JPMorgan Diversified Return U.S. 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 Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.4%
General Dynamics Corp.
4,377
1,536,721
Automobiles & Parts — 0.4%
Ford Motor Co.
63,172
876,827
Gentex Corp.
32,871
756,362
 
1,633,189
Banks — 2.1%
Bank of America Corp.
28,631
1,523,169
Citizens Financial Group, Inc.
5,922
372,968
Fifth Third Bancorp
25,399
1,275,538
First Citizens BancShares, Inc., Class A
743
1,537,691
Huntington Bancshares, Inc.
75,090
1,312,573
KeyCorp
12,974
279,200
Popular, Inc. (Puerto Rico)
8,376
1,118,447
Regions Financial Corp.
14,824
422,484
US Bancorp
8,340
467,957
 
8,310,027
Beverages — 2.9%
Boston Beer Co., Inc. (The), Class A *
4,718
1,007,859
Brown-Forman Corp., Class B (a)
37,968
1,039,184
Celsius Holdings, Inc. *
37,130
1,948,582
Coca-Cola Co. (The)
21,983
1,644,548
Coca-Cola Consolidated, Inc.
9,156
1,392,261
Molson Coors Beverage Co., Class B
30,911
1,484,965
Monster Beverage Corp. *
21,255
1,716,554
PepsiCo, Inc.
8,450
1,298,174
 
11,532,127
Chemicals — 3.0%
Air Products and Chemicals, Inc.
1,600
436,000
Celanese Corp.
9,368
416,314
CF Industries Holdings, Inc.
18,386
1,714,127
Eastman Chemical Co.
15,500
1,074,460
Ecolab, Inc.
5,926
1,671,073
Element Solutions, Inc.
41,194
1,198,745
International Flavors & Fragrances, Inc.
5,389
376,206
Linde plc
2,509
1,146,538
LyondellBasell Industries NV, Class A
16,155
791,595
Mosaic Co. (The)
36,425
1,001,687
NewMarket Corp.
1,792
1,202,056
Olin Corp.
22,742
473,261
Scotts Miracle-Gro Co. (The)
10,192
654,530
 
12,156,592
Construction & Materials — 1.8%
A O Smith Corp. (a)
13,742
1,009,900
Builders FirstSource, Inc. *
7,135
816,244
Carlisle Cos., Inc.
1,459
497,358
Carrier Global Corp.
4,313
256,968
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Construction & Materials — continued
Eagle Materials, Inc.
2,696
549,472
Fortune Brands Innovations, Inc.
5,868
317,459
Louisiana-Pacific Corp.
5,209
436,202
Masco Corp.
13,700
905,433
Owens Corning
6,709
804,006
Quanta Services, Inc.
3,344
1,587,163
 
7,180,205
Consumer Services — 0.6%
eBay, Inc.
6,525
595,210
Grand Canyon Education, Inc. *
2,128
369,932
H&R Block, Inc.
22,687
895,002
Service Corp. International
8,438
678,668
 
2,538,812
Electricity — 7.2%
American Electric Power Co., Inc.
13,103
1,569,412
Brookfield Renewable Corp. (Canada) (a)
1,790
74,536
Clearway Energy, Inc., Class C
14,102
509,787
CMS Energy Corp.
16,395
1,172,079
Consolidated Edison, Inc.
14,368
1,532,060
DTE Energy Co.
10,098
1,356,969
Edison International
19,777
1,231,712
Entergy Corp.
16,341
1,566,938
Evergy, Inc.
21,005
1,611,714
Eversource Energy
16,512
1,141,475
Exelon Corp.
35,148
1,573,927
FirstEnergy Corp.
34,277
1,622,673
IDACORP, Inc.
3,020
401,026
NRG Energy, Inc.
9,607
1,466,316
OGE Energy Corp.
34,697
1,515,565
Pinnacle West Capital Corp.
16,598
1,552,909
PPL Corp.
46,281
1,677,686
Public Service Enterprise Group, Inc.
14,300
1,177,748
Southern Co. (The)
16,820
1,502,194
Talen Energy Corp. *
4,423
1,540,796
Vistra Corp.
8,609
1,363,235
Xcel Energy, Inc.
19,951
1,517,473
 
28,678,230
Electronic & Electrical Equipment — 0.4%
Hubbell, Inc.
2,950
1,439,423
Veralto Corp.
1,432
141,739
 
1,581,162
Finance & Credit Services — 0.7%
MGIC Investment Corp.
53,323
1,435,455
OneMain Holdings, Inc.
15,542
1,018,623
SLM Corp. (a)
18,391
499,315
 
2,953,393
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Food Producers — 6.4%
Archer-Daniels-Midland Co.
26,524
1,785,330
Campbell's Co. (The) (a)
38,996
1,091,108
Conagra Brands, Inc.
90,251
1,670,546
Corteva, Inc.
23,735
1,727,908
Darling Ingredients, Inc. *
31,614
1,443,495
Flowers Foods, Inc.
70,281
803,312
General Mills, Inc.
27,331
1,264,332
Hershey Co. (The)
8,441
1,643,885
Hormel Foods Corp.
47,989
1,181,009
Ingredion, Inc.
10,840
1,280,204
J M Smucker Co. (The)
15,371
1,611,803
Kraft Heinz Co. (The)
63,220
1,500,843
Lamb Weston Holdings, Inc.
8,879
407,812
McCormick & Co., Inc. (Non-Voting)
3,510
217,023
Mondelez International, Inc., Class A
21,049
1,230,735
Pilgrim's Pride Corp.
31,380
1,360,951
Post Holdings, Inc. *
15,123
1,547,234
Seaboard Corp.
70
355,760
Tyson Foods, Inc., Class A
27,091
1,769,855
US Foods Holding Corp. *
20,830
1,741,805
 
25,634,950
Gas, Water & Multi-utilities — 2.9%
Ameren Corp.
14,852
1,533,914
Atmos Energy Corp.
7,034
1,170,036
Duke Energy Corp.
13,223
1,604,611
MDU Resources Group, Inc.
44,029
903,035
National Fuel Gas Co.
17,379
1,455,491
NiSource, Inc.
36,648
1,623,140
UGI Corp.
41,271
1,655,380
WEC Energy Group, Inc.
14,557
1,611,023
 
11,556,630
General Industrials — 1.9%
Eaton Corp. plc
4,226
1,485,101
Illinois Tool Works, Inc.
4,449
1,162,346
ITT, Inc.
5,944
1,083,591
Packaging Corp. of America
5,131
1,141,904
Parker-Hannifin Corp.
1,752
1,639,592
RPM International, Inc.
8,383
896,646
Valmont Industries, Inc.
733
326,595
 
7,735,775
Health Care Providers — 2.1%
Chemed Corp.
1,204
514,277
Cigna Group (The)
4,055
1,111,516
DaVita, Inc. *
3,424
374,380
Elevance Health, Inc.
2,549
881,291
Encompass Health Corp.
9,189
868,636
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Health Care Providers — continued
HCA Healthcare, Inc.
3,166
1,545,863
Tenet Healthcare Corp. *
7,330
1,387,422
UnitedHealth Group, Inc.
1,657
475,443
Universal Health Services, Inc., Class B
6,660
1,340,392
 
8,499,220
Household Goods & Home Construction — 1.0%
DR Horton, Inc.
6,786
1,010,028
NVR, Inc. *
58
442,872
PulteGroup, Inc.
9,906
1,239,142
Toll Brothers, Inc.
9,109
1,316,160
 
4,008,202
Industrial Engineering — 1.2%
Caterpillar, Inc.
2,449
1,609,875
Cummins, Inc.
3,069
1,776,398
Snap-on, Inc.
3,847
1,408,425
 
4,794,698
Industrial Materials — 0.7%
Avery Dennison Corp.
4,971
922,170
Hexcel Corp.
5,803
480,547
International Paper Co.
30,413
1,226,252
 
2,628,969
Industrial Metals & Mining — 3.8%
Carpenter Technology Corp.
5,015
1,593,917
Fastenal Co.
30,682
1,330,372
Freeport-McMoRan, Inc.
21,461
1,292,596
Mueller Industries, Inc.
12,326
1,678,062
Nucor Corp.
7,580
1,347,118
RBC Bearings, Inc. *
2,603
1,300,641
Reliance, Inc.
4,489
1,479,125
Southern Copper Corp. (Mexico)
11,133
2,118,833
Steel Dynamics, Inc.
9,485
1,703,221
Timken Co. (The)
13,457
1,254,058
 
15,097,943
Industrial Support Services — 2.1%
Accenture plc, Class A
1,830
482,461
ADT, Inc.
42,132
337,056
Booz Allen Hamilton Holding Corp.
7,191
635,828
Capital One Financial Corp.
6,493
1,421,512
Core & Main, Inc., Class A *
15,908
848,851
Genpact Ltd.
10,557
465,564
MSC Industrial Direct Co., Inc., Class A
11,325
955,150
Robert Half, Inc.
2,744
94,970
Synchrony Financial
19,158
1,391,446
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Support Services — continued
Western Union Co. (The) (a)
39,894
373,807
WW Grainger, Inc.
1,297
1,400,682
 
8,407,327
Industrial Transportation — 1.3%
Allison Transmission Holdings, Inc.
12,844
1,396,143
CH Robinson Worldwide, Inc.
6,682
1,302,656
CSX Corp.
14,333
541,214
Landstar System, Inc.
837
125,014
PACCAR, Inc.
1,804
221,730
Ryder System, Inc.
4,012
767,415
Union Pacific Corp.
4,420
1,039,142
 
5,393,314
Investment Banking & Brokerage Services — 1.8%
Ameriprise Financial, Inc.
2,098
1,106,045
Bank of New York Mellon Corp. (The)
13,761
1,650,219
Berkshire Hathaway, Inc., Class B *
3,079
1,479,552
Jefferies Financial Group, Inc.
16,668
1,019,748
State Street Corp.
9,140
1,196,060
Virtu Financial, Inc., Class A
14,116
585,955
 
7,037,579
Leisure Goods — 0.5%
Electronic Arts, Inc.
3,650
744,308
Garmin Ltd.
6,112
1,232,424
Harley-Davidson, Inc. (a)
3,415
67,617
 
2,044,349
Life Insurance — 0.5%
Aflac, Inc.
3,396
376,786
Prudential Financial, Inc.
2,991
332,330
Unum Group
17,945
1,363,282
 
2,072,398
Media — 0.7%
Fox Corp., Class A
18,706
1,361,423
Nexstar Media Group, Inc.
7,456
1,583,505
Versant Media Group, Inc. *
1,745
56,852
 
3,001,780
Medical Equipment & Services — 3.7%
Abbott Laboratories
10,513
1,149,071
Becton Dickinson & Co.
3,034
617,358
Danaher Corp.
4,221
923,935
GE HealthCare Technologies, Inc.
8,714
688,145
Globus Medical, Inc., Class A *
6,939
629,228
Hologic, Inc. *
14,388
1,078,093
Labcorp Holdings, Inc.
4,354
1,182,198
Medtronic plc
14,191
1,461,105
QIAGEN NV
8,617
462,474
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
Quest Diagnostics, Inc.
8,158
1,525,791
ResMed, Inc. (a)
5,496
1,419,672
Revvity, Inc. (a)
7,285
792,608
STERIS plc
4,580
1,202,708
Stryker Corp.
3,114
1,150,810
Thermo Fisher Scientific, Inc.
1,097
634,735
 
14,917,931
Mortgage Real Estate Investment Trusts — 0.6%
Annaly Capital Management, Inc.
24,104
554,633
Rithm Capital Corp.
105,417
1,153,262
Starwood Property Trust, Inc.
33,682
603,918
 
2,311,813
Non-life Insurance — 2.1%
American Financial Group, Inc.
1,604
208,953
Assured Guaranty Ltd.
150
12,728
Axis Capital Holdings Ltd.
6,874
709,259
Chubb Ltd.
3,647
1,128,965
Everest Group Ltd.
38
12,589
Fidelity National Financial, Inc.
22,139
1,204,140
Hartford Insurance Group, Inc. (The)
11,895
1,606,539
Old Republic International Corp.
34,003
1,331,898
Progressive Corp. (The)
5,621
1,169,168
Reinsurance Group of America, Inc.
3,102
628,930
WR Berkley Corp.
8,817
604,670
 
8,617,839
Non-Renewable Energy — 6.6%
Antero Midstream Corp.
74,887
1,409,373
APA Corp.
56,782
1,499,613
Baker Hughes Co., Class A
9,429
528,401
Cheniere Energy, Inc.
6,395
1,352,670
Chevron Corp.
9,338
1,651,892
ConocoPhillips
14,123
1,472,040
Coterra Energy, Inc.
50,310
1,451,444
Devon Energy Corp.
9,360
376,366
DT Midstream, Inc.
11,697
1,474,056
EOG Resources, Inc.
10,228
1,146,866
EQT Corp.
5,444
314,282
Expand Energy Corp.
4,884
549,011
Exxon Mobil Corp.
12,799
1,809,779
Kinder Morgan, Inc.
52,057
1,587,218
Marathon Petroleum Corp.
8,084
1,424,320
Permian Resources Corp., Class A
96,467
1,556,013
Phillips 66
9,747
1,399,279
Range Resources Corp.
6,031
228,273
Targa Resources Corp.
1,245
250,220
TechnipFMC plc (United Kingdom)
27,563
1,535,810
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Non-Renewable Energy — continued
Valero Energy Corp.
9,005
1,633,777
Viper Energy, Inc.
7,218
305,610
Williams Cos., Inc. (The)
23,676
1,592,448
 
26,548,761
Personal Care, Drug & Grocery Stores — 5.0%
Albertsons Cos., Inc., Class A
89,359
1,487,827
Casey's General Stores, Inc.
2,763
1,675,760
Cencora, Inc.
4,534
1,628,704
Church & Dwight Co., Inc.
15,893
1,529,701
Colgate-Palmolive Co.
20,060
1,811,217
CVS Health Corp.
20,632
1,537,497
Kenvue, Inc.
83,500
1,452,900
Kimberly-Clark Corp.
12,339
1,233,777
Kroger Co. (The)
24,538
1,542,213
McKesson Corp.
1,907
1,585,117
Performance Food Group Co. *
7,008
668,914
Procter & Gamble Co. (The)
9,807
1,488,408
Sprouts Farmers Market, Inc. *
10,602
751,788
Sysco Corp.
19,117
1,602,960
 
19,996,783
Personal Goods — 0.4%
NIKE, Inc., Class B
3,400
210,154
Ralph Lauren Corp.
4,177
1,476,194
 
1,686,348
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.5%
AbbVie, Inc.
6,682
1,490,153
Amgen, Inc.
4,443
1,518,973
Bristol-Myers Squibb Co.
23,274
1,281,234
Cardinal Health, Inc.
7,745
1,664,246
Exelixis, Inc. *
34,694
1,434,944
Gilead Sciences, Inc.
12,950
1,838,252
Halozyme Therapeutics, Inc. *
15,996
1,147,073
Jazz Pharmaceuticals plc *
7,573
1,245,683
Johnson & Johnson
7,049
1,601,885
Medpace Holdings, Inc. *
2,079
1,210,976
Merck & Co., Inc.
9,187
1,013,050
Organon & Co.
16,234
138,638
Pfizer, Inc.
18,339
484,883
Regeneron Pharmaceuticals, Inc.
1,193
884,550
Royalty Pharma plc, Class A
38,741
1,614,725
United Therapeutics Corp. *
3,146
1,477,015
Viatris, Inc.
81,530
1,067,228
Zoetis, Inc.
6,222
776,630
 
21,890,138
Precious Metals & Mining — 1.4%
Anglogold Ashanti plc (Australia)
18,966
1,761,372
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Precious Metals & Mining — continued
Newmont Corp.
17,416
1,956,688
Royal Gold, Inc.
7,738
2,037,493
 
5,755,553
Real Estate Investment & Services — 0.7%
CBRE Group, Inc., Class A *
6,730
1,146,321
Jones Lang LaSalle, Inc. *
4,782
1,711,526
 
2,857,847
Real Estate Investment Trusts — 8.4%
Agree Realty Corp.
5,008
361,728
AvalonBay Communities, Inc.
5,690
1,010,942
Brixmor Property Group, Inc.
52,883
1,416,736
Camden Property Trust
9,818
1,070,653
Crown Castle, Inc.
6,083
528,065
CubeSmart
27,111
1,017,476
EPR Properties
24,451
1,326,222
Equity Residential
11,118
692,874
Essex Property Trust, Inc.
4,944
1,245,245
Federal Realty Investment Trust
2,962
299,636
First Industrial Realty Trust, Inc.
11,098
644,017
Gaming and Leisure Properties, Inc.
34,788
1,556,763
Highwoods Properties, Inc. (a)
31,478
813,706
Host Hotels & Resorts, Inc.
90,748
1,681,560
Kilroy Realty Corp.
30,139
1,039,193
Kimco Realty Corp.
53,932
1,136,887
Lamar Advertising Co., Class A
11,586
1,486,600
Mid-America Apartment Communities, Inc.
7,603
1,021,083
National Storage Affiliates Trust (a)
5,428
172,665
NNN REIT, Inc.
23,147
964,535
Omega Healthcare Investors, Inc.
33,657
1,476,869
Park Hotels & Resorts, Inc.
60,953
666,216
Public Storage
4,066
1,122,989
Regency Centers Corp.
21,271
1,550,018
Simon Property Group, Inc.
8,514
1,628,813
STAG Industrial, Inc.
23,220
870,982
UDR, Inc.
9,723
361,209
Ventas, Inc.
15,270
1,186,021
VICI Properties, Inc., Class A
55,493
1,558,243
Vornado Realty Trust
19,061
607,665
Welltower, Inc.
7,547
1,421,553
WP Carey, Inc.
23,206
1,618,619
 
33,555,783
Retailers — 3.8%
AutoZone, Inc. *
371
1,374,291
Best Buy Co., Inc.
10,557
687,261
Dick's Sporting Goods, Inc.
2,696
544,592
Dillard's, Inc., Class A
701
425,899
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Retailers — continued
Dollar General Corp.
6,458
926,271
Gap, Inc. (The)
30,645
857,447
Lowe's Cos., Inc.
4,869
1,300,315
Macy's, Inc.
50,515
1,011,310
O'Reilly Automotive, Inc. *
14,844
1,460,798
Penske Automotive Group, Inc.
7,297
1,144,097
Ross Stores, Inc.
6,204
1,170,385
TJX Cos., Inc. (The)
10,064
1,507,688
Tractor Supply Co.
21,777
1,108,014
Williams-Sonoma, Inc.
7,521
1,539,173
 
15,057,541
Software & Computer Services — 3.5%
Adobe, Inc. *
333
97,652
Alphabet, Inc., Class A
2,381
804,778
Amdocs Ltd.
9,721
796,539
CACI International, Inc., Class A *
924
573,416
Cognizant Technology Solutions Corp., Class A
16,483
1,352,595
Dolby Laboratories, Inc., Class A
2,864
183,840
F5, Inc. *
1,487
409,832
Gartner, Inc. *
2,212
463,657
Gen Digital, Inc.
34,453
826,528
Hewlett Packard Enterprise Co.
50,745
1,092,032
International Business Machines Corp.
5,019
1,539,327
Intuit, Inc.
1,742
869,119
Leidos Holdings, Inc.
4,737
891,882
Meta Platforms, Inc., Class A
1,978
1,417,237
Microsoft Corp.
3,276
1,409,630
Oracle Corp.
5,805
955,387
Science Applications International Corp.
2,268
230,792
SS&C Technologies Holdings, Inc.
2,241
183,516
 
14,097,759
Technology Hardware & Equipment — 4.2%
Amphenol Corp., Class A
11,267
1,623,349
Analog Devices, Inc.
5,580
1,734,710
Apple, Inc.
5,847
1,517,180
Applied Materials, Inc.
4,829
1,556,483
Broadcom, Inc.
4,046
1,340,440
Cirrus Logic, Inc. *
3,233
421,389
KLA Corp.
1,290
1,842,043
Lam Research Corp.
9,861
2,302,149
NetApp, Inc.
8,453
814,447
NVIDIA Corp.
9,114
1,741,959
QUALCOMM, Inc.
5,845
886,044
Skyworks Solutions, Inc.
5,024
280,138
TD SYNNEX Corp.
4,450
706,081
 
16,766,412
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Telecommunications Equipment — 2.4%
Arista Networks, Inc. *
10,883
1,542,556
Ciena Corp. *
7,764
1,955,053
Cisco Systems, Inc.
19,825
1,552,694
Lumentum Holdings, Inc. *
4,646
1,820,489
Motorola Solutions, Inc.
3,176
1,278,467
Ubiquiti, Inc. (a)
2,693
1,484,974
 
9,634,233
Telecommunications Service Providers — 2.4%
AT&T, Inc.
53,166
1,393,481
Charter Communications, Inc., Class A * (a)
3,145
648,247
Comcast Corp., Class A
43,634
1,298,111
GCI Liberty, Inc., Class C *
6,418
237,402
GCI Liberty, Inc. Escrow ‡ *
2,678
—
Iridium Communications, Inc. (a)
39,744
791,700
Liberty Broadband Corp., Class C *
10,405
500,585
Liberty Global Ltd., Class C (Belgium) *
37,182
411,977
Millicom International Cellular SA (Guatemala)
11,408
696,230
Roku, Inc. *
11,534
1,098,037
T-Mobile US, Inc.
6,023
1,187,796
Verizon Communications, Inc.
34,326
1,528,194
 
9,791,760
Tobacco — 0.9%
Altria Group, Inc.
27,027
1,675,404
Philip Morris International, Inc.
10,587
1,899,731
 
3,575,135
Travel & Leisure — 1.2%
Booking Holdings, Inc.
138
690,254
Boyd Gaming Corp.
5,933
501,576
Darden Restaurants, Inc.
5,519
1,100,213
Expedia Group, Inc.
5,952
1,576,328
Travel + Leisure Co.
5,058
351,733
United Airlines Holdings, Inc. *
5,630
576,061
 
4,796,165
Waste & Disposal Services — 0.6%
Clean Harbors, Inc. *
3,661
951,531
Republic Services, Inc., Class A
5,882
1,265,159
 
2,216,690
Total Common Stocks
(Cost $319,394,065)
400,088,083
Short-Term Investments — 2.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.64% (b) (c)(Cost $329,205)
329,205
329,205
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.68% (b) (c)(Cost $8,257,688)
8,257,688
8,257,688
Total Short-Term Investments
(Cost $8,586,893)
8,586,893
Total Investments — 101.9%
(Cost $327,980,958)
408,674,976
Liabilities in Excess of Other Assets — (1.9)%
(7,712,493
)
NET ASSETS — 100.0%
400,962,483
 
Percentages indicated are based on net assets.
 
‡
Value determined using significant unobservable inputs.
*
Non-income producing security.
(a)
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 $8,122,033.
(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 January 31, 2026.
Futures contracts outstanding as of January 31, 2026:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
2
03/20/2026
USD
696,725
4,208
 
Abbreviations
 
USD
United States Dollar
JPMorgan Diversified Return U.S. 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.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan Diversified Return U.S. 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 (“SOI”): 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$408,674,976
$—
$—
(b)
$408,674,976
Appreciation in Other Financial Instruments
Futures Contracts (a)
$4,208
$—
$—
$4,208
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
(b)
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 Securities Lending Money Market
Fund Agency SL Class Shares, 3.68%
 (a) (b)
$614,069
$25,267,082
$17,623,463
$—
$—
$8,257,688
8,257,688
$71,479
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.64%  (a) (b)
167,308
5,342,707
5,180,810
—
—
329,205
329,205
10,315
—
Total
$781,377
$30,609,789
$22,804,273
$—
$—
$8,586,893
$81,794
$—
 
 
(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.