JPMorgan Equity and Options Total Return 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 Equity and Options Total Return ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.0%
Aerospace & Defense — 3.2%
Howmet Aerospace, Inc.
2,793
581,168
Northrop Grumman Corp.
817
565,576
RTX Corp.
3,144
631,724
Textron, Inc.
1,851
162,999
 
1,941,467
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B
1,885
200,225
Automobile Components — 0.1%
Aptiv plc *
1,026
77,719
Automobiles — 1.6%
Tesla, Inc. *
2,282
982,196
Banks — 4.0%
Bank of America Corp.
14,110
750,652
First Citizens BancShares, Inc., Class A
89
184,192
Wells Fargo & Co.
16,167
1,462,952
 
2,397,796
Beverages — 0.9%
Coca-Cola Co. (The)
2,555
191,140
PepsiCo, Inc.
2,072
318,321
 
509,461
Biotechnology — 2.4%
AbbVie, Inc.
3,609
804,843
Regeneron Pharmaceuticals, Inc.
520
385,554
Vertex Pharmaceuticals, Inc. *
475
223,203
 
1,413,600
Broadline Retail — 4.3%
Amazon.com, Inc. * (a)
10,794
2,583,004
Building Products — 0.8%
Trane Technologies plc
1,194
502,172
Capital Markets — 3.7%
Ameriprise Financial, Inc.
864
455,492
Blackstone, Inc.
1,681
239,408
Charles Schwab Corp. (The)
4,560
473,875
CME Group, Inc.
1,326
383,294
Morgan Stanley
2,455
448,774
State Street Corp.
1,713
224,163
 
2,225,006
Chemicals — 0.7%
Axalta Coating Systems Ltd. *
7,018
235,664
DuPont de Nemours, Inc.
2,244
98,557
Linde plc
137
62,605
 
396,826
JPMorgan Equity and Options Total Return ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Communications Equipment — 0.3%
Arista Networks, Inc. *
828
117,361
Motorola Solutions, Inc.
216
86,948
 
204,309
Construction Materials — 0.3%
Martin Marietta Materials, Inc.
232
151,252
Consumer Finance — 1.2%
American Express Co.
1,974
695,184
Consumer Staples Distribution & Retail — 1.5%
BJ's Wholesale Club Holdings, Inc. *
2,062
190,611
Costco Wholesale Corp.
178
167,364
Performance Food Group Co. *
2,791
266,401
Walmart, Inc.
2,362
281,409
 
905,785
Diversified Telecommunication Services — 1.1%
AT&T, Inc.
11,922
312,476
Comcast Corp., Class A
11,430
340,042
 
652,518
Electric Utilities — 2.0%
Entergy Corp.
3,262
312,793
NextEra Energy, Inc.
4,769
419,195
Southern Co. (The)
4,907
438,244
 
1,170,232
Electrical Equipment — 0.6%
Eaton Corp. plc
985
346,149
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A
2,797
402,992
Entertainment — 1.2%
Netflix, Inc. *
2,062
172,156
Spotify Technology SA *
234
117,082
Walt Disney Co. (The)
3,786
427,061
 
716,299
Financial Services — 2.8%
Berkshire Hathaway, Inc., Class B *
905
434,880
Corpay, Inc. *
429
134,976
Fidelity National Information Services, Inc.
2,539
140,280
Mastercard, Inc., Class A (a)
1,846
994,606
 
1,704,742
Food Products — 0.7%
Mondelez International, Inc., Class A
7,012
409,992
Ground Transportation — 1.0%
CSX Corp.
15,735
594,154
Health Care Equipment & Supplies — 1.9%
Edwards Lifesciences Corp. *
2,566
208,770
JPMorgan Equity and Options Total Return ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Medtronic plc
4,096
421,724
Stryker Corp.
1,344
496,689
 
1,127,183
Health Care Providers & Services — 1.1%
Cigna Group (The)
856
234,638
UnitedHealth Group, Inc.
1,514
434,412
 
669,050
Health Care REITs — 0.3%
Ventas, Inc.
2,594
201,476
Hotels, Restaurants & Leisure — 1.7%
Chipotle Mexican Grill, Inc., Class A *
4,646
180,590
Hilton Worldwide Holdings, Inc.
1,158
345,675
McDonald's Corp.
1,498
471,870
 
998,135
Household Products — 0.3%
Procter & Gamble Co. (The)
1,030
156,323
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
309
48,930
Industrial Conglomerates — 0.7%
3M Co.
2,577
394,693
Industrial REITs — 0.6%
Prologis, Inc.
2,632
343,634
Insurance — 1.3%
Arthur J Gallagher & Co.
645
160,844
MetLife, Inc.
2,976
234,747
Progressive Corp. (The)
1,980
411,840
 
807,431
Interactive Media & Services — 8.3%
Alphabet, Inc., Class A (a)
8,785
2,969,330
Meta Platforms, Inc., Class A (a)
2,748
1,968,942
 
4,938,272
IT Services — 0.4%
Cognizant Technology Solutions Corp., Class A
3,141
257,750
Life Sciences Tools & Services — 0.8%
Thermo Fisher Scientific, Inc.
867
501,655
Machinery — 1.2%
Deere & Co.
656
346,368
Dover Corp.
1,763
355,227
 
701,595
Multi-Utilities — 0.5%
CMS Energy Corp.
4,266
304,976
Oil, Gas & Consumable Fuels — 3.2%
ConocoPhillips
4,478
466,742
JPMorgan Equity and Options Total Return ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
EOG Resources, Inc.
3,822
428,561
Exxon Mobil Corp.
7,403
1,046,784
 
1,942,087
Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.
9,856
542,573
Elanco Animal Health, Inc. *
8,212
197,745
Eli Lilly & Co.
767
795,494
Johnson & Johnson
869
197,480
 
1,733,292
Professional Services — 0.3%
Leidos Holdings, Inc.
1,111
209,179
Semiconductors & Semiconductor Equipment — 15.6%
Advanced Micro Devices, Inc. *
719
170,209
Analog Devices, Inc.
1,027
319,274
ASML Holding NV (Registered), NYRS (Netherlands)
190
270,370
Broadcom, Inc.
4,267
1,413,657
Lam Research Corp.
2,505
584,817
Micron Technology, Inc.
2,842
1,179,089
NVIDIA Corp. (a)
25,640
4,900,573
NXP Semiconductors NV (Netherlands)
1,736
392,579
Qnity Electronics, Inc.
1,122
107,914
 
9,338,482
Software — 8.7%
AppLovin Corp., Class A *
137
64,816
Autodesk, Inc. *
427
107,976
Cadence Design Systems, Inc. *
437
129,509
Intuit, Inc.
645
321,803
Microsoft Corp. (a)
8,547
3,677,689
Oracle Corp.
1,037
170,670
Palantir Technologies, Inc., Class A *
982
143,951
Roper Technologies, Inc.
227
84,269
Salesforce, Inc.
1,379
292,748
ServiceNow, Inc. *
1,886
220,681
 
5,214,112
Specialized REITs — 0.5%
Digital Realty Trust, Inc.
1,894
314,309
Specialty Retail — 2.2%
AutoZone, Inc. *
85
314,865
Lowe's Cos., Inc.
2,444
652,694
TJX Cos., Inc. (The)
2,201
329,732
 
1,297,291
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc. (a)
14,353
3,724,316
JPMorgan Equity and Options Total Return ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — continued
Hewlett Packard Enterprise Co.
11,392
245,156
Seagate Technology Holdings plc
1,555
633,958
 
4,603,430
Tobacco — 1.3%
Philip Morris International, Inc.
4,201
753,827
Total Common Stocks
(Cost $54,715,198)
58,040,192
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.64% (b) (c)
(Cost $1,905,791)
1,905,791
1,905,791
Total Investments — 100.2%
(Cost $56,620,989)
59,945,983
Liabilities in Excess of Other Assets — (0.2)%
(114,927
)
NET ASSETS — 100.0%
59,831,056
 
Percentages indicated are based on net assets.
 
Abbreviations
 
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $7,231,159.
(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.
Written Call Options Contracts as of January 31, 2026 :
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
210
USD
 14,531,370
USD
 707.00
2/06/2026
(5,670
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
210
USD
 14,531,370
USD
 705.00
2/13/2026
(41,580
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
210
USD
 14,531,370
USD
 702.00
2/20/2026
(93,450
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
210
USD
 14,531,370
USD
 706.00
2/27/2026
(96,495
)
 
 
 
 
(237,195
)
Total Written Options Contracts (Premiums Received $ (356,448))
(237,195
)
 
Abbreviations
 
ETF
Exchange Traded Fund
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
JPMorgan Equity and Options Total Return 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.
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)
$59,945,983
$—
$—
$59,945,983
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written
$(237,195
)
$—
$—
$(237,195
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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.
JPMorgan Equity and Options Total Return ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
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 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 U.S. Government Money Market
Fund Class IM Shares, 3.64%  (a) (b)
$764,872
$1,357,282
$216,363
$—
$—
$1,905,791
1,905,791
$12,438
$—
 
 
(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.