JPMorgan Hedged Equity Laddered Overlay 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 Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.4%
Aerospace & Defense — 2.6%
Boeing Co. (The) *
25,934
6,061,295
Howmet Aerospace, Inc.
170,741
35,527,787
RTX Corp.
158,343
31,815,859
Textron, Inc.
72,850
6,415,171
TransDigm Group, Inc.
11,855
16,923,487
 
96,743,599
Air Freight & Logistics — 0.3%
FedEx Corp.
37,437
12,064,073
Automobile Components — 0.1%
Aptiv plc *
31,860
2,413,395
Automobiles — 1.9%
Tesla, Inc. * (a)
171,419
73,780,452
Banks — 3.8%
Bank of America Corp.
710,736
37,811,155
Citigroup, Inc.
117,663
13,614,786
Fifth Third Bancorp
263,438
13,229,856
Regions Financial Corp.
213,146
6,074,661
Truist Financial Corp.
189,626
9,750,569
US Bancorp
352,070
19,754,648
Wells Fargo & Co. (a)
463,062
41,902,480
 
142,138,155
Beverages — 1.4%
Keurig Dr Pepper, Inc.
485,951
13,334,496
PepsiCo, Inc. (a)
246,535
37,875,172
 
51,209,668
Biotechnology — 2.0%
AbbVie, Inc. (a)
193,681
43,192,800
Neurocrine Biosciences, Inc. *
19,892
2,706,506
Regeneron Pharmaceuticals, Inc.
21,463
15,913,741
Vertex Pharmaceuticals, Inc. *
28,420
13,354,558
 
75,167,605
Broadline Retail — 4.4%
Amazon.com, Inc. * (a)
687,787
164,587,429
Building Products — 1.4%
Carrier Global Corp.
201,525
12,006,859
Masco Corp.
111,008
7,336,519
Trane Technologies plc
81,795
34,401,341
 
53,744,719
Capital Markets — 1.8%
Ameriprise Financial, Inc.
12,333
6,501,834
Charles Schwab Corp. (The)
349,828
36,354,126
CME Group, Inc.
55,235
15,966,229
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Capital Markets — continued
LPL Financial Holdings, Inc.
12,845
4,682,003
State Street Corp.
50,011
6,544,439
 
70,048,631
Chemicals — 1.4%
Ecolab, Inc.
99,695
28,112,993
Linde plc
39,008
17,825,486
PPG Industries, Inc.
72,082
8,334,842
 
54,273,321
Communications Equipment — 0.5%
Arista Networks, Inc. *
103,244
14,633,805
Motorola Solutions, Inc.
10,699
4,306,775
 
18,940,580
Construction Materials — 0.4%
Martin Marietta Materials, Inc.
11,193
7,297,276
Vulcan Materials Co.
26,820
8,060,483
 
15,357,759
Consumer Finance — 0.8%
American Express Co.
47,295
16,655,880
Capital One Financial Corp.
63,615
13,927,232
 
30,583,112
Consumer Staples Distribution & Retail — 0.8%
Walmart, Inc.
253,930
30,253,220
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
829,145
21,731,890
Comcast Corp., Class A
390,724
11,624,039
 
33,355,929
Electric Utilities — 1.9%
Entergy Corp.
148,670
14,255,966
NextEra Energy, Inc.
391,477
34,410,828
NRG Energy, Inc.
12,826
1,957,633
Southern Co. (The)
220,773
19,717,237
 
70,341,664
Electrical Equipment — 1.0%
Eaton Corp. plc
45,244
15,899,647
Emerson Electric Co.
68,663
10,090,714
GE Vernova, Inc.
17,555
12,751,425
 
38,741,786
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A
160,596
23,138,672
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A
276,958
15,520,726
Entertainment — 1.3%
Netflix, Inc. *
247,118
20,631,882
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Entertainment — continued
Walt Disney Co. (The)
238,860
26,943,408
Warner Music Group Corp., Class A
98,136
2,942,117
 
50,517,407
Financial Services — 5.0%
Apollo Global Management, Inc.
111,834
15,046,146
Berkshire Hathaway, Inc., Class B * (a)
104,127
50,036,147
Corpay, Inc. *
45,552
14,332,026
Fidelity National Information Services, Inc.
201,506
11,133,206
Mastercard, Inc., Class A (a)
103,278
55,645,154
Toast, Inc., Class A *
132,620
4,125,808
Visa, Inc., Class A (a)
118,043
37,989,779
WEX, Inc. *
8,835
1,359,707
 
189,667,973
Food Products — 0.7%
Mondelez International, Inc., Class A (a)
423,130
24,740,411
Ground Transportation — 0.3%
Union Pacific Corp.
50,793
11,941,434
Health Care Equipment & Supplies — 2.3%
Boston Scientific Corp. *
103,734
9,702,241
Dexcom, Inc. *
24,725
1,805,914
Edwards Lifesciences Corp. *
204,528
16,640,398
Medline, Inc., Class A *
55,363
2,447,044
Medtronic plc
283,328
29,171,451
Stryker Corp.
77,264
28,553,684
 
88,320,732
Health Care Providers & Services — 1.4%
Cigna Group (The)
47,320
12,970,885
HCA Healthcare, Inc.
10,520
5,136,601
Humana, Inc.
39,742
7,757,639
McKesson Corp.
8,501
7,066,116
UnitedHealth Group, Inc. (a)
72,410
20,776,601
 
53,707,842
Health Care REITs — 0.8%
Ventas, Inc.
234,843
18,240,256
Welltower, Inc.
66,507
12,527,258
 
30,767,514
Hotels, Restaurants & Leisure — 3.2%
Booking Holdings, Inc.
1,651
8,258,038
Carnival Corp. *
388,645
11,667,123
Chipotle Mexican Grill, Inc., Class A *
424,117
16,485,428
DoorDash, Inc., Class A *
21,873
4,475,653
Expedia Group, Inc.
36,835
9,755,382
Hilton Worldwide Holdings, Inc.
77,426
23,112,435
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
McDonald's Corp. (a)
89,098
28,065,870
Yum! Brands, Inc.
115,422
17,948,121
 
119,768,050
Household Durables — 0.1%
Lennar Corp., Class A
31,832
3,480,829
Household Products — 0.2%
Church & Dwight Co., Inc.
75,336
7,251,090
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
12,838
2,032,897
Industrial Conglomerates — 0.8%
3M Co.
196,770
30,137,293
Insurance — 1.5%
Aon plc, Class A
36,309
12,695,079
Arch Capital Group Ltd. *
65,187
6,260,559
Arthur J Gallagher & Co.
90,535
22,576,713
Chubb Ltd.
23,509
7,277,446
Progressive Corp. (The)
41,815
8,697,520
 
57,507,317
Interactive Media & Services — 8.6%
Alphabet, Inc., Class A (a)
378,806
128,036,428
Alphabet, Inc., Class C (a)
248,687
84,188,010
Meta Platforms, Inc., Class A (a)
157,082
112,549,253
 
324,773,691
IT Services — 0.5%
Cognizant Technology Solutions Corp., Class A
252,731
20,739,106
Life Sciences Tools & Services — 0.5%
Danaher Corp.
77,169
16,891,522
Waters Corp. *
9,372
3,474,388
 
20,365,910
Machinery — 1.0%
Deere & Co. (a)
42,216
22,290,048
Dover Corp.
9,002
1,813,813
Ingersoll Rand, Inc.
71,151
6,125,390
Otis Worldwide Corp.
75,688
6,465,269
 
36,694,520
Media — 0.2%
Charter Communications, Inc., Class A *
16,637
3,429,218
Omnicom Group, Inc.
54,267
4,180,730
 
7,609,948
Multi-Utilities — 0.4%
Sempra
169,093
14,712,782
Oil, Gas & Consumable Fuels — 2.8%
Diamondback Energy, Inc.
57,388
9,408,763
JPMorgan Hedged Equity Laddered Overlay 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. (a)
210,250
23,575,332
EQT Corp.
112,221
6,478,518
Exxon Mobil Corp. (a)
475,487
67,233,862
 
106,696,475
Passenger Airlines — 0.2%
Delta Air Lines, Inc.
90,356
5,953,557
United Airlines Holdings, Inc. *
29,653
3,034,095
 
8,987,652
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.
384,781
21,182,194
Eli Lilly & Co. (a)
42,178
43,744,913
Johnson & Johnson (a)
213,132
48,434,247
Merck & Co., Inc.
37,883
4,177,358
 
117,538,712
Professional Services — 0.4%
Leidos Holdings, Inc.
81,647
15,372,497
Residential REITs — 0.1%
Equity LifeStyle Properties, Inc.
81,758
5,164,653
Semiconductors & Semiconductor Equipment — 15.0%
Advanced Micro Devices, Inc. *
49,491
11,716,005
Analog Devices, Inc. (a)
105,941
32,934,938
Broadcom, Inc. (a)
322,573
106,868,435
Lam Research Corp.
74,946
17,496,893
Micron Technology, Inc.
78,614
32,615,376
NVIDIA Corp. (a)
1,658,043
316,901,759
NXP Semiconductors NV (Netherlands) (a)
98,314
22,232,728
Texas Instruments, Inc. (a)
121,784
26,250,541
 
567,016,675
Software — 9.1%
AppLovin Corp., Class A *
10,467
4,952,042
Cadence Design Systems, Inc. *
31,460
9,323,486
Intuit, Inc.
34,337
17,131,416
Microsoft Corp. (a)
520,915
224,144,515
Oracle Corp.
175,029
28,806,273
Palantir Technologies, Inc., Class A *
108,397
15,889,916
Roper Technologies, Inc.
16,676
6,190,632
Salesforce, Inc. (a)
58,820
12,486,898
ServiceNow, Inc. *
220,905
25,848,094
 
344,773,272
Specialized REITs — 0.8%
American Tower Corp.
38,319
6,869,830
Equinix, Inc.
15,065
12,367,311
SBA Communications Corp.
53,245
9,802,937
 
29,040,078
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialty Retail — 2.0%
AutoZone, Inc. *
2,966
10,986,924
Burlington Stores, Inc. *
39,074
11,560,434
Lowe's Cos., Inc. (a)
135,022
36,058,975
Ross Stores, Inc.
89,692
16,920,396
 
75,526,729
Technology Hardware, Storage & Peripherals — 7.4%
Apple, Inc. (a)
952,220
247,082,046
Seagate Technology Holdings plc
54,683
22,293,712
Western Digital Corp.
34,939
8,742,786
 
278,118,544
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B
170,188
10,519,320
Tobacco — 0.8%
Altria Group, Inc.
108,839
6,746,930
Philip Morris International, Inc.
125,269
22,478,269
 
29,225,199
Trading Companies & Distributors — 0.1%
United Rentals, Inc.
4,118
3,220,523
Total Common Stocks
(Cost $3,220,919,585)
3,758,341,570
 
NO. OF
CONTRACTS
Options Purchased — 0.9%
Put Options Purchased — 0.9%
State Street SPDR S&P 500 ETF Trust
2/27/2026 at USD 647.00, American Style
Notional Amount: USD 1,250,182,199
Counterparty: Exchange-Traded *
18,067
4,227,678
State Street SPDR S&P 500 ETF Trust
3/31/2026 at USD 646.00, American Style
Notional Amount: USD 1,250,182,199
Counterparty: Exchange-Traded *
18,067
10,569,195
State Street SPDR S&P 500 ETF Trust
4/30/2026 at USD 655.00, American Style
Notional Amount: USD 1,252,465,700
Counterparty: Exchange-Traded *
18,100
18,688,250
Total Put Options Purchased
(Cost $51,043,547)
33,485,123
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.64% (b) (c)
(Cost $25,029,858)
25,029,858
25,029,858
Total Investments — 101.0%
(Cost $3,296,992,990)
3,816,856,551
Liabilities in Excess of Other Assets — (1.0)%
(36,793,273
)
NET ASSETS — 100.0%
3,780,063,278
 
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. The total value of securities segregated as collateral is $749,866,235.
(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
18,067
USD
 1,250,182,199
USD
 719.00
2/27/2026
(2,186,107
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
18,067
USD
 1,250,182,199
USD
 713.00
3/31/2026
(12,556,565
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
18,100
USD
 1,252,465,700
USD
 723.00
4/30/2026
(14,108,950
)
 
 
 
 
(28,851,622
)
Written Put 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
18,067
USD
 1,250,182,199
USD
 545.00
2/27/2026
(542,010
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
18,067
USD
 1,250,182,199
USD
 545.00
3/31/2026
(2,113,839
)
State Street SPDR S&P 500 ETF Trust
Exchange-Traded
18,100
USD
 1,252,465,700
USD
 550.00
4/30/2026
(4,289,700
)
 
 
 
 
(6,945,549
)
Total Written Options Contracts (Premiums Received $48,813,419)
(35,797,171
)
 
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 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)
$3,816,856,551
$—
$—
$3,816,856,551
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written
$(28,851,622
)
$—
$—
$(28,851,622
)
Put Options Written
(6,945,549
)
—
—
(6,945,549
)
Total Depreciation in Other Financial Instruments
$(35,797,171
)
$—
$—
$(35,797,171
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (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 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)
$21,922,663
$38,651,856
$35,544,661
$—
$—
$25,029,858
25,029,858
$274,909
$—
 
 
(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.