NPORT-EX 2 JPMFUNDLGETF.htm EDGAR HTML
JPMorgan Fundamental Data Science Large 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 Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.3%
Aerospace & Defense — 2.2%
Howmet Aerospace, Inc.
1,151
149,319
Northrop Grumman Corp.
227
116,226
 
265,545
Air Freight & Logistics — 0.7%
United Parcel Service, Inc., Class B
803
88,322
Automobile Components — 0.1%
Aptiv plc (Jersey) *
262
15,589
Automobiles — 1.2%
Tesla, Inc. *
549
142,279
Banks — 4.7%
Bank of America Corp.
3,673
153,274
First Citizens BancShares, Inc., Class A
24
44,499
Truist Financial Corp.
1,741
71,642
Wells Fargo & Co.
4,214
302,523
 
571,938
Beverages — 0.9%
Coca-Cola Co. (The)
1,513
108,361
Biotechnology — 3.3%
AbbVie, Inc.
1,163
243,672
Regeneron Pharmaceuticals, Inc.
149
94,500
Vertex Pharmaceuticals, Inc. *
123
59,633
 
397,805
Broadline Retail — 4.4%
Amazon.com, Inc. *
2,773
527,591
Building Products — 1.2%
Trane Technologies plc
412
138,811
Capital Markets — 2.5%
Ameriprise Financial, Inc.
256
123,932
CME Group, Inc.
412
109,300
Morgan Stanley
632
73,735
 
306,967
Chemicals — 1.3%
Axalta Coating Systems Ltd. *
1,805
59,872
DuPont de Nemours, Inc.
1,113
83,119
Linde plc
38
17,694
 
160,685
Communications Equipment — 0.3%
Arista Networks, Inc. *
78
6,044
Motorola Solutions, Inc.
56
24,517
 
30,561
Consumer Finance — 1.5%
American Express Co.
656
176,497
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Staples Distribution & Retail — 1.7%
BJ's Wholesale Club Holdings, Inc. *
529
60,359
Costco Wholesale Corp.
48
45,397
Performance Food Group Co. *
716
56,299
Walmart, Inc.
477
41,876
 
203,931
Electric Utilities — 2.3%
NextEra Energy, Inc.
1,224
86,769
PG&E Corp.
4,218
72,465
Southern Co. (The)
1,262
116,041
 
275,275
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A
1,249
81,922
Entertainment — 1.1%
Spotify Technology SA *
147
80,854
Walt Disney Co. (The)
523
51,620
 
132,474
Financial Services — 4.2%
Berkshire Hathaway, Inc., Class B *
202
107,581
Block, Inc. *
786
42,703
Fidelity National Information Services, Inc.
552
41,223
Mastercard, Inc., Class A
487
266,935
WEX, Inc. *
274
43,024
 
501,466
Food Products — 1.0%
Mondelez International, Inc., Class A
1,802
122,266
Ground Transportation — 1.0%
CSX Corp.
4,040
118,897
Health Care Equipment & Supplies — 2.2%
Medtronic plc
967
86,895
Stryker Corp.
484
180,169
 
267,064
Health Care Providers & Services — 2.7%
Cigna Group (The)
237
77,973
UnitedHealth Group, Inc.
469
245,639
 
323,612
Health Care REITs — 0.3%
Ventas, Inc.
546
37,543
Hotels, Restaurants & Leisure — 2.1%
Chipotle Mexican Grill, Inc. *
1,194
59,951
Hilton Worldwide Holdings, Inc.
262
59,618
McDonald's Corp.
383
119,637
Starbucks Corp.
176
17,264
 
256,470
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Household Products — 0.4%
Church & Dwight Co., Inc.
418
46,018
Industrial Conglomerates — 1.1%
Honeywell International, Inc.
625
132,344
Industrial REITs — 0.6%
Prologis, Inc.
679
75,905
Insurance — 2.2%
Arthur J Gallagher & Co.
166
57,310
MetLife, Inc.
767
61,582
Progressive Corp. (The)
509
144,052
 
262,944
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A
2,217
342,837
Meta Platforms, Inc., Class A
783
451,290
 
794,127
IT Services — 0.5%
Cognizant Technology Solutions Corp., Class A
807
61,735
Life Sciences Tools & Services — 0.7%
Danaher Corp.
424
86,920
Machinery — 1.3%
Deere & Co.
172
80,728
Dover Corp.
453
79,583
 
160,311
Media — 1.1%
Comcast Corp., Class A
3,692
136,235
Multi-Utilities — 0.7%
CMS Energy Corp.
1,098
82,471
Oil, Gas & Consumable Fuels — 4.0%
ConocoPhillips
1,152
120,983
EOG Resources, Inc.
1,071
137,345
Exxon Mobil Corp.
1,903
226,324
 
484,652
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.
3,304
201,511
Elanco Animal Health, Inc. *
2,885
30,293
Eli Lilly & Co.
195
161,052
 
392,856
Professional Services — 0.5%
Leidos Holdings, Inc.
425
57,349
Semiconductors & Semiconductor Equipment — 9.7%
Analog Devices, Inc.
98
19,764
Broadcom, Inc.
1,099
184,005
Lam Research Corp.
479
34,823
Marvell Technology, Inc.
178
10,959
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Micron Technology, Inc.
939
81,590
NVIDIA Corp.
6,770
733,733
NXP Semiconductors NV (China)
543
103,203
 
1,168,077
Software — 10.0%
Fair Isaac Corp. *
28
51,637
Intuit, Inc.
166
101,922
Microsoft Corp.
2,259
848,006
Oracle Corp.
268
37,469
Salesforce, Inc.
496
133,107
Synopsys, Inc. *
78
33,450
 
1,205,591
Specialized REITs — 0.6%
Digital Realty Trust, Inc.
487
69,782
Specialty Retail — 2.5%
AutoZone, Inc. *
22
83,881
Lowe's Cos., Inc.
626
146,002
TJX Cos., Inc. (The)
568
69,183
 
299,066
Technology Hardware, Storage & Peripherals — 7.2%
Apple, Inc.
3,336
741,026
Hewlett Packard Enterprise Co.
3,464
53,449
Seagate Technology Holdings plc
929
78,919
 
873,394
Tobacco — 1.9%
Philip Morris International, Inc.
1,409
223,651
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc.
351
93,615
Total Common Stocks
(Cost $11,369,290)
11,958,914
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (b)
(Cost $80,131)
80,131
80,131
Total Investments — 100.0%
(Cost $11,449,421)
12,039,045
Other Assets in Excess of Liabilities — 0.0% ^
4,857
NET ASSETS — 100.0%
12,043,902
 
Percentages indicated are based on net assets.
 
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(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 March 31, 2025.
 
JPMorgan Fundamental Data Science Large 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.
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
Total Investments in Securities (a)
$12,039,045
$—
$—
$12,039,045
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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.
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
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 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 U.S. Government Money Market Fund
Class IM Shares, 4.31%  (b) (c)
$—
$560,334
$480,203
$—
$—
$80,131
80,131
$3,692
$—
 
 
(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.