NPORT-EX 2 JPMAVETF.htm EDGAR HTML
JPMorgan Active Value 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 Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 96.6%
Aerospace & Defense — 4.1%
Boeing Co. (The) *
63,455
10,822,250
General Dynamics Corp.
81,103
22,107,056
Lockheed Martin Corp.
43,213
19,303,679
Northrop Grumman Corp.
21,182
10,845,396
RTX Corp.
386,266
51,164,794
Textron, Inc.
227,823
16,460,212
 
130,703,387
Air Freight & Logistics — 0.5%
United Parcel Service, Inc., Class B
133,538
14,687,845
Automobile Components — 0.3%
Gentex Corp.
433,017
10,089,296
Banks — 10.1%
Bank of America Corp.
2,153,530
89,866,807
Citigroup, Inc.
334,348
23,735,365
Comerica, Inc.
126,756
7,486,209
Fifth Third Bancorp
351,091
13,762,767
First Citizens BancShares, Inc., Class A
22,017
40,822,160
First Horizon Corp.
440,857
8,561,443
M&T Bank Corp.
85,318
15,250,593
PNC Financial Services Group, Inc. (The)
86,911
15,276,346
Truist Financial Corp.
291,561
11,997,735
Wells Fargo & Co.
1,374,764
98,694,308
 
325,453,733
Beverages — 0.5%
Constellation Brands, Inc., Class A
26,188
4,806,022
PepsiCo, Inc.
69,627
10,439,872
 
15,245,894
Biotechnology — 3.8%
AbbVie, Inc.
312,633
65,502,866
BioMarin Pharmaceutical, Inc. *
107,658
7,610,344
Neurocrine Biosciences, Inc. *
40,336
4,461,162
Regeneron Pharmaceuticals, Inc.
52,956
33,586,284
Vertex Pharmaceuticals, Inc. *
23,165
11,230,855
 
122,391,511
Broadline Retail — 0.2%
Alibaba Group Holding Ltd., ADR (China)
44,158
5,839,012
Building Products — 1.6%
Carrier Global Corp.
814,880
51,663,392
Capital Markets — 3.9%
Ameriprise Financial, Inc.
18,436
8,925,052
Ares Management Corp.
86,553
12,689,535
Blackrock, Inc.
14,930
14,130,946
Blackstone, Inc.
107,291
14,997,136
Charles Schwab Corp. (The)
394,527
30,883,574
Goldman Sachs Group, Inc. (The)
30,519
16,672,224
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Capital Markets — continued
Jefferies Financial Group, Inc.
95,605
5,121,560
Morgan Stanley
183,110
21,363,444
 
124,783,471
Chemicals — 2.2%
Air Products and Chemicals, Inc.
89,971
26,534,247
Axalta Coating Systems Ltd. *
717,689
23,805,744
Chemours Co. (The)
907,894
12,283,806
FMC Corp.
156,601
6,606,996
 
69,230,793
Commercial Services & Supplies — 0.2%
Republic Services, Inc.
29,770
7,209,103
Construction Materials — 0.6%
Vulcan Materials Co.
76,922
17,945,902
Consumer Finance — 1.7%
American Express Co.
80,039
21,534,493
Capital One Financial Corp.
125,287
22,463,959
Discover Financial Services
68,921
11,764,815
 
55,763,267
Consumer Staples Distribution & Retail — 2.4%
BJ's Wholesale Club Holdings, Inc. *
120,795
13,782,710
Performance Food Group Co. *
368,987
29,013,448
Walmart, Inc.
386,665
33,945,320
 
76,741,478
Containers & Packaging — 1.0%
Ball Corp.
412,090
21,457,526
Silgan Holdings, Inc.
221,296
11,312,652
 
32,770,178
Diversified Telecommunication Services — 1.8%
AT&T, Inc.
545,522
15,427,362
Verizon Communications, Inc.
900,035
40,825,588
 
56,252,950
Electric Utilities — 2.1%
Edison International
109,221
6,435,301
Entergy Corp.
84,730
7,243,568
NextEra Energy, Inc.
241,747
17,137,445
Southern Co. (The)
90,589
8,329,659
Xcel Energy, Inc.
381,669
27,018,348
 
66,164,321
Electrical Equipment — 2.0%
Eaton Corp. plc
89,772
24,402,723
Emerson Electric Co.
157,983
17,321,256
nVent Electric plc
216,955
11,372,781
Regal Rexnord Corp.
95,682
10,893,396
 
63,990,156
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — 0.2%
TD SYNNEX Corp.
61,729
6,417,347
Entertainment — 0.6%
Walt Disney Co. (The)
208,973
20,625,635
Financial Services — 5.2%
Berkshire Hathaway, Inc., Class B *
138,799
73,921,571
Block, Inc. *
178,297
9,686,876
Corpay, Inc. *
89,862
31,336,677
Fidelity National Information Services, Inc.
104,285
7,788,004
Fiserv, Inc. *
142,141
31,388,997
WEX, Inc. *
75,497
11,854,539
 
165,976,664
Food Products — 0.6%
Lamb Weston Holdings, Inc.
112,768
6,010,534
Mondelez International, Inc., Class A
180,536
12,249,368
 
18,259,902
Ground Transportation — 1.4%
CSX Corp.
898,565
26,444,768
Union Pacific Corp.
75,627
17,866,122
 
44,310,890
Health Care Equipment & Supplies — 2.0%
Becton Dickinson & Co.
48,432
11,093,834
Boston Scientific Corp. *
135,473
13,666,516
Medtronic plc
308,580
27,728,999
Zimmer Biomet Holdings, Inc.
115,071
13,023,736
 
65,513,085
Health Care Providers & Services — 7.2%
Cardinal Health, Inc.
264,543
36,446,089
Cigna Group (The)
157,124
51,693,796
CVS Health Corp.
255,286
17,295,627
Elevance Health, Inc.
35,168
15,296,673
Humana, Inc.
95,838
25,358,735
Labcorp Holdings, Inc.
43,345
10,088,115
UnitedHealth Group, Inc.
142,863
74,824,496
 
231,003,531
Health Care REITs — 0.7%
Alexandria Real Estate Equities, Inc.
107,920
9,983,679
Ventas, Inc.
170,112
11,696,901
 
21,680,580
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.
386,396
5,490,687
Hotels, Restaurants & Leisure — 1.6%
Booking Holdings, Inc.
1,505
6,933,399
Carnival Corp. *
625,473
12,215,488
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
DraftKings, Inc., Class A *
141,484
4,698,684
McDonald's Corp.
89,329
27,903,700
 
51,751,271
Household Durables — 0.9%
DR Horton, Inc.
58,613
7,451,471
Mohawk Industries, Inc. *
163,168
18,630,522
Toll Brothers, Inc.
28,510
3,010,371
 
29,092,364
Household Products — 0.6%
Procter & Gamble Co. (The)
113,603
19,360,223
Industrial Conglomerates — 0.2%
3M Co.
53,509
7,858,332
Industrial REITs — 0.7%
Americold Realty Trust, Inc.
594,769
12,763,743
Lineage, Inc.
72,360
4,242,467
Prologis, Inc.
51,290
5,733,709
 
22,739,919
Insurance — 3.9%
Arch Capital Group Ltd.
149,074
14,337,937
Arthur J Gallagher & Co.
86,091
29,722,057
Chubb Ltd.
105,204
31,770,556
Hartford Insurance Group, Inc. (The)
43,582
5,392,401
Marsh & McLennan Cos., Inc.
28,147
6,868,712
Oscar Health, Inc., Class A *
934,655
12,253,327
Progressive Corp. (The)
50,462
14,281,251
Travelers Cos., Inc. (The)
34,708
9,178,878
 
123,805,119
Interactive Media & Services — 0.5%
Alphabet, Inc., Class C
43,818
6,845,686
Meta Platforms, Inc., Class A
16,365
9,432,131
 
16,277,817
IT Services — 0.3%
International Business Machines Corp.
42,677
10,612,063
Life Sciences Tools & Services — 0.6%
Bruker Corp.
184,318
7,693,433
Thermo Fisher Scientific, Inc.
23,881
11,883,186
 
19,576,619
Machinery — 2.2%
AGCO Corp.
74,468
6,893,503
Deere & Co.
36,671
17,211,534
Dover Corp.
125,238
22,001,812
Gates Industrial Corp. plc *
593,775
10,931,398
Parker-Hannifin Corp.
23,809
14,472,300
 
71,510,547
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Media — 1.0%
Comcast Corp., Class A
859,229
31,705,550
Metals & Mining — 0.6%
Alcoa Corp.
294,401
8,979,231
Steel Dynamics, Inc.
74,227
9,284,313
 
18,263,544
Multi-Utilities — 1.3%
CMS Energy Corp.
220,960
16,596,306
Dominion Energy, Inc.
173,959
9,753,881
Public Service Enterprise Group, Inc.
203,183
16,721,961
 
43,072,148
Oil, Gas & Consumable Fuels — 5.0%
Chevron Corp.
220,051
36,812,332
ConocoPhillips
413,526
43,428,500
EOG Resources, Inc.
170,624
21,880,822
Exxon Mobil Corp.
398,515
47,395,389
Hess Corp.
59,081
9,437,008
 
158,954,051
Passenger Airlines — 1.3%
Copa Holdings SA, Class A (Panama)
50,917
4,707,786
Delta Air Lines, Inc.
194,659
8,487,132
Southwest Airlines Co.
828,452
27,819,418
 
41,014,336
Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.
889,334
54,240,481
Eli Lilly & Co.
9,388
7,753,643
Johnson & Johnson
132,742
22,013,933
Merck & Co., Inc.
92,297
8,284,579
 
92,292,636
Professional Services — 0.6%
Booz Allen Hamilton Holding Corp.
27,409
2,866,433
CACI International, Inc., Class A *
20,347
7,465,721
Genpact Ltd.
201,731
10,163,208
 
20,495,362
Real Estate Management & Development — 0.2%
Zillow Group, Inc., Class C *
85,469
5,859,755
Residential REITs — 1.2%
American Homes 4 Rent, Class A
392,941
14,857,099
AvalonBay Communities, Inc.
23,833
5,115,039
Equity LifeStyle Properties, Inc.
265,070
17,680,169
 
37,652,307
Semiconductors & Semiconductor Equipment — 2.4%
Advanced Micro Devices, Inc. *
74,510
7,655,157
Analog Devices, Inc.
124,642
25,136,552
Micron Technology, Inc.
81,731
7,101,607
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
NXP Semiconductors NV (China)
76,605
14,559,546
Texas Instruments, Inc.
127,808
22,967,098
 
77,419,960
Software — 0.7%
Microsoft Corp.
59,132
22,197,561
Specialized REITs — 1.9%
American Tower Corp.
80,152
17,441,075
Digital Realty Trust, Inc.
152,484
21,849,432
SBA Communications Corp.
99,281
21,842,813
 
61,133,320
Specialty Retail — 3.5%
AutoZone, Inc. *
4,587
17,489,222
Best Buy Co., Inc.
76,480
5,629,693
Home Depot, Inc. (The)
59,055
21,643,067
Lowe's Cos., Inc.
111,315
25,961,997
Murphy USA, Inc.
13,676
6,425,121
O'Reilly Automotive, Inc. *
8,760
12,549,401
TJX Cos., Inc. (The)
188,107
22,911,433
 
112,609,934
Technology Hardware, Storage & Peripherals — 2.0%
Hewlett Packard Enterprise Co.
1,153,657
17,800,928
Sandisk Corp. *
58,253
2,773,425
Seagate Technology Holdings plc
192,333
16,338,688
Western Digital Corp. *
700,713
28,329,827
 
65,242,868
Textiles, Apparel & Luxury Goods — 0.2%
Kontoor Brands, Inc.
124,555
7,987,712
Tobacco — 2.4%
Philip Morris International, Inc.
479,936
76,180,241
Trading Companies & Distributors — 0.8%
AerCap Holdings NV (Ireland)
223,222
22,806,592
WESCO International, Inc.
29,033
4,508,825
 
27,315,417
Total Common Stocks
(Cost $3,037,075,429)
3,098,184,986
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 3.3%
Investment Companies — 3.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (b)
(Cost $107,232,226)
107,232,226
107,232,226
Total Investments — 99.9%
(Cost $3,144,307,655)
3,205,417,212
Other Assets in Excess of Liabilities — 0.1%
2,195,301
NET ASSETS — 100.0%
3,207,612,513
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
 
*
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 Active Value 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 (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$3,205,417,212
$—
$—
$3,205,417,212
 
 
(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 Active Value 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
June 30,
2024
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%  (a) (b)
$—
$9,762,905
$9,762,905
$—
$—
$—
—
$12,929
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 4.31%
 (a) (b)
545,974
414,701
960,675
—
—
—
—
2,629
—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 4.31%
 (a) (b)
40,756,464
182,880,953
116,405,191
—
—
107,232,226
107,232,226
2,999,618
—
Total
$41,302,438
$193,058,559
$127,128,771
$—
$—
$107,232,226
$3,015,176
$—
 
 
(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.