NPORT-EX 2 JPMFUNDMIDETF.htm EDGAR HTML
JPMorgan Fundamental Data Science Mid 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 Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 95.2%
Aerospace & Defense — 3.0%
HEICO Corp., Class A
410
86,498
Howmet Aerospace, Inc.
804
104,303
 
190,801
Banks — 3.6%
Fifth Third Bancorp
356
13,955
First Citizens BancShares, Inc., Class A
12
22,250
First Horizon Corp.
3,322
64,513
M&T Bank Corp.
392
70,070
Regions Financial Corp.
2,566
55,759
 
226,547
Biotechnology — 2.1%
Alnylam Pharmaceuticals, Inc. *
177
47,794
Natera, Inc. *
461
65,190
Sarepta Therapeutics, Inc. *
244
15,572
Viking Therapeutics, Inc. *
170
4,105
 
132,661
Building Products — 2.2%
AAON, Inc.
370
28,908
Carlisle Cos., Inc.
139
47,330
Fortune Brands Innovations, Inc.
622
37,867
Masco Corp.
317
22,044
 
136,149
Capital Markets — 5.0%
Ares Management Corp.
308
45,156
LPL Financial Holdings, Inc.
74
24,208
MSCI, Inc.
68
38,454
Northern Trust Corp.
415
40,940
Raymond James Financial, Inc.
605
84,041
Robinhood Markets, Inc., Class A *
161
6,701
State Street Corp.
646
57,836
Tradeweb Markets, Inc., Class A
115
17,073
 
314,409
Chemicals — 2.1%
Axalta Coating Systems Ltd. *
1,099
36,454
Chemours Co. (The)
1,901
25,720
Dow, Inc.
804
28,076
Element Solutions, Inc.
1,047
23,673
LyondellBasell Industries NV, Class A
271
19,078
 
133,001
Construction & Engineering — 1.1%
Quanta Services, Inc.
264
67,104
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Construction Materials — 1.3%
Eagle Materials, Inc.
150
33,290
Martin Marietta Materials, Inc.
101
48,291
 
81,581
Consumer Finance — 1.0%
Discover Financial Services
351
59,916
Consumer Staples Distribution & Retail — 2.6%
BJ's Wholesale Club Holdings, Inc. *
587
66,976
Performance Food Group Co. *
676
53,154
US Foods Holding Corp. *
704
46,084
 
166,214
Containers & Packaging — 1.9%
AptarGroup, Inc.
342
50,746
Ball Corp.
438
22,806
Packaging Corp. of America
236
46,733
 
120,285
Distributors — 1.0%
Genuine Parts Co.
113
13,463
LKQ Corp.
861
36,627
Pool Corp.
42
13,371
 
63,461
Electric Utilities — 2.9%
Entergy Corp.
656
56,081
PG&E Corp.
3,024
51,952
Xcel Energy, Inc.
1,074
76,029
 
184,062
Electrical Equipment — 0.7%
AMETEK, Inc.
150
25,821
Hubbell, Inc.
50
16,546
 
42,367
Electronic Equipment, Instruments & Components — 1.5%
TD SYNNEX Corp.
379
39,401
Teledyne Technologies, Inc. *
43
21,401
Zebra Technologies Corp., Class A *
125
35,320
 
96,122
Energy Equipment & Services — 1.0%
TechnipFMC plc (United Kingdom)
1,949
61,764
Entertainment — 1.3%
Take-Two Interactive Software, Inc. *
247
51,191
Warner Bros Discovery, Inc. *
2,985
32,029
 
83,220
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Financial Services — 2.1%
Block, Inc. *
886
48,136
Fidelity National Information Services, Inc.
1,150
85,882
 
134,018
Food Products — 1.8%
Archer-Daniels-Midland Co.
288
13,827
General Mills, Inc.
568
33,961
Hershey Co. (The)
205
35,061
Post Holdings, Inc. *
286
33,279
 
116,128
Ground Transportation — 1.4%
JB Hunt Transport Services, Inc.
295
43,645
Saia, Inc. *
128
44,727
 
88,372
Health Care Equipment & Supplies — 1.6%
Dexcom, Inc. *
192
13,112
Envista Holdings Corp. *
2,258
38,973
GE HealthCare Technologies, Inc.
389
31,396
QuidelOrtho Corp. *
457
15,981
 
99,462
Health Care Providers & Services — 3.5%
Cardinal Health, Inc.
569
78,391
Encompass Health Corp.
577
58,439
Humana, Inc.
117
30,958
Quest Diagnostics, Inc.
316
53,467
 
221,255
Health Care REITs — 0.7%
Ventas, Inc.
658
45,244
Hotel & Resort REITs — 0.5%
Host Hotels & Resorts, Inc.
2,215
31,475
Hotels, Restaurants & Leisure — 4.1%
Darden Restaurants, Inc.
286
59,419
Expedia Group, Inc.
278
46,732
Hilton Worldwide Holdings, Inc.
315
71,678
Las Vegas Sands Corp.
658
25,419
Royal Caribbean Cruises Ltd.
282
57,934
 
261,182
Household Durables — 1.2%
Garmin Ltd.
225
48,855
Toll Brothers, Inc.
280
29,565
 
78,420
Household Products — 0.3%
Church & Dwight Co., Inc.
179
19,706
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
69
8,103
Industrial REITs — 0.7%
EastGroup Properties, Inc.
267
47,032
Insurance — 4.7%
Arch Capital Group Ltd.
727
69,923
Arthur J Gallagher & Co.
103
35,560
Hartford Insurance Group, Inc. (The)
568
70,278
Loews Corp.
648
59,558
Prudential Financial, Inc.
192
21,442
RLI Corp.
463
37,193
 
293,954
IT Services — 1.7%
Cognizant Technology Solutions Corp., Class A
631
48,271
Gartner, Inc. *
99
41,554
MongoDB, Inc. *
99
17,365
 
107,190
Life Sciences Tools & Services — 1.8%
IQVIA Holdings, Inc. *
231
40,725
Mettler-Toledo International, Inc. *
36
42,513
West Pharmaceutical Services, Inc.
131
29,328
 
112,566
Machinery — 2.9%
AGCO Corp.
246
22,772
Dover Corp.
384
67,461
IDEX Corp.
210
38,004
Westinghouse Air Brake Technologies Corp.
318
57,669
 
185,906
Media — 1.1%
Charter Communications, Inc., Class A *
115
42,381
Trade Desk, Inc. (The), Class A *
492
26,922
 
69,303
Metals & Mining — 0.4%
Alcoa Corp.
813
24,797
Multi-Utilities — 3.1%
CMS Energy Corp.
1,007
75,636
Public Service Enterprise Group, Inc.
246
20,246
WEC Energy Group, Inc.
907
98,845
 
194,727
Oil, Gas & Consumable Fuels — 4.5%
Cheniere Energy, Inc.
214
49,520
Coterra Energy, Inc.
2,014
58,205
Diamondback Energy, Inc.
429
68,588
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
DT Midstream, Inc.
249
24,023
Williams Cos., Inc. (The)
1,439
85,995
 
286,331
Passenger Airlines — 0.6%
Delta Air Lines, Inc.
900
39,240
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals plc *
331
41,094
Professional Services — 2.4%
Booz Allen Hamilton Holding Corp.
326
34,093
Leidos Holdings, Inc.
227
30,631
Paylocity Holding Corp. *
119
22,294
SS&C Technologies Holdings, Inc.
748
62,480
 
149,498
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *
408
53,358
Residential REITs — 2.4%
AvalonBay Communities, Inc.
245
52,582
Equity LifeStyle Properties, Inc.
713
47,557
Mid-America Apartment Communities, Inc.
309
51,782
 
151,921
Retail REITs — 0.8%
Regency Centers Corp.
726
53,550
Semiconductors & Semiconductor Equipment — 2.1%
Entegris, Inc.
473
41,378
Microchip Technology, Inc.
918
44,441
ON Semiconductor Corp. *
444
18,066
Teradyne, Inc.
362
29,901
 
133,786
Software — 5.7%
AppLovin Corp., Class A *
167
44,250
Confluent, Inc., Class A *
430
10,079
Datadog, Inc., Class A *
238
23,612
Fair Isaac Corp. *
7
12,909
HubSpot, Inc. *
80
45,703
Manhattan Associates, Inc. *
182
31,493
nCino, Inc. *
290
7,966
Nutanix, Inc., Class A *
453
31,624
Palantir Technologies, Inc., Class A *
921
77,733
Tyler Technologies, Inc. *
123
71,511
 
356,880
Specialized REITs — 2.1%
CubeSmart
1,054
45,017
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialized REITs — continued
SBA Communications Corp.
226
49,722
Weyerhaeuser Co.
1,297
37,976
 
132,715
Specialty Retail — 2.9%
Bath & Body Works, Inc.
1,030
31,230
Best Buy Co., Inc.
523
38,498
Burlington Stores, Inc. *
183
43,614
Ross Stores, Inc.
392
50,094
Tractor Supply Co.
335
18,458
 
181,894
Technology Hardware, Storage & Peripherals — 0.7%
Hewlett Packard Enterprise Co.
2,553
39,393
Super Micro Computer, Inc. * (a)
101
3,458
 
42,851
Textiles, Apparel & Luxury Goods — 0.8%
Ralph Lauren Corp.
231
50,991
Trading Companies & Distributors — 0.7%
Core & Main, Inc., Class A *
865
41,788
Total Common Stocks
(Cost $5,839,859)
6,014,401
Short-Term Investments — 4.3%
Investment Companies — 4.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (b) (c)
(Cost $270,050)
270,050
270,050
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $3,395)
3,395
3,395
Total Short-Term Investments
(Cost $273,445)
273,445
Total Investments — 99.5%
(Cost $6,113,304)
6,287,846
Other Assets in Excess of Liabilities — 0.5%
30,452
NET ASSETS — 100.0%
6,318,298
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
*
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 $3,321.
 
(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.
 
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
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
S&P MidCap 400 E-Mini Index
1
06/20/2025
USD
293,880
(7,572
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Fundamental Data Science Mid 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)
$6,287,846
$—
$—
$6,287,846
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(7,572
)
$—
$—
$(7,572
)
 
 
(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 Mid 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)
$—
$9,448
$6,053
$—
$—
$3,395
3,395
$16
$—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (b) (c)
—
589,351
319,301
—
—
270,050
270,050
7,914
—
Total
$—
$598,799
$325,354
$—
$—
$273,445
$7,930
$—
 
 
(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.