NPORT-EX 2 JPMUSREEETF.htm EDGAR HTML
JPMorgan U.S. Research Enhanced Large Cap 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 U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.0%
Aerospace & Defense — 1.7%
Boeing Co. (The) *
43
7,334
GE Aerospace
27
5,404
Howmet Aerospace, Inc.
465
60,324
RTX Corp.
372
49,275
Textron, Inc.
310
22,397
TransDigm Group, Inc.
33
45,649
 
190,383
Air Freight & Logistics — 0.5%
FedEx Corp.
93
22,672
United Parcel Service, Inc., Class B
277
30,467
 
53,139
Automobile Components — 0.0% ^
Aptiv plc (Jersey) *
89
5,295
Automobiles — 1.4%
Tesla, Inc. *
630
163,271
Banks — 3.6%
Bank of America Corp.
2,883
120,308
Citigroup, Inc.
718
50,971
Fifth Third Bancorp
1,095
42,924
Truist Financial Corp.
1,151
47,364
US Bancorp
933
39,391
Wells Fargo & Co.
1,460
104,813
 
405,771
Beverages — 2.0%
Coca-Cola Co. (The)
1,224
87,663
Keurig Dr Pepper, Inc.
699
23,920
Monster Beverage Corp. *
373
21,828
PepsiCo, Inc.
613
91,913
 
225,324
Biotechnology — 2.2%
AbbVie, Inc.
634
132,836
Biogen, Inc. *
7
958
Gilead Sciences, Inc.
139
15,575
Neurocrine Biosciences, Inc. *
69
7,631
Regeneron Pharmaceuticals, Inc.
63
39,956
Sarepta Therapeutics, Inc. *
34
2,170
Vertex Pharmaceuticals, Inc. *
112
54,300
 
253,426
Broadline Retail — 4.1%
Amazon.com, Inc. *
2,441
464,425
Building Products — 1.2%
Builders FirstSource, Inc. *
27
3,373
Carrier Global Corp.
638
40,449
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Building Products — continued
Masco Corp.
321
22,322
Trane Technologies plc
207
69,743
 
135,887
Capital Markets — 2.5%
Ameriprise Financial, Inc.
56
27,110
Blackstone, Inc.
71
9,924
Charles Schwab Corp. (The)
505
39,531
CME Group, Inc.
253
67,118
Goldman Sachs Group, Inc. (The)
106
57,907
Intercontinental Exchange, Inc.
103
17,768
KKR & Co., Inc.
175
20,232
Morgan Stanley
163
19,017
Raymond James Financial, Inc.
61
8,474
S&P Global, Inc.
24
12,194
State Street Corp.
109
9,759
 
289,034
Chemicals — 1.5%
Corteva, Inc.
116
7,300
Dow, Inc.
337
11,768
DuPont de Nemours, Inc.
89
6,646
Eastman Chemical Co.
74
6,520
Linde plc
215
100,113
LyondellBasell Industries NV, Class A
186
13,094
PPG Industries, Inc.
199
21,761
Sherwin-Williams Co. (The)
19
6,635
 
173,837
Commercial Services & Supplies — 0.0% ^
Copart, Inc. *
80
4,527
Communications Equipment — 0.5%
Arista Networks, Inc. *
287
22,237
Cisco Systems, Inc.
134
8,269
Motorola Solutions, Inc.
52
22,766
 
53,272
Construction & Engineering — 0.1%
Quanta Services, Inc.
37
9,405
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
34
16,256
Consumer Finance — 0.5%
American Express Co.
110
29,595
Capital One Financial Corp.
156
27,971
 
57,566
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Staples Distribution & Retail — 1.2%
Costco Wholesale Corp.
93
87,958
Walmart, Inc.
514
45,124
 
133,082
Containers & Packaging — 0.1%
Avery Dennison Corp.
43
7,653
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
2,024
57,239
Verizon Communications, Inc.
83
3,765
 
61,004
Electric Utilities — 2.0%
Constellation Energy Corp.
53
10,686
Entergy Corp.
258
22,057
NextEra Energy, Inc.
915
64,864
NRG Energy, Inc.
81
7,732
PG&E Corp.
2,629
45,166
Southern Co. (The)
804
73,928
 
224,433
Electrical Equipment — 0.7%
AMETEK, Inc.
67
11,533
Eaton Corp. plc
141
38,328
Emerson Electric Co.
109
11,951
GE Vernova, Inc.
43
13,127
 
74,939
Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., Class A
34
2,230
Jabil, Inc.
30
4,082
Keysight Technologies, Inc. *
39
5,841
TE Connectivity plc (Switzerland)
74
10,458
 
22,611
Energy Equipment & Services — 0.2%
Baker Hughes Co.
609
26,766
Entertainment — 1.0%
Netflix, Inc. *
65
60,614
Walt Disney Co. (The)
503
49,646
Warner Bros Discovery, Inc. *
523
5,612
 
115,872
Financial Services — 6.1%
Berkshire Hathaway, Inc., Class B *
411
218,890
Corpay, Inc. *
108
37,662
Fidelity National Information Services, Inc.
577
43,090
Fiserv, Inc. *
91
20,096
Mastercard, Inc., Class A
301
164,984
Toast, Inc., Class A *
100
3,317
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Financial Services — continued
Visa, Inc., Class A
567
198,711
WEX, Inc. *
47
7,380
 
694,130
Food Products — 0.6%
Bunge Global SA
35
2,674
Mondelez International, Inc., Class A
955
64,797
 
67,471
Ground Transportation — 1.1%
CSX Corp.
1,614
47,500
Uber Technologies, Inc. *
769
56,029
Union Pacific Corp.
115
27,168
 
130,697
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories
164
21,755
Align Technology, Inc. *
18
2,860
Baxter International, Inc.
269
9,208
Becton Dickinson & Co.
40
9,162
Boston Scientific Corp. *
641
64,664
Edwards Lifesciences Corp. *
257
18,627
GE HealthCare Technologies, Inc.
110
8,878
Hologic, Inc. *
63
3,892
Intuitive Surgical, Inc. *
34
16,839
Medtronic plc
576
51,759
ResMed, Inc.
9
2,015
Stryker Corp.
189
70,355
 
280,014
Health Care Providers & Services — 2.4%
Centene Corp. *
94
5,707
Cigna Group (The)
118
38,822
Elevance Health, Inc.
72
31,317
HCA Healthcare, Inc.
21
7,256
Humana, Inc.
55
14,553
McKesson Corp.
31
20,863
UnitedHealth Group, Inc.
289
151,364
 
269,882
Health Care REITs — 0.6%
Ventas, Inc.
604
41,531
Welltower, Inc.
143
21,909
 
63,440
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.
573
8,142
Hotels, Restaurants & Leisure — 3.4%
Booking Holdings, Inc.
13
59,890
Carnival Corp. *
780
15,233
Chipotle Mexican Grill, Inc. *
991
49,758
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Darden Restaurants, Inc.
15
3,116
Domino's Pizza, Inc.
8
3,676
DoorDash, Inc., Class A *
82
14,987
Expedia Group, Inc.
144
24,206
Hilton Worldwide Holdings, Inc.
210
47,786
McDonald's Corp.
308
96,210
Royal Caribbean Cruises Ltd.
111
22,804
Yum! Brands, Inc.
326
51,299
 
388,965
Household Durables — 0.2%
Lennar Corp., Class A
155
17,791
Household Products — 0.7%
Church & Dwight Co., Inc.
209
23,009
Procter & Gamble Co. (The)
313
53,341
 
76,350
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
114
13,388
Industrial Conglomerates — 0.6%
3M Co.
251
36,862
Honeywell International, Inc.
135
28,586
 
65,448
Industrial REITs — 0.4%
Prologis, Inc.
395
44,157
Insurance — 2.2%
Aon plc, Class A
97
38,712
Arthur J Gallagher & Co.
154
53,167
Chubb Ltd.
108
32,615
MetLife, Inc.
152
12,204
Principal Financial Group, Inc.
106
8,943
Progressive Corp. (The)
341
96,507
Travelers Cos., Inc. (The)
18
4,760
 
246,908
Interactive Media & Services — 6.1%
Alphabet, Inc., Class A
1,386
214,331
Alphabet, Inc., Class C
975
152,324
Meta Platforms, Inc., Class A
581
334,865
 
701,520
IT Services — 0.8%
Accenture plc, Class A (Ireland)
124
38,693
Akamai Technologies, Inc. *
39
3,139
Cognizant Technology Solutions Corp., Class A
468
35,802
Gartner, Inc. *
19
7,975
International Business Machines Corp.
48
11,936
 
97,545
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — 0.9%
Danaher Corp.
107
21,935
Thermo Fisher Scientific, Inc.
166
82,602
 
104,537
Machinery — 1.8%
Caterpillar, Inc.
119
39,246
Cummins, Inc.
13
4,075
Deere & Co.
153
71,811
Fortive Corp.
31
2,269
Ingersoll Rand, Inc.
269
21,528
Otis Worldwide Corp.
496
51,187
PACCAR, Inc.
177
17,234
Westinghouse Air Brake Technologies Corp.
18
3,264
 
210,614
Media — 0.8%
Charter Communications, Inc., Class A *
87
32,062
Comcast Corp., Class A
1,614
59,557
 
91,619
Metals & Mining — 0.2%
Newmont Corp.
74
3,573
Nucor Corp.
85
10,229
Steel Dynamics, Inc.
49
6,129
 
19,931
Multi-Utilities — 0.4%
CMS Energy Corp.
429
32,222
Dominion Energy, Inc.
311
17,438
 
49,660
Oil, Gas & Consumable Fuels — 3.4%
Cheniere Energy, Inc.
21
4,859
Chevron Corp.
314
52,529
ConocoPhillips
678
71,204
Diamondback Energy, Inc.
200
31,976
EOG Resources, Inc.
438
56,169
EQT Corp.
69
3,687
Exxon Mobil Corp.
1,366
162,458
 
382,882
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
227
9,897
Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A
56
3,696
Kenvue, Inc.
936
22,445
 
26,141
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.
1,216
74,164
Eli Lilly & Co.
171
141,231
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Johnson & Johnson
657
108,957
Merck & Co., Inc.
390
35,006
 
359,358
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.
37
3,869
Equifax, Inc.
46
11,204
Leidos Holdings, Inc.
236
31,846
 
46,919
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *
72
9,416
Residential REITs — 0.1%
Equity LifeStyle Properties, Inc.
191
12,740
Semiconductors & Semiconductor Equipment — 10.4%
Advanced Micro Devices, Inc. *
344
35,343
Analog Devices, Inc.
291
58,686
Broadcom, Inc.
1,061
177,643
Lam Research Corp.
642
46,673
Marvell Technology, Inc.
51
3,140
Microchip Technology, Inc.
213
10,311
Micron Technology, Inc.
438
38,058
NVIDIA Corp.
6,175
669,247
NXP Semiconductors NV (China)
256
48,655
ON Semiconductor Corp. *
107
4,354
QUALCOMM, Inc.
99
15,207
Texas Instruments, Inc.
421
75,654
 
1,182,971
Software — 10.0%
Adobe, Inc. *
41
15,725
Cadence Design Systems, Inc. *
73
18,566
Crowdstrike Holdings, Inc., Class A *
49
17,277
Fair Isaac Corp. *
12
22,130
Fortinet, Inc. *
159
15,305
Intuit, Inc.
85
52,189
Microsoft Corp.
1,900
713,241
Oracle Corp.
486
67,948
Palantir Technologies, Inc., Class A *
335
28,274
Palo Alto Networks, Inc. *
127
21,671
Roper Technologies, Inc.
9
5,306
Salesforce, Inc.
315
84,533
ServiceNow, Inc. *
85
67,672
Synopsys, Inc. *
37
15,868
 
1,145,705
Specialized REITs — 1.0%
American Tower Corp.
168
36,557
Digital Realty Trust, Inc.
101
14,472
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialized REITs — continued
Equinix, Inc.
34
27,722
Extra Space Storage, Inc.
46
6,831
SBA Communications Corp.
126
27,721
 
113,303
Specialty Retail — 2.1%
AutoZone, Inc. *
13
49,566
Best Buy Co., Inc.
186
13,691
Burlington Stores, Inc. *
49
11,678
Home Depot, Inc. (The)
90
32,984
Lowe's Cos., Inc.
368
85,829
O'Reilly Automotive, Inc. *
3
4,298
Ross Stores, Inc.
295
37,698
TJX Cos., Inc. (The)
76
9,257
 
245,001
Technology Hardware, Storage & Peripherals — 7.4%
Apple, Inc.
3,543
787,007
Dell Technologies, Inc., Class C
49
4,466
Hewlett Packard Enterprise Co.
748
11,542
Sandisk Corp. *
46
2,190
Seagate Technology Holdings plc
343
29,138
Western Digital Corp. *
138
5,579
 
839,922
Textiles, Apparel & Luxury Goods — 0.2%
Deckers Outdoor Corp. *
21
2,348
Lululemon Athletica, Inc. *
11
3,114
NIKE, Inc., Class B
144
9,141
Ralph Lauren Corp.
10
2,207
Tapestry, Inc.
49
3,450
 
20,260
Tobacco — 0.6%
Altria Group, Inc.
287
17,226
Philip Morris International, Inc.
292
46,349
 
63,575
Trading Companies & Distributors — 0.1%
United Rentals, Inc.
27
16,921
Wireless Telecommunication Services — 0.1%
T-Mobile US, Inc.
38
10,135
Total Common Stocks
(Cost $11,164,019)
11,294,533
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (b)
(Cost $94,920)
94,920
94,920
Total Investments — 99.8%
(Cost $11,258,939)
11,389,453
Other Assets in Excess of Liabilities — 0.2%
21,429
NET ASSETS — 100.0%
11,410,882
 
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)
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.
 
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 500 Micro E-Mini Index
4
06/20/2025
USD
113,080
(122
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan U.S. Research Enhanced Large Cap 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 values ("NAV") of the Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("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)
$11,389,453
$—
$—
$11,389,453
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(122
)
$—
$—
$(122
)
 
 
(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 U.S. Research Enhanced Large Cap 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
March 13,
2025
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%  (a) (b)
$—
$101,256
$6,336
$—
$—
$94,920
94,920
$196
$—
 
 
(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.