
Bajaj Finance Ltd.
448,231
4,534,916
Bajaj Finserv Ltd.
162,890
3,461,555
Bank of Baroda
190,200
619,829
Bharat Electronics Ltd.
477,307
2,331,869
Bharat Petroleum Corp. Ltd.
110,128
436,608
Bharti Airtel Ltd.
162,982
3,495,470
Blue Star Ltd.
85,168
1,688,405
Canara Bank
216,930
348,172
CG Power & Industrial Solutions Ltd.
154,353
983,384
Cholamandalam Investment and Finance Co. Ltd.
220,186
3,910,259
Coforge Ltd.
91,813
1,652,255
Computer Age Management Services Ltd.
142,102
1,075,656
CRISIL Ltd.
9,660
490,470
Cyient Ltd.
29,391
363,999
Delhivery Ltd. *
304,654
1,401,539
Dr Lal PathLabs Ltd. (a)
14,727
225,907
Dr Reddy's Laboratories Ltd.
245,041
3,242,302
Eicher Motors Ltd.
14,824
1,148,877
Embassy Office Parks, REIT
557,572
2,633,486
Eternal Ltd. *
355,458
1,059,536
Godrej Consumer Products Ltd.
18,644
234,099
Havells India Ltd.
89,760
1,253,883
HDFC Asset Management Co. Ltd. (a)
83,817
2,294,940
HDFC Bank Ltd., ADR
356,440
11,541,527
HDFC Bank Ltd.
1,125,407
11,379,300
HDFC Life Insurance Co. Ltd. (a)
316,746
2,519,291
Hero MotoCorp Ltd.
11,553
695,863
Hexaware Technologies Ltd.
117,084
888,284
Hindalco Industries Ltd.
35,422
368,719
Hindustan Unilever Ltd.
88,815
2,292,988
ICICI Bank Ltd., ADR
44,919
1,315,677
ICICI Bank Ltd.
738,876
10,892,974
ICICI Prudential Asset Management Co. Ltd.
28,806
930,873
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Indian Hotels Co. Ltd. (The)
45,977
337,280
IndusInd Bank Ltd. *
38,148
372,095
Info Edge India Ltd.
148,270
2,018,036
Infosys Ltd.
505,328
9,038,440
InterGlobe Aviation Ltd. (a)
10,506
525,045
ITC Ltd.
418,975
1,468,689
Kotak Mahindra Bank Ltd.
1,564,015
6,941,146
Kwality Wall's India Ltd. ‡ *
87,795
36,459
Lenskart Solutions Ltd. *
76,656
381,124
Mahanagar Gas Ltd. (a)
22,102
253,258
Mahindra & Mahindra Ltd.
176,248
6,581,053
MakeMyTrip Ltd. * (b)
36,736
2,291,592
Maruti Suzuki India Ltd.
5,539
879,972
Max Financial Services Ltd. *
160,433
2,814,238
Max Healthcare Institute Ltd.
191,517
1,994,295
Multi Commodity Exchange of India Ltd.
96,839
2,667,355
Muthoot Finance Ltd.
13,677
569,933
National Aluminium Co. Ltd.
150,419
626,775
NTPC Ltd.
173,324
671,554
PB Fintech Ltd. *
106,929
1,926,625
Petronet LNG Ltd.
83,681
263,918
Polycab India Ltd.
10,303
787,568
Power Grid Corp. of India Ltd.
259,806
725,255
Punjab National Bank
671,271
915,123
Reliance Industries Ltd.
538,795
8,186,955
SBI Life Insurance Co. Ltd. (a)
144,992
3,153,943
Shriram Finance Ltd.
323,673
3,592,949
State Bank of India
79,301
929,459
Syngene International Ltd. (a)
148,155
763,365
Tata Consultancy Services Ltd.
187,926
6,391,005
Tata Motors Ltd. *
304,666
1,518,569
Tata Steel Ltd.
130,989
273,421
Tech Mahindra Ltd.
42,764
811,406
Trent Ltd.
15,863
653,314
Tube Investments of India Ltd.
45,301
1,152,822
UltraTech Cement Ltd.
2,087
288,449
Vedanta Ltd.
86,299
638,250
Wipro Ltd.
105,223
271,496
 
159,930,451
Indonesia — 1.3%
Amman Mineral Internasional PT *
589,600
265,091
Aneka Tambang Tbk.
1,806,800
444,806
Archi Indonesia Tbk. PT
3,086,900
317,192
Astra International Tbk. PT
1,537,400
582,938
Bank Central Asia Tbk. PT
14,853,800
6,563,143
Bank Negara Indonesia Persero Tbk. PT
1,510,400
405,399
Bank Rakyat Indonesia Persero Tbk. PT
19,746,670
4,482,573
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Indonesia — continued
GoTo Gojek Tokopedia Tbk. PT *
68,861,799
264,740
Telkom Indonesia Persero Tbk. PT
24,887,700
5,320,005
Unilever Indonesia Tbk. PT
2,884,300
330,788
 
18,976,675
Kazakhstan — 0.2%
Kaspi.KZ JSC, ADR *
19,926
1,517,763
NAC Kazatomprom JSC, GDR (a)
23,305
1,904,310
 
3,422,073
Kuwait — 0.1%
National Bank of Kuwait SAKP
362,976
1,124,638
Macau — 0.0% ^
Galaxy Entertainment Group Ltd.
70,000
355,653
Malaysia — 0.5%
AMMB Holdings Bhd.
238,800
390,560
CIMB Group Holdings Bhd.
919,000
2,002,238
Gamuda Bhd.
324,400
364,734
IHH Healthcare Bhd.
207,400
470,896
Malayan Banking Bhd.
209,700
627,607
Press Metal Aluminium Holdings Bhd.
279,200
535,207
Public Bank Bhd.
788,400
974,457
Sunway Bhd.
401,100
584,965
Tenaga Nasional Bhd.
185,800
657,382
 
6,608,046
Mexico — 2.2%
America Movil SAB de CV
390,389
403,658
Arca Continental SAB de CV
86,615
975,633
Cemex SAB de CV
2,118,645
2,633,152
Corp. Inmobiliaria Vesta SAB de CV
214,319
662,113
Fomento Economico Mexicano SAB de CV
149,537
1,560,487
Gentera SAB de CV
534,106
1,484,409
Grupo Aeroportuario del Pacifico SAB de CV, Class B
36,091
992,151
Grupo Aeroportuario del Sureste SAB de CV, Class B
65,975
2,281,830
Grupo Financiero Banorte SAB de CV, Class O
920,442
10,376,830
Grupo Mexico SAB de CV
295,313
3,258,480
Regional SAB de CV
106,024
950,855
Southern Copper Corp.
3,018
574,386
Wal-Mart de Mexico SAB de CV
1,635,554
5,190,423
 
31,344,407
Panama — 0.2%
Copa Holdings SA, Class A
15,823
2,158,257
Peru — 0.5%
Credicorp Ltd.
20,336
7,256,495
Intercorp Financial Services, Inc.
6,994
342,566
 
7,599,061
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Philippines — 0.2%
Ayala Land, Inc.
825,200
297,542
Bank of the Philippine Islands
358,770
755,555
BDO Unibank, Inc.
255,944
586,608
International Container Terminal Services, Inc.
101,150
1,107,891
 
2,747,596
Poland — 0.6%
Bank Polska Kasa Opieki SA
8,671
527,353
Benefit Systems SA *
980
1,055,404
Budimex SA
3,315
640,832
KGHM Polska Miedz SA *
22,043
2,045,296
KRUK SA
3,505
481,932
ORLEN SA
16,057
488,014
Powszechny Zaklad Ubezpieczen SA
151,724
2,985,373
 
8,224,204
Portugal — 0.1%
Jeronimo Martins SGPS SA
83,021
1,957,723
Qatar — 0.2%
Qatar Gas Transport Co. Ltd.
577,499
761,328
Qatar National Bank QPSC
366,604
1,997,405
 
2,758,733
Romania — 0.0% ^
Banca Transilvania SA
71,375
538,298
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
—
Rosneft Oil Co. PJSC ‡ *
141,777
—
Sberbank of Russia PJSC ‡ *
629,236
—
Severstal PAO, GDR ‡ * (a)
98,048
—
VTB Bank PJSC ‡ *
33,690
—
X5 Retail Group NV, GDR ‡ * (a)
1,062
—
 
—
Saudi Arabia — 1.3%
Ades Holding Co.
93,349
478,300
Al Rajhi Bank
223,050
6,369,485
Aldrees Petroleum and Transport Services Co.
17,749
565,168
Arab National Bank
75,360
457,379
Arabian Centres Co. (a)
58,478
304,762
Elm Co.
4,538
938,592
Etihad Etisalat Co.
22,668
426,569
Riyad Bank
106,437
798,774
Riyadh Cables Group Co.
15,192
528,755
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Saudi Arabia — continued
Saudi Arabian Oil Co. (a)
236,997
1,629,171
Saudi Awwal Bank
71,568
680,038
Saudi Ground Services Co.
50,335
497,487
Saudi National Bank (The)
339,535
4,060,986
United Electronics Co.
17,278
404,875
 
18,140,341
Singapore — 0.1%
Grab Holdings Ltd., Class A *
76,468
328,812
Sea Ltd., ADR *
11,703
1,363,283
 
1,692,095
South Africa — 2.7%
Absa Group Ltd.
157,085
2,475,277
Bid Corp. Ltd.
56,683
1,418,676
Bidvest Group Ltd.
78,682
1,138,503
Capitec Bank Holdings Ltd.
21,612
5,802,687
Discovery Ltd.
47,613
693,279
FirstRand Ltd.
479,173
2,733,134
Gold Fields Ltd.
99,338
4,912,728
Harmony Gold Mining Co. Ltd.
80,253
1,705,261
Impala Platinum Holdings Ltd.
38,687
721,097
Kumba Iron Ore Ltd.
37,474
835,140
Momentum Group Ltd.
168,070
391,934
MTN Group Ltd.
96,077
1,066,894
Naspers Ltd., Class N
20,703
1,267,547
Nedbank Group Ltd.
87,579
1,438,565
Northam Platinum Holdings Ltd.
15,031
358,121
Sanlam Ltd.
145,699
910,971
Sasol Ltd. *
317,247
2,240,806
Shoprite Holdings Ltd.
101,694
1,677,849
Sibanye Stillwater Ltd. *
284,958
1,240,254
Standard Bank Group Ltd.
158,580
2,914,380
Valterra Platinum Ltd.
12,591
1,131,278
Vodacom Group Ltd.
105,494
983,250
We Buy Cars Holdings Ltd.
137,207
390,121
Woolworths Holdings Ltd.
108,033
362,211
 
38,809,963
South Korea — 16.6%
BGF retail Co. Ltd.
11,604
977,236
BNK Financial Group, Inc.
61,366
707,128
Cheil Worldwide, Inc.
23,061
351,224
Coupang, Inc. *
64,967
1,309,735
Coway Co. Ltd. *
5,091
294,566
Daeduck Electronics Co. Ltd.
14,616
635,125
DB Insurance Co. Ltd.
27,049
2,670,533
Eugene Technology Co. Ltd.
25,441
1,934,736
Hana Financial Group, Inc.
67,509
4,690,666
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
Hanmi Pharm Co. Ltd. *
1,819
612,444
Hansol Chemical Co. Ltd.
2,603
506,812
Hanwha Aerospace Co. Ltd. *
5,355
4,820,471
HD Hyundai Electric Co. Ltd.
3,863
2,366,647
HD Hyundai Heavy Industries Co. Ltd.
5,378
2,140,606
HD Hyundai Marine Solution Co. Ltd.
9,369
1,187,915
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
3,091
885,367
HDC Hyundai Development Co-Engineering & Construction, Class E
27,237
388,639
Hugel, Inc. *
5,594
1,068,988
Hyundai Department Store Co. Ltd.
5,729
372,307
Hyundai Engineering & Construction Co. Ltd.
8,679
616,057
Hyundai Glovis Co. Ltd.
12,730
2,146,270
Hyundai Mobis Co. Ltd.
7,883
2,463,098
Hyundai Motor Co.
19,230
6,694,071
JB Financial Group Co. Ltd.
33,342
581,744
JYP Entertainment Corp. *
3,669
186,720
Kakao Corp.
6,791
288,647
Kangwon Land, Inc.
22,936
277,400
KB Financial Group, Inc.
30,260
2,832,312
Kia Corp.
93,861
9,987,112
KIWOOM Securities Co. Ltd.
4,275
1,314,047
Kolmar Korea Co. Ltd. *
5,132
248,496
Korea Aerospace Industries Ltd.
27,080
3,156,155
Korea Electric Power Corp. *
47,894
1,931,714
Korea Investment Holdings Co. Ltd.
16,817
2,515,734
Korean Air Lines Co. Ltd. *
33,785
544,720
KT Corp.
19,533
772,796
Kumho Petrochemical Co. Ltd. *
4,549
454,356
LEENO Industrial, Inc. *
8,961
652,430
LG Chem Ltd.
8,139
1,747,617
LG Energy Solution Ltd. *
2,225
611,622
LG Uplus Corp.
29,402
326,825
LigaChem Biosciences, Inc. *
5,797
812,253
Lotte Tour Development Co. Ltd. *
30,613
532,832
NAVER Corp.
14,011
2,663,235
NongShim Co. Ltd. *
1,383
389,844
Park Systems Corp. *
1,883
395,552
POSCO Holdings, Inc.
2,113
507,043
PSK, Inc. *
10,251
433,084
Samsung Biologics Co. Ltd. * (a)
1,909
2,307,045
Samsung C&T Corp.
17,931
3,737,799
Samsung Electro-Mechanics Co. Ltd.
15,756
3,030,174
Samsung Electronics Co. Ltd.
791,427
87,432,723
Samsung Fire & Marine Insurance Co. Ltd.
7,215
2,511,265
Samsung Securities Co. Ltd.
6,754
423,936
Shinhan Financial Group Co. Ltd.
105,632
6,173,529
SK hynix, Inc.
73,189
45,697,563
SK Square Co. Ltd. *
8,294
3,246,698
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
SK, Inc.
12,064
2,785,962
S-Oil Corp. *
31,742
2,331,928
Soulbrain Co. Ltd.
1,746
585,924
Sung Kwang Bend Co. Ltd. *
14,191
319,903
Tokai Carbon Korea Co. Ltd.
6,594
1,078,456
YC Corp. *
40,232
543,114
 
236,210,950
Spain — 0.6%
Banco Bilbao Vizcaya Argentaria SA
358,534
9,100,911
Taiwan — 21.8%
Accton Technology Corp.
140,113
4,898,806
All Ring Tech Co. Ltd.
61,000
734,324
ASE Technology Holding Co. Ltd.
908,258
8,444,174
ASPEED Technology, Inc.
8,040
2,248,434
Bizlink Holding, Inc.
36,000
1,462,006
Cathay Financial Holding Co. Ltd.
1,640,124
3,907,567
Chroma ATE, Inc.
67,000
2,057,330
Compeq Manufacturing Co. Ltd.
137,000
730,454
CTBC Financial Holding Co. Ltd.
3,151,831
5,078,059
Delta Electronics, Inc.
452,357
17,263,005
E.Sun Financial Holding Co. Ltd.
1,705,505
1,806,017
Elite Material Co. Ltd.
91,265
4,950,446
eMemory Technology, Inc.
13,000
748,734
Formosa Chemicals & Fibre Corp.
584,000
781,786
Fortune Electric Co. Ltd.
66,400
2,026,620
Fubon Financial Holding Co. Ltd.
898,000
2,578,680
Gold Circuit Electronics Ltd.
91,000
1,987,171
Grand Process Technology Corp.
19,000
995,787
Hon Hai Precision Industry Co. Ltd.
784,968
5,426,030
Hon Precision, Inc.
14,000
1,668,255
Jentech Precision Industrial Co. Ltd.
27,519
2,438,191
King Slide Works Co. Ltd.
16,000
1,575,121
King Yuan Electronics Co. Ltd.
72,000
667,092
Largan Precision Co. Ltd.
35,519
2,707,163
Marketech International Corp.
45,000
400,202
MediaTek, Inc.
121,816
6,757,199
Mega Financial Holding Co. Ltd.
2,397,000
2,947,472
MPI Corp.
43,000
3,398,245
Nan Ya Printed Circuit Board Corp.
63,000
767,294
Nanya Technology Corp. *
131,000
1,326,079
Nien Made Enterprise Co. Ltd.
79,512
1,072,799
Parade Technologies Ltd.
30,000
501,692
Powertech Technology, Inc.
67,000
530,544
President Chain Store Corp.
187,035
1,270,001
Quanta Computer, Inc.
503,248
4,430,179
Realtek Semiconductor Corp.
352,078
5,386,721
Sunonwealth Electric Machine Industry Co. Ltd.
79,000
355,297
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Taiwan Mobile Co. Ltd.
407,081
1,364,957
Taiwan Semiconductor Manufacturing Co. Ltd.
3,230,820
178,651,220
Tripod Technology Corp.
37,000
436,057
Uni-President Enterprises Corp.
800,035
1,820,099
United Microelectronics Corp.
803,000
1,597,773
Universal Microwave Technology, Inc.
61,000
2,109,417
Vanguard International Semiconductor Corp.
313,060
1,419,132
WinWay Technology Co. Ltd.
5,000
614,650
Wistron Corp.
913,074
3,736,662
Wiwynn Corp.
48,343
5,418,870
WT Microelectronics Co. Ltd.
87,000
429,512
Yuanta Financial Holding Co. Ltd.
1,914,302
2,607,722
Zhen Ding Technology Holding Ltd.
638,000
3,931,749
 
310,462,796
Thailand — 0.6%
Advanced Info Service PCL, NVDR
59,600
660,988
Airports of Thailand PCL, NVDR
375,900
600,087
Bumrungrad Hospital PCL, NVDR
101,900
542,151
Central Pattana PCL, NVDR
263,900
482,787
CP ALL PCL
354,700
489,008
Delta Electronics Thailand PCL, NVDR
206,600
1,336,742
Krung Thai Bank PCL, NVDR
1,235,700
1,108,837
Minor International PCL, NVDR
277,800
201,400
PTT PCL, NVDR
791,800
854,738
SCB X PCL
567,000
2,441,713
 
8,718,451
Turkey — 0.7%
Aselsan Elektronik Sanayi ve Ticaret A/S
379,968
2,658,789
BIM Birlesik Magazalar A/S
163,055
2,488,336
Turk Hava Yollari AO
185,894
1,300,257
Turkiye Garanti Bankasi A/S
476,102
1,767,143
Turkiye Petrol Rafinerileri A/S
215,984
1,217,087
Turkiye Sigorta A/S
2,050,171
575,162
 
10,006,774
United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC
142,798
592,311
Abu Dhabi Islamic Bank PJSC
229,411
1,521,488
Abu Dhabi National Oil Co. for Distribution PJSC
805,311
899,054
ADNOC Drilling Co. PJSC
356,819
517,861
ADNOC Logistics & Services
333,025
508,923
Air Arabia PJSC
269,124
365,245
Aldar Properties PJSC
612,090
1,600,133
Dubai Islamic Bank PJSC
634,922
1,670,339
Emaar Development PJSC
182,168
853,176
Emaar Properties PJSC
1,010,759
4,134,706
Emirates Integrated Telecommunications Co. PJSC
248,110
695,856
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Arab Emirates — continued
Emirates NBD Bank PJSC
155,741
1,318,869
Parkin Co. PJSC
312,288
525,822
 
15,203,783
United States — 0.5%
EPAM Systems, Inc. *
5,843
1,218,850
ExlService Holdings, Inc. *
44,574
1,745,072
Genpact Ltd.
51,630
2,276,883
Kolon TissueGene, Inc., Receipts *
7,916
575,274
Monolithic Power Systems, Inc.
1,000
1,124,150
 
6,940,229
Vietnam — 0.1%
FPT Corp.
80,800
325,347
Mobile World Investment Corp.
107,500
386,137
 
711,484
Total Common Stocks
(Cost $933,058,682)
1,400,222,664
Short-Term Investments — 1.8%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class IM Shares, 3.79% (c) (d)
(Cost $22,592,580)
22,583,623
22,592,656
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.68% (c) (d)(Cost $2,967,415)
2,967,416
2,967,416
Total Short-Term Investments
(Cost $25,559,995)
25,560,072
Total Investments — 100.3%
(Cost $958,618,677)
1,425,782,736
Liabilities in Excess of Other Assets — (0.3)%
(3,891,292
)
NET ASSETS — 100.0%
1,421,891,444
 
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.
 
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
(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 January 31, 2026. The total value of securities on loan at January 31, 2026 is
$2,884,981.
 
(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 January 31, 2026.
 
Summary of Investments by Industry, January 31, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment
20.0
%
Banks
16.0
Technology Hardware, Storage & Peripherals
7.9
Interactive Media & Services
5.7
Insurance
4.4
Broadline Retail
4.0
Electronic Equipment, Instruments & Components
3.8
Oil, Gas & Consumable Fuels
3.1
Metals & Mining
2.3
Automobiles
2.3
Capital Markets
2.2
Electrical Equipment
2.2
Machinery
1.8
Hotels, Restaurants & Leisure
1.8
IT Services
1.5
Consumer Staples Distribution & Retail
1.2
Consumer Finance
1.2
Entertainment
1.1
Automobile Components
1.0
Industrial Conglomerates
1.0
Others (each less than 1.0%)
13.7
Short-Term Investments
1.8
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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 January 31, 2026 (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
$945,322
$—
$—
$945,322
Australia
—
641,220
—
641,220
Austria
—
655,120
—
655,120
Brazil
84,801,448
—
—
84,801,448
Chile
4,076,696
—
—
4,076,696
China
16,186,184
344,573,844
—
360,760,028
Colombia
1,032,917
—
—
1,032,917
Cyprus
—
866,709
—
866,709
Czech Republic
—
458,561
—
458,561
Georgia
—
458,413
—
458,413
Greece
6,564,354
11,443,639
—
18,007,993
Guatemala
2,686,480
—
—
2,686,480
Hong Kong
283,732
15,496,759
—
15,780,491
Hungary
—
5,307,674
—
5,307,674
India
22,047,483
137,846,509
36,459
159,930,451
Indonesia
330,788
18,645,887
—
18,976,675
Kazakhstan
1,517,763
1,904,310
—
3,422,073
Kuwait
—
1,124,638
—
1,124,638
Macau
—
355,653
—
355,653
Malaysia
—
6,608,046
—
6,608,046
Mexico
31,344,407
—
—
31,344,407
Panama
2,158,257
—
—
2,158,257
Peru
7,599,061
—
—
7,599,061
Philippines
755,555
1,992,041
—
2,747,596
Poland
—
8,224,204
—
8,224,204
Portugal
—
1,957,723
—
1,957,723
Qatar
761,328
1,997,405
—
2,758,733
Romania
—
538,298
—
538,298
Russia
—
—
—(a
)
—(a
)
Saudi Arabia
4,060,986
14,079,355
—
18,140,341
Singapore
1,692,095
—
—
1,692,095
South Africa
7,424,147
31,385,816
—
38,809,963
South Korea
4,147,825
232,063,125
—
236,210,950
Spain
—
9,100,911
—
9,100,911
Taiwan
1,668,255
308,794,541
—
310,462,796
Thailand
2,930,721
5,787,730
—
8,718,451
Turkey
575,162
9,431,612
—
10,006,774
United Arab Emirates
4,284,816
10,918,967
—
15,203,783
United States
6,364,955
575,274
—
6,940,229
Vietnam
—
711,484
—
711,484
Total Common Stocks
216,240,737
1,183,945,468
36,459
1,400,222,664
Short-Term Investments
Investment Companies
22,592,656
—
—
22,592,656
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investment of Cash Collateral from Securities
Loaned
$2,967,416
$—
$—
$2,967,416
Total Short-Term Investments
25,560,072
—
—
25,560,072
Total Investments in Securities
$241,800,809
$1,183,945,468
$36,459
$1,425,782,736
 
 
(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 January 31, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
January 31,
2026
Shares at
January 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares, 3.79%
 (a) (b)
$24,898,682
$119,746,525
$122,054,664
$(392
)
$2,505
$22,592,656
22,583,623
$224,237
$—
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 3.68%  (a) (b)
1,509,398
6,704,764
5,246,746
—
—
2,967,416
2,967,416
24,998
—
Total
$26,408,080
$126,451,289
$127,301,410
$(392
)
$2,505
$25,560,072
$249,235
$—
 
 
(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 January 31, 2026.