NPORT-EX 2 JPMFUNDSMETF.htm EDGAR HTML
JPMorgan Fundamental Data Science Small Core ETF
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 95.2%
Aerospace & Defense — 0.6%
AeroVironment, Inc. *
67
7,986
V2X, Inc. *
537
26,340
 
34,326
Automobile Components — 1.6%
LCI Industries
454
39,693
Modine Manufacturing Co. *
289
22,181
Visteon Corp. *
454
35,239
 
97,113
Banks — 11.2%
Amalgamated Financial Corp.
526
15,123
BancFirst Corp.
212
23,292
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
667
25,960
BankUnited, Inc.
1,462
50,351
Business First Bancshares, Inc.
423
10,300
Byline Bancorp, Inc.
393
10,281
Camden National Corp.
774
31,324
City Holding Co.
381
44,756
Enterprise Financial Services Corp.
474
25,473
First Busey Corp.
1,899
41,018
First Financial Bancorp
2,039
50,934
First Interstate BancSystem, Inc., Class A
1,778
50,940
First Merchants Corp.
1,293
52,289
Heritage Commerce Corp.
2,726
25,952
OceanFirst Financial Corp.
1,213
20,633
Old Second Bancorp, Inc.
964
16,041
Pathward Financial, Inc.
258
18,821
QCR Holdings, Inc.
394
28,100
Simmons First National Corp., Class A
1,482
30,425
TriCo Bancshares
1,133
45,286
WSFS Financial Corp.
1,025
53,167
 
670,466
Biotechnology — 8.5%
Agios Pharmaceuticals, Inc. *
732
21,448
Akero Therapeutics, Inc. *
522
21,130
Allogene Therapeutics, Inc. * (a)
1,873
2,734
Amicus Therapeutics, Inc. *
3,734
30,478
Arrowhead Pharmaceuticals, Inc. *
266
3,389
Biohaven Ltd. *
836
20,097
Blueprint Medicines Corp. *
621
54,965
Cytokinetics, Inc. *
220
8,842
Disc Medicine, Inc. *
159
7,893
Halozyme Therapeutics, Inc. *
1,228
78,359
Insmed, Inc. *
803
61,261
iTeos Therapeutics, Inc. *
1,360
8,119
Mirum Pharmaceuticals, Inc. *
418
18,831
Nkarta, Inc. *
1,317
2,423
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Biotechnology — continued
Protagonist Therapeutics, Inc. *
685
33,127
REGENXBIO, Inc. *
2,336
16,702
Relay Therapeutics, Inc. *
3,663
9,597
Replimune Group, Inc. *
685
6,679
Revolution Medicines, Inc. *
743
26,272
TG Therapeutics, Inc. *
218
8,596
Twist Bioscience Corp. *
888
34,863
Tyra Biosciences, Inc. *
313
2,911
Vaxcyte, Inc. *
677
25,563
Viking Therapeutics, Inc. *
247
5,965
 
510,244
Broadline Retail — 0.3%
Savers Value Village, Inc. * (a)
2,763
19,065
Building Products — 1.6%
AZZ, Inc.
661
55,266
Griffon Corp.
562
40,183
 
95,449
Capital Markets — 3.2%
Acadian Asset Management, Inc.
282
7,293
Donnelley Financial Solutions, Inc. *
764
33,394
Hamilton Lane, Inc., Class A
575
85,485
Moelis & Co., Class A
368
21,476
Virtus Investment Partners, Inc.
241
41,539
 
189,187
Chemicals — 2.8%
Balchem Corp.
253
41,998
Hawkins, Inc.
296
31,352
Innospec, Inc.
430
40,742
Orion SA (Germany)
689
8,909
Perimeter Solutions, Inc. *
3,693
37,189
Quaker Chemical Corp.
52
6,428
 
166,618
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.
888
42,056
Driven Brands Holdings, Inc. *
3,416
58,550
 
100,606
Construction & Engineering — 0.9%
MYR Group, Inc. *
226
25,559
Primoris Services Corp.
513
29,451
 
55,010
Consumer Finance — 0.8%
Enova International, Inc. *
341
32,927
Upstart Holdings, Inc. *
336
15,466
 
48,393
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Staples Distribution & Retail — 1.8%
Chefs' Warehouse, Inc. (The) *
1,075
58,545
Sprouts Farmers Market, Inc. *
321
48,997
 
107,542
Containers & Packaging — 0.8%
Pactiv Evergreen, Inc.
2,705
48,717
Diversified Consumer Services — 0.2%
OneSpaWorld Holdings Ltd. (Bahamas)
731
12,273
Diversified REITs — 0.4%
Essential Properties Realty Trust, Inc.
819
26,732
Diversified Telecommunication Services — 0.7%
Bandwidth, Inc., Class A *
900
11,790
Iridium Communications, Inc.
457
12,485
Liberty Latin America Ltd., Class C (Puerto Rico) *
2,392
14,855
 
39,130
Electric Utilities — 0.7%
Portland General Electric Co.
963
42,950
Electrical Equipment — 1.4%
Bloom Energy Corp., Class A *
1,785
35,093
Shoals Technologies Group, Inc., Class A *
2,489
8,264
Thermon Group Holdings, Inc. *
371
10,332
Vicor Corp. *
667
31,202
 
84,891
Electronic Equipment, Instruments & Components — 3.7%
Badger Meter, Inc.
119
22,640
Fabrinet (Thailand) *
228
45,032
Knowles Corp. *
2,496
37,939
Plexus Corp. *
220
28,189
ScanSource, Inc. *
694
23,603
TTM Technologies, Inc. *
2,222
45,573
Vishay Intertechnology, Inc.
1,183
18,810
 
221,786
Energy Equipment & Services — 3.2%
Aris Water Solutions, Inc., Class A
1,129
36,173
Cactus, Inc., Class A
726
33,273
ChampionX Corp.
2,577
76,795
Liberty Energy, Inc.
1,170
18,521
Noble Corp. plc
596
14,125
Select Water Solutions, Inc.
1,252
13,146
 
192,033
Entertainment — 0.1%
Lions Gate Entertainment Corp., Class A *
854
7,558
Financial Services — 2.3%
Enact Holdings, Inc.
728
25,298
Jackson Financial, Inc., Class A
242
20,275
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Financial Services — continued
Mr. Cooper Group, Inc. *
95
11,362
Radian Group, Inc.
1,533
50,696
Remitly Global, Inc. *
1,339
27,851
 
135,482
Food Products — 1.1%
Dole plc
1,020
14,739
Utz Brands, Inc.
2,782
39,170
Vital Farms, Inc. *
453
13,803
 
67,712
Gas Utilities — 1.3%
Chesapeake Utilities Corp.
412
52,913
ONE Gas, Inc.
333
25,172
 
78,085
Ground Transportation — 0.4%
Marten Transport Ltd.
1,701
23,338
Health Care Equipment & Supplies — 3.7%
Alphatec Holdings, Inc. *
972
9,856
AtriCure, Inc. *
464
14,969
CVRx, Inc. *
792
9,686
ICU Medical, Inc. *
344
47,768
Inmode Ltd. *
1,806
32,039
Inogen, Inc. *
1,118
7,971
iRhythm Technologies, Inc. *
458
47,944
LivaNova plc *
267
10,488
Omnicell, Inc. *
164
5,733
PROCEPT BioRobotics Corp. *
336
19,575
Utah Medical Products, Inc.
256
14,346
 
220,375
Health Care Providers & Services — 1.7%
Concentra Group Holdings Parent, Inc.
1,739
37,736
HealthEquity, Inc. *
503
44,450
Hims & Hers Health, Inc. *
510
15,071
PACS Group, Inc. *
314
3,529
 
100,786
Health Care REITs — 0.5%
CareTrust REIT, Inc.
1,086
31,038
Health Care Technology — 0.4%
Evolent Health, Inc., Class A *
1,653
15,654
Health Catalyst, Inc. *
1,629
7,379
 
23,033
Hotel & Resort REITs — 1.8%
RLJ Lodging Trust
1,378
10,872
Ryman Hospitality Properties, Inc.
722
66,020
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotel & Resort REITs — continued
Sunstone Hotel Investors, Inc.
2,308
21,718
Xenia Hotels & Resorts, Inc.
814
9,573
 
108,183
Hotels, Restaurants & Leisure — 2.7%
Accel Entertainment, Inc. *
800
7,936
Bloomin' Brands, Inc.
769
5,514
First Watch Restaurant Group, Inc. *
677
11,272
Hilton Grand Vacations, Inc. *
393
14,702
Life Time Group Holdings, Inc. *
2,472
74,654
Monarch Casino & Resort, Inc.
640
49,760
 
163,838
Household Durables — 1.2%
M/I Homes, Inc. *
349
39,849
Sonos, Inc. *
2,869
30,612
 
70,461
Industrial REITs — 0.3%
Plymouth Industrial REIT, Inc.
1,164
18,973
Insurance — 1.1%
Oscar Health, Inc., Class A *
1,730
22,680
Palomar Holdings, Inc. *
108
14,805
Safety Insurance Group, Inc.
329
25,951
 
63,436
Interactive Media & Services — 0.7%
Cargurus, Inc. *
685
19,954
IAC, Inc. *
435
19,984
 
39,938
IT Services — 0.7%
DigitalOcean Holdings, Inc. *
940
31,386
Unisys Corp. *
2,096
9,621
 
41,007
Life Sciences Tools & Services — 0.4%
Azenta, Inc. *
393
13,613
CryoPort, Inc. *
713
4,335
Maravai LifeSciences Holdings, Inc., Class A *
3,170
7,006
 
24,954
Machinery — 4.5%
Atmus Filtration Technologies, Inc.
1,401
51,459
Blue Bird Corp. *
270
8,740
Douglas Dynamics, Inc.
963
22,370
Hillman Solutions Corp. *
4,163
36,593
Kadant, Inc.
97
32,680
Mueller Industries, Inc.
960
73,094
Watts Water Technologies, Inc., Class A
215
43,843
 
268,779
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Media — 0.9%
John Wiley & Sons, Inc., Class A
818
36,450
Magnite, Inc. *
1,084
12,368
Thryv Holdings, Inc. *
587
7,520
 
56,338
Metals & Mining — 0.2%
Warrior Met Coal, Inc.
195
9,305
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Ladder Capital Corp.
1,820
20,766
Multi-Utilities — 0.5%
Unitil Corp.
511
29,480
Office REITs — 0.6%
COPT Defense Properties
1,235
33,678
Oil, Gas & Consumable Fuels — 2.2%
CNX Resources Corp. *
1,337
42,089
Core Natural Resources, Inc.
114
8,789
International Seaways, Inc.
316
10,491
Peabody Energy Corp.
374
5,068
SM Energy Co.
1,721
51,544
Teekay Tankers Ltd., Class A (Canada)
314
12,017
 
129,998
Passenger Airlines — 0.4%
SkyWest, Inc. *
267
23,328
Personal Care Products — 0.6%
Edgewell Personal Care Co.
1,206
37,639
Pharmaceuticals — 0.3%
Arvinas, Inc. *
1,277
8,964
Axsome Therapeutics, Inc. *
87
10,147
 
19,111
Professional Services — 2.3%
Barrett Business Services, Inc.
379
15,596
Conduent, Inc. *
2,896
7,819
ExlService Holdings, Inc. *
1,525
71,995
First Advantage Corp. *
1,851
26,081
IBEX Holdings Ltd. *
627
15,267
 
136,758
Real Estate Management & Development — 0.4%
Cushman & Wakefield plc *
2,540
25,959
Residential REITs — 0.4%
Centerspace
394
25,512
Retail REITs — 0.9%
Kite Realty Group Trust
2,367
52,950
Semiconductors & Semiconductor Equipment — 2.8%
Cohu, Inc. *
51
750
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Credo Technology Group Holding Ltd. *
842
33,815
Penguin Solutions, Inc. *
606
10,526
Power Integrations, Inc.
640
32,320
Rambus, Inc. *
1,085
56,176
Semtech Corp. *
177
6,089
Synaptics, Inc. *
444
28,292
 
167,968
Software — 4.9%
AvePoint, Inc. *
1,479
21,357
BlackLine, Inc. *
961
46,532
Clear Secure, Inc., Class A
920
23,837
Clearwater Analytics Holdings, Inc., Class A *
1,079
28,917
Core Scientific, Inc. *
1,356
9,817
Freshworks, Inc., Class A *
3,646
51,445
LiveRamp Holdings, Inc. *
422
11,031
MARA Holdings, Inc. * (a)
534
6,141
Ooma, Inc. *
807
10,564
Qualys, Inc. *
356
44,831
Vertex, Inc., Class A *
483
16,910
Workiva, Inc. *
183
13,891
Zeta Global Holdings Corp., Class A *
612
8,299
 
293,572
Specialty Retail — 1.6%
Abercrombie & Fitch Co., Class A *
196
14,969
Arhaus, Inc. *
1,815
15,790
Group 1 Automotive, Inc.
130
49,653
Warby Parker, Inc., Class A *
785
14,311
 
94,723
Textiles, Apparel & Luxury Goods — 1.2%
Kontoor Brands, Inc.
646
41,428
Steven Madden Ltd.
1,249
33,273
 
74,701
Trading Companies & Distributors — 3.7%
Applied Industrial Technologies, Inc.
177
39,885
Beacon Roofing Supply, Inc. *
501
61,974
DNOW, Inc. *
1,391
23,758
FTAI Aviation Ltd.
135
14,989
McGrath RentCorp
330
36,762
Rush Enterprises, Inc., Class A
855
45,666
 
223,034
Total Common Stocks
(Cost $5,904,308)
5,704,327
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 4.7%
Investment Companies — 4.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (b) (c)
(Cost $264,313)
264,313
264,313
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $19,657)
19,657
19,657
Total Short-Term Investments
(Cost $283,970)
283,970
Total Investments — 99.9%
(Cost $6,188,278)
5,988,297
Other Assets in Excess of Liabilities — 0.1%
5,299
NET ASSETS — 100.0%
5,993,596
 
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 March 31, 2025. The total value of securities on loan at March 31, 2025 is $18,333.
(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 March 31, 2025.
Futures contracts outstanding as of March 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 Micro E-Mini Index
25
06/20/2025
USD
253,375
(4,276
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts 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)
$5,988,297
$—
$—
$5,988,297
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(4,276
)
$—
$—
$(4,276
)
 
 
(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.
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
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 March 31, 2025
Security Description
Value at
August 7,
2024(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (b) (c)
$—
$202,611
$182,954
$—
$—
$19,657
19,657
$674
$—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (b) (c)
—
31,199
31,199
—
—
—
—
50
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (b) (c)
—
535,990
271,677
—
—
264,313
264,313
7,353
—
Total
$—
$769,800
$485,830
$—
$—
$283,970
$8,077
$—
 
 
(a)
Commencement of operations was August 7, 2024.
(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 March 31, 2025.