JPMorgan Realty Income ETF
Schedule of Portfolio Investments as of May 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 Realty Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.7%
Apartments — 11.3%
Equity LifeStyle Properties, Inc., REIT
105,149
6,495,054
Essex Property Trust, Inc., REIT
48,598
13,249,758
Independence Realty Trust, Inc., REIT
354,747
5,757,544
Invitation Homes, Inc., REIT
287,999
8,423,971
Mid-America Apartment Communities, Inc., REIT
31,400
4,052,798
Sun Communities, Inc., REIT
38,447
4,754,356
UDR, Inc., REIT
287,175
10,596,757
 
53,330,238
Diversified — 29.2%
American Tower Corp., REIT
190,257
35,570,449
Broadstone Net Lease, Inc., REIT
187,013
3,783,273
Crown Castle, Inc., REIT
183,331
16,774,787
Digital Realty Trust, Inc., REIT
158,948
30,200,120
Equinix, Inc., REIT
38,236
40,837,577
SBA Communications Corp., REIT
39,445
8,013,646
Weyerhaeuser Co., REIT
125,836
3,084,240
 
138,264,092
Health Care — 21.9%
Alexandria Real Estate Equities, Inc., REIT
79,323
3,940,767
Healthcare Realty Trust, Inc., Class A, REIT
921
18,346
Healthpeak Properties, Inc., REIT
468,024
8,962,660
Sabra Health Care REIT, Inc., REIT
502,701
9,998,723
Ventas, Inc., REIT
338,438
28,570,936
Welltower, Inc., REIT
254,034
52,160,801
 
103,652,233
Health Care REITs — 0.6%
Janus Living, Inc., Class A, REIT *
111,754
2,991,654
Hotels — 1.4%
Host Hotels & Resorts, Inc., REIT
280,420
6,444,052
Industrial — 12.7%
Americold Realty Trust, Inc., REIT
151,111
2,370,932
EastGroup Properties, Inc., REIT
57,627
11,635,467
Prologis, Inc., REIT
319,483
45,836,226
 
59,842,625
Office — 2.8%
Cousins Properties, Inc., REIT
211,124
5,660,235
Douglas Emmett, Inc., REIT
667,102
7,765,067
 
13,425,302
Real Estate Management & Development — 1.5%
CBRE Group, Inc., Class A, REIT *
55,961
6,997,363
Regional Malls — 4.7%
Macerich Co. (The), REIT
182,216
4,103,504
Simon Property Group, Inc., REIT
87,584
17,946,838
 
22,050,342
JPMorgan Realty Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Shopping Centers — 5.2%
Kimco Realty Corp., REIT
308,550
7,429,884
Regency Centers Corp., REIT
222,984
17,247,812
 
24,677,696
Single Tenant — 1.1%
Agree Realty Corp., REIT
70,180
5,203,847
Storage — 6.3%
CubeSmart, REIT
164,140
6,565,600
Extra Space Storage, Inc., REIT
36,687
5,294,301
Public Storage, REIT
45,385
13,782,971
Smartstop Self Storage REIT, Inc., REIT (a)
133,861
4,183,156
 
29,826,028
Total Common Stocks
(Cost $397,657,951)
466,705,472
Short-Term Investments — 1.5%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 3.74% (b) (c)
(Cost $6,503,744)
6,503,020
6,504,321
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.63% (b) (c)
(Cost $449,759)
449,759
449,759
Total Short-Term Investments
(Cost $6,953,503)
6,954,080
Total Investments — 100.2%
(Cost $404,611,454)
473,659,552
Liabilities in Excess of Other Assets — (0.2)%
(1,127,412
)
NET ASSETS — 100.0%
472,532,140
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at May 31, 2026. The total value of securities on loan at May 31, 2026 is $435,813.
(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 May 31, 2026.
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
JPMorgan Realty Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
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.
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.
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)
$473,659,552
$—
$—
$473,659,552
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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 May 31, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 3.74%  (a) (b)
$11,095,925
$25,463,327
$30,052,819
$(1,531
)
$(581
)
$6,504,321
6,503,020
$84,981
$—
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 3.63%  (a) (b)
1,506,490
9,974,445
11,031,176
—
—
449,759
449,759
21,063
—
Total
$12,602,415
$35,437,772
$41,083,995
$(1,531
)
$(581
)
$6,954,080
$106,044
$—
 
 
(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.
JPMorgan Realty Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(b)
The rate shown is the current yield as of May 31, 2026.