JPMorgan International Dynamic ETF
Schedule of Portfolio Investments as of July 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 International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Australia — 5.4%
BHP Group Ltd.
9,046
381,294
QBE Insurance Group Ltd.
16,235
281,592
Regis Resources Ltd.
30,212
129,465
Rio Tinto Ltd.
1,911
227,757
Rio Tinto plc
2,819
273,921
Telstra Group Ltd.
40,913
144,438
 
1,438,467
Belgium — 1.4%
UCB SA
979
251,294
Umicore SA
4,306
107,477
 
358,771
Denmark — 1.6%
Carlsberg A/S, Class B
2,810
413,786
France — 7.8%
Arkema SA
1,784
121,513
Capgemini SE
1,911
227,143
Engie SA
13,690
426,733
Pernod Ricard SA
2,308
179,870
Safran SA
1,238
486,511
Societe Generale SA
4,655
437,554
SPIE SA
3,473
186,781
 
2,066,105
Germany — 10.1%
Allianz SE (Registered)
1,362
678,416
Bilfinger SE
1,390
132,934
Continental AG
2,469
205,330
Deutsche Boerse AG
1,041
313,567
Deutsche Post AG
4,164
278,163
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
493
296,145
Nordex SE *
3,939
175,993
RWE AG
3,682
242,213
Siemens Energy AG
2,147
366,800
 
2,689,561
Hong Kong — 3.1%
Cathay Pacific Airways Ltd.
79,000
146,969
DFI Retail Group Holdings Ltd.
32,700
129,287
Hong Kong Exchanges & Clearing Ltd.
3,900
203,201
Techtronic Industries Co. Ltd.
12,000
201,600
WH Group Ltd. (a)
130,500
140,414
 
821,471
Israel — 1.3%
Harel Insurance Investments & Financial Services Ltd.
2,200
126,121
Teva Pharmaceutical Industries Ltd., ADR *
6,031
211,145
 
337,266
Italy — 2.6%
UniCredit SpA
3,950
372,532
Unipol Assicurazioni SpA
10,424
326,162
 
698,694
JPMorgan International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — 23.3%
Advantest Corp.
1,900
375,406
Asics Corp.
8,000
235,876
Astellas Pharma, Inc.
14,400
197,781
Credit Saison Co. Ltd.
5,000
141,636
Daishi Hokuetsu Financial Group, Inc.
4,700
67,515
Fast Retailing Co. Ltd.
600
293,802
Hoya Corp.
1,400
214,084
ITOCHU Corp.
16,900
212,088
Japan Tobacco, Inc.
6,500
289,815
Kandenko Co. Ltd.
4,400
146,353
Kanematsu Corp.
14,100
184,049
Kao Corp.
9,700
199,394
Kinden Corp.
1,600
70,413
Kioxia Holdings Corp. *
300
83,621
Kubota Corp.
12,900
218,855
Mitsubishi UFJ Financial Group, Inc.
23,700
529,375
MS&AD Insurance Group Holdings, Inc.
6,400
197,015
ORIX Corp.
6,700
270,408
Otsuka Holdings Co. Ltd.
2,900
201,084
Recruit Holdings Co. Ltd.
4,600
363,772
Ryohin Keikaku Co. Ltd.
7,700
201,973
Seiko Group Corp.
5,000
244,466
SoftBank Group Corp.
2,600
80,983
Sony Group Corp.
18,100
422,977
Sumitomo Corp.
16,400
170,231
Tokyo Century Corp.
11,800
192,825
Tokyo Electron Ltd.
800
267,470
Yamato Kogyo Co. Ltd.
1,500
126,276
 
6,199,543
Netherlands — 10.8%
ABN AMRO Bank NV, CVA (a)
5,524
249,892
ASM International NV
312
288,958
ASML Holding NV
614
1,011,838
ASR Nederland NV
2,848
232,844
Euronext NV (a)
1,366
249,768
ING Groep NV
11,282
396,467
Koninklijke Ahold Delhaize NV
5,938
235,277
SBM Offshore NV
5,618
209,809
 
2,874,853
New Zealand — 0.6%
Fisher & Paykel Healthcare Corp. Ltd.
6,407
153,235
Singapore — 2.2%
DBS Group Holdings Ltd.
5,200
300,023
Hong Leong Asia Ltd.
49,500
110,740
STMicroelectronics NV
3,417
182,531
 
593,294
Spain — 3.2%
Banco Santander SA
45,158
642,249
Indra Sistemas SA
3,071
201,908
 
844,157
JPMorgan International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Sweden — 0.9%
Telia Co. AB
53,130
246,215
Switzerland — 5.9%
Accelleron Industries AG
1,251
113,261
Cie Financiere Richemont SA (Registered)
1,822
430,615
Galderma Group AG
1,195
260,046
Nestle SA (Registered)
5,796
579,317
Temenos AG (Registered)
2,211
183,921
 
1,567,160
United Kingdom — 14.4%
Balfour Beatty plc
17,639
205,631
Barclays plc
55,469
381,268
British American Tobacco plc
6,277
380,769
CK Hutchison Holdings Ltd.
21,000
196,755
Frontier Developments plc *
24,269
142,437
GSK plc
14,116
367,056
Halma plc
3,626
173,240
HSBC Holdings plc
7,812
166,359
NatWest Group plc
47,084
444,126
Next plc
1,714
343,242
Rolls-Royce Holdings plc
24,790
494,552
Sage Group plc (The)
16,708
220,094
SSE plc
9,375
296,189
 
3,811,718
United States — 4.6%
InterContinental Hotels Group plc
1,483
239,811
Sanofi SA
4,753
409,289
Shell plc
12,270
561,619
 
1,210,719
Total Common Stocks
(Cost $25,636,960)
26,325,015
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan Prime Money Market Fund Class IM Shares, 3.78% (b) (c)
(Cost $137,556)
137,556
137,569
Total Investments — 99.7%
(Cost $25,774,516)
26,462,584
Other Assets in Excess of Liabilities — 0.3%
90,697
NET ASSETS — 100.0%
26,553,281
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
CVA
Certificaten Van Aandelen (Dutch Certificate)
 
*
Non-income producing security.
(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.
JPMorgan International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
(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 July 31, 2026.
Summary of Investments by Industry, July 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
Banks
15.1
%
Semiconductors & Semiconductor Equipment
8.4
Insurance
8.1
Pharmaceuticals
7.2
Metals & Mining
4.3
Aerospace & Defense
3.7
Textiles, Apparel & Luxury Goods
3.4
Capital Markets
2.9
Food Products
2.7
Tobacco
2.5
Electrical Equipment
2.5
Beverages
2.2
Trading Companies & Distributors
2.1
Oil, Gas & Consumable Fuels
2.1
Broadline Retail
2.1
Machinery
2.0
Financial Services
1.7
IT Services
1.6
Multi-Utilities
1.6
Household Durables
1.6
Construction & Engineering
1.6
Software
1.5
Diversified Telecommunication Services
1.5
Health Care Equipment & Supplies
1.4
Consumer Staples Distribution & Retail
1.4
Professional Services
1.4
Commercial Services & Supplies
1.2
Electric Utilities
1.1
Specialty Retail
1.1
Air Freight & Logistics
1.1
Others (each less than 1.0%)
8.4
Short-Term Investments
0.5
JPMorgan International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
Futures contracts outstanding as of July 31, 2026:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI EAFE Index
1
09/18/2026
USD
159,265
3,873
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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 approved Pricing Services. 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.
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
Australia
$—
$1,438,467
$—
$1,438,467
Belgium
—
358,771
—
358,771
Denmark
—
413,786
—
413,786
France
—
2,066,105
—
2,066,105
Germany
—
2,689,561
—
2,689,561
Hong Kong
—
821,471
—
821,471
Israel
211,145
126,121
—
337,266
Italy
—
698,694
—
698,694
JPMorgan International Dynamic ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Japan
$—
$6,199,543
$—
$6,199,543
Netherlands
235,277
2,639,576
—
2,874,853
New Zealand
—
153,235
—
153,235
Singapore
—
593,294
—
593,294
Spain
—
844,157
—
844,157
Sweden
—
246,215
—
246,215
Switzerland
—
1,567,160
—
1,567,160
United Kingdom
—
3,811,718
—
3,811,718
United States
—
1,210,719
—
1,210,719
Total Common Stocks
446,422
25,878,593
—
26,325,015
Short-Term Investments
Investment Companies
137,569
—
—
137,569
Total Investments in Securities
$583,991
$25,878,593
$—
$26,462,584
Appreciation in Other Financial Instruments
Futures Contracts
$3,873
$—
$—
$3,873
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 July 31, 2026
Security Description
Value at
January 27,
2026(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
July 31,
2026
Shares at
July 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 3.78%  (b) (c)
$—
$1,325,766
$1,188,226
$15
$14
$137,569
137,556
$609
$—
 
 
(a)
Commencement of operations was January 27, 2026.
(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 July 31, 2026.