JPMorgan Active China 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 Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.0%
Automobile Components — 4.2%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A
12,000
176,084
Fuyao Glass Industry Group Co. Ltd., Class A
41,500
366,460
Minth Group Ltd.
26,000
92,100
 
634,644
Automobiles — 4.2%
BYD Co. Ltd., Class H
30,400
363,427
Loncin Motor Co. Ltd., Class A
78,800
171,663
XPeng, Inc., Class A *
15,700
101,835
 
636,925
Banks — 9.4%
Bank of China Ltd., Class H
413,000
289,722
China Construction Bank Corp., Class H
427,000
501,053
China Merchants Bank Co. Ltd., Class A
109,100
639,957
 
1,430,732
Beverages — 2.9%
Kweichow Moutai Co. Ltd., Class A
2,200
440,036
Broadline Retail — 7.6%
Alibaba Group Holding Ltd.
76,200
1,160,785
Capital Markets — 4.4%
China International Capital Corp. Ltd., Class H (a)
114,000
314,407
CITIC Securities Co. Ltd., Class A
84,500
355,430
 
669,837
Communications Equipment — 2.3%
Suzhou TFC Optical Communication Co. Ltd., Class A
2,940
74,097
Zhongji Innolight Co. Ltd., Class A
2,100
279,444
 
353,541
Consumer Finance — 0.9%
Qfin Holdings, Inc., ADR
10,341
143,533
Electrical Equipment — 6.0%
Contemporary Amperex Technology Co. Ltd., Class A
10,700
626,829
Hongfa Technology Co. Ltd., Class A
53,260
280,045
 
906,874
Electronic Equipment, Instruments & Components — 2.7%
Luxshare Precision Industry Co. Ltd., Class A
27,200
231,625
Luxshare Precision Industry Co. Ltd., Class H *
7,800
55,399
Victory Giant Technology Huizhou Co. Ltd., Class H *
1,600
37,257
WUS Printed Circuit Kunshan Co. Ltd., Class A
5,600
85,946
 
410,227
Entertainment — 3.4%
NetEase, Inc.
19,500
518,821
Food Products — 1.1%
Foshan Haitian Flavouring & Food Co. Ltd., Class H
40,800
170,874
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — 4.9%
H World Group Ltd.
53,000
225,161
Haidilao International Holding Ltd. (a)
91,000
137,682
Meituan * (a)
33,100
390,795
 
753,638
Insurance — 5.4%
China Life Insurance Co. Ltd., Class H
48,000
178,701
Ping An Insurance Group Co. of China Ltd., Class A
80,200
650,991
 
829,692
Interactive Media & Services — 11.5%
Tencent Holdings Ltd.
28,700
1,753,656
Life Sciences Tools & Services — 3.1%
Hangzhou Tigermed Consulting Co. Ltd., Class H (a)
35,500
170,746
WuXi AppTec Co. Ltd., Class H (a)
15,000
307,609
 
478,355
Machinery — 5.0%
Sany Heavy Industry Co. Ltd., Class A
70,000
213,023
Shenzhen Inovance Technology Co. Ltd., Class A
13,100
124,287
Weichai Power Co. Ltd., Class H
47,000
196,516
XCMG Construction Machinery Co. Ltd., Class A
172,100
228,311
 
762,137
Metals & Mining — 4.3%
China Hongqiao Group Ltd.
54,000
169,920
Chuangxin Industries Holdings Ltd.
87,500
186,255
Zijin Mining Group Co. Ltd., Class H
70,000
297,219
 
653,394
Oil, Gas & Consumable Fuels — 2.5%
China Shenhua Energy Co. Ltd., Class H
33,000
182,816
PetroChina Co. Ltd., Class H
160,000
203,593
 
386,409
Pharmaceuticals — 2.6%
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
49,000
392,207
Semiconductors & Semiconductor Equipment — 4.3%
Advanced Micro-Fabrication Equipment, Inc., Class A
3,297
167,628
Montage Technology Co. Ltd., Class A
4,600
139,331
NAURA Technology Group Co. Ltd., Class A
1,950
197,963
SG Micro Corp., Class A
10,500
148,539
 
653,461
Specialty Retail — 1.3%
Pop Mart International Group Ltd. (a)
9,600
199,215
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 4.0%
Huaqin Co. Ltd., Class A
23,800
286,111
Xiaomi Corp., Class B * (a)
87,600
321,447
 
607,558
Total Common Stocks
(Cost $12,755,704)
14,946,551
Short-Term Investments — 1.1%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class IM Shares, 3.78% (b) (c) (Cost $174,033)
174,019
174,036
Total Investments — 99.1%
(Cost $12,929,737)
15,120,587
Other Assets in Excess of Liabilities — 0.9%
139,630
NET ASSETS — 100.0%
15,260,217
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
 
*
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.
(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.
JPMorgan Active China 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 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.
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
Investments in Securities
Common Stocks
Automobile Components
$—
$634,644
$—
$634,644
Automobiles
171,663
465,262
—
636,925
Banks
—
1,430,732
—
1,430,732
Beverages
440,036
—
—
440,036
Broadline Retail
—
1,160,785
—
1,160,785
Capital Markets
—
669,837
—
669,837
Communications Equipment
—
353,541
—
353,541
Consumer Finance
143,533
—
—
143,533
JPMorgan Active China 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
Electrical Equipment
$—
$906,874
$—
$906,874
Electronic Equipment, Instruments & Components
55,399
354,828
—
410,227
Entertainment
—
518,821
—
518,821
Food Products
—
170,874
—
170,874
Hotels, Restaurants & Leisure
—
753,638
—
753,638
Insurance
—
829,692
—
829,692
Interactive Media & Services
—
1,753,656
—
1,753,656
Life Sciences Tools & Services
170,746
307,609
—
478,355
Machinery
—
762,137
—
762,137
Metals & Mining
—
653,394
—
653,394
Oil, Gas & Consumable Fuels
—
386,409
—
386,409
Pharmaceuticals
—
392,207
—
392,207
Semiconductors & Semiconductor Equipment
—
653,461
—
653,461
Specialty Retail
—
199,215
—
199,215
Technology Hardware, Storage & Peripherals
—
607,558
—
607,558
Total Common Stocks
981,377
13,965,174
—
14,946,551
Short-Term Investments
Investment Companies
174,036
—
—
174,036
Total Investments in Securities
$1,155,413
$13,965,174
$—
$15,120,587
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
October 31,
2025
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%  (a) (b)
$39,336
$3,020,375
$2,885,655
$(24
)
$4
$174,036
174,019
$1,967
$—
 
 
(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 July 31, 2026.