NPORT-EX 2 JPMUSVALETF.htm PART F EDGAR HTML
JPMorgan U.S. Value Factor ETF
Schedule of Portfolio Investments as of January 31, 2026
(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., 2026.
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 1.4%
General Dynamics Corp.
7,448
2,614,918
Huntington Ingalls Industries, Inc.
4,550
1,913,321
L3Harris Technologies, Inc.
7,030
2,410,235
RTX Corp.
7,146
1,435,846
Textron, Inc.
12,869
1,133,244
 
9,507,564
Automobiles & Parts — 1.7%
Aptiv plc *
15,008
1,136,856
BorgWarner, Inc.
27,194
1,289,268
Ford Motor Co.
174,506
2,422,143
General Motors Co.
35,204
2,957,136
Gentex Corp.
33,853
778,958
Genuine Parts Co.
10,176
1,414,362
Lear Corp.
7,627
893,045
LKQ Corp.
27,970
918,815
 
11,810,583
Banks — 6.1%
Bank of America Corp.
70,986
3,776,455
Bank OZK
18,443
877,149
BOK Financial Corp.
5,194
674,908
Citigroup, Inc.
45,778
5,296,972
Citizens Financial Group, Inc.
31,810
2,003,394
Columbia Banking System, Inc.
41,971
1,235,626
Comerica, Inc.
18,027
1,598,454
Fifth Third Bancorp
38,915
1,954,311
First Hawaiian, Inc.
32,362
859,211
First Horizon Corp.
66,011
1,616,609
FNB Corp.
82,937
1,455,544
Huntington Bancshares, Inc.
96,397
1,685,020
KeyCorp
80,970
1,742,475
M&T Bank Corp.
8,783
1,946,049
PNC Financial Services Group, Inc. (The)
4,609
1,029,190
Popular, Inc. (Puerto Rico)
11,282
1,506,486
Prosperity Bancshares, Inc.
12,503
862,832
Regions Financial Corp.
62,273
1,774,781
Truist Financial Corp.
51,543
2,650,341
US Bancorp
52,878
2,966,985
Webster Financial Corp.
18,720
1,231,215
Western Alliance Bancorp
15,367
1,369,968
Zions Bancorp NA
21,164
1,267,935
 
41,381,910
Beverages — 0.2%
Molson Coors Beverage Co., Class B
25,109
1,206,236
Chemicals — 0.9%
Celanese Corp.
10,276
456,665
CF Industries Holdings, Inc.
11,230
1,046,973
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Chemicals — continued
Eastman Chemical Co.
12,659
877,522
FMC Corp. (a)
34,111
538,954
Huntsman Corp.
58,452
632,451
LyondellBasell Industries NV, Class A
22,680
1,111,320
Mosaic Co. (The)
41,554
1,142,735
 
5,806,620
Construction & Materials — 1.5%
A O Smith Corp.
20,024
1,471,564
Acuity, Inc.
3,587
1,109,244
Builders FirstSource, Inc. *
8,603
984,183
CRH plc
21,165
2,590,808
Fortune Brands Innovations, Inc.
28,454
1,539,361
Louisiana-Pacific Corp.
7,188
601,923
Mohawk Industries, Inc. *
6,681
790,897
Owens Corning
8,246
988,200
 
10,076,180
Consumer Services — 0.7%
eBay, Inc.
22,684
2,069,234
H&R Block, Inc.
21,616
852,751
Service Corp. International
18,283
1,470,502
U-Haul Holding Co. *
5,005
283,033
 
4,675,520
Electricity — 1.8%
Clearway Energy, Inc., Class C
36,122
1,305,810
Consolidated Edison, Inc.
19,508
2,080,138
Dominion Energy, Inc.
6,120
368,241
Edison International
29,811
1,856,629
Evergy, Inc.
22,277
1,709,314
Exelon Corp.
49,067
2,197,220
OGE Energy Corp.
32,428
1,416,455
Pinnacle West Capital Corp.
15,874
1,485,172
 
12,418,979
Electronic & Electrical Equipment — 1.6%
Crane NXT Co.
14,940
754,769
Johnson Controls International plc
24,193
2,885,257
MKS, Inc.
7,349
1,730,028
nVent Electric plc
11,162
1,253,046
Pentair plc
14,773
1,556,631
Sensata Technologies Holding plc
32,700
1,131,093
WESCO International, Inc.
5,703
1,650,619
 
10,961,443
Finance & Credit Services — 0.6%
Ally Financial, Inc.
35,580
1,504,322
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Finance & Credit Services — continued
MGIC Investment Corp.
47,890
1,289,199
OneMain Holdings, Inc.
22,028
1,443,715
 
4,237,236
Food Producers — 2.1%
Archer-Daniels-Midland Co.
30,259
2,036,733
Bunge Global SA
16,824
1,915,917
Campbell's Co. (The)
24,831
694,771
Conagra Brands, Inc.
59,462
1,100,642
Flowers Foods, Inc.
41,025
468,916
General Mills, Inc.
30,524
1,412,040
Hormel Foods Corp.
25,086
617,367
Ingredion, Inc.
8,844
1,044,477
J M Smucker Co. (The)
8,963
939,860
Kraft Heinz Co. (The)
61,212
1,453,173
Pilgrim's Pride Corp.
12,922
560,427
Post Holdings, Inc. *
7,706
788,401
Tyson Foods, Inc., Class A
16,186
1,057,431
 
14,090,155
Gas, Water & Multi-utilities — 0.7%
Duke Energy Corp.
6,331
768,267
MDU Resources Group, Inc.
72,882
1,494,810
National Fuel Gas Co.
8,522
713,717
UGI Corp.
39,107
1,568,582
 
4,545,376
General Industrials — 1.9%
Amcor plc
36,910
1,633,267
Crown Holdings, Inc.
14,563
1,524,455
Dover Corp.
9,048
1,823,082
Dow, Inc.
31,870
878,018
DuPont de Nemours, Inc.
23,611
1,036,995
Graphic Packaging Holding Co.
49,326
722,626
Packaging Corp. of America
7,443
1,656,440
Sealed Air Corp.
22,797
954,738
Silgan Holdings, Inc.
24,899
1,074,392
Sonoco Products Co.
27,277
1,309,296
 
12,613,309
Health Care Providers — 2.1%
Centene Corp. *
23,162
1,003,378
Cigna Group (The)
9,202
2,522,360
Elevance Health, Inc.
7,145
2,470,312
Encompass Health Corp.
9,337
882,627
Humana, Inc.
4,271
833,699
Tenet Healthcare Corp. *
7,888
1,493,041
UnitedHealth Group, Inc.
12,007
3,445,168
Universal Health Services, Inc., Class B
6,700
1,348,442
 
13,999,027
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Household Goods & Home Construction — 1.1%
DR Horton, Inc.
11,090
1,650,636
Lennar Corp., Class A
11,099
1,213,676
Newell Brands, Inc.
67,301
286,029
NVR, Inc. *
118
901,016
PulteGroup, Inc.
12,071
1,509,961
Toll Brothers, Inc.
9,548
1,379,591
Whirlpool Corp. (a)
9,868
789,341
 
7,730,250
Industrial Engineering — 1.7%
AGCO Corp.
10,953
1,242,180
Brunswick Corp.
13,707
1,099,575
CNH Industrial NV
155,807
1,676,483
Cummins, Inc.
5,207
3,013,916
Gates Industrial Corp. plc *
41,227
949,046
Snap-on, Inc.
4,761
1,743,050
Stanley Black & Decker, Inc.
10,976
863,372
Toro Co. (The)
8,307
760,090
 
11,347,712
Industrial Metals & Mining — 0.7%
Alcoa Corp.
19,494
1,107,454
Nucor Corp.
12,592
2,237,850
Reliance, Inc.
4,633
1,526,574
 
4,871,878
Industrial Support Services — 2.2%
ADT, Inc.
170,359
1,362,872
Booz Allen Hamilton Holding Corp.
4,914
434,496
Capital One Financial Corp.
14,172
3,102,676
Fidelity National Information Services, Inc.
9,690
535,373
Genpact Ltd.
31,384
1,384,034
Global Payments, Inc.
21,211
1,521,677
ManpowerGroup, Inc.
22,211
806,926
MSC Industrial Direct Co., Inc., Class A
14,462
1,219,725
Robert Half, Inc.
45,245
1,565,929
Synchrony Financial
23,136
1,680,368
Western Union Co. (The) (a)
151,419
1,418,796
 
15,032,872
Industrial Transportation — 1.9%
Air Lease Corp., Class A
7,051
455,706
Allison Transmission Holdings, Inc.
12,507
1,359,511
FedEx Corp.
8,919
2,874,148
Oshkosh Corp.
11,333
1,629,912
PACCAR, Inc.
21,879
2,689,148
Ryder System, Inc.
7,015
1,341,829
Schneider National, Inc., Class B
19,037
510,953
United Parcel Service, Inc., Class B
19,551
2,076,707
 
12,937,914
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Investment Banking & Brokerage Services — 1.4%
Bank of New York Mellon Corp. (The)
5,086
609,913
Franklin Resources, Inc.
41,445
1,103,266
Invesco Ltd.
56,979
1,554,957
Janus Henderson Group plc
30,734
1,479,227
Jefferies Financial Group, Inc.
9,673
591,794
Principal Financial Group, Inc.
18,729
1,774,011
State Street Corp.
15,882
2,078,319
Voya Financial, Inc.
7,542
578,170
 
9,769,657
Leisure Goods — 1.1%
Garmin Ltd.
8,133
1,639,938
Harley-Davidson, Inc. (a)
34,078
674,744
Hasbro, Inc.
12,395
1,106,998
Mattel, Inc. *
37,182
776,732
Pool Corp.
3,303
839,259
Thor Industries, Inc.
12,288
1,374,659
YETI Holdings, Inc. *
19,493
891,025
 
7,303,355
Life Insurance — 0.6%
Lincoln National Corp.
20,040
833,865
Prudential Financial, Inc.
17,930
1,992,202
Unum Group
17,767
1,349,759
 
4,175,826
Media — 2.1%
Fox Corp., Class A
23,105
1,681,582
New York Times Co. (The), Class A
13,469
987,412
News Corp., Class A
49,905
1,348,932
Nexstar Media Group, Inc.
6,751
1,433,777
Omnicom Group, Inc.
15,201
1,171,085
Sirius XM Holdings, Inc. (a)
33,133
674,257
Versant Media Group, Inc. *
2,944
95,916
Walt Disney Co. (The)
37,789
4,262,599
Warner Bros Discovery, Inc. *
94,903
2,613,629
 
14,269,189
Medical Equipment & Services — 1.3%
Becton Dickinson & Co.
1,582
321,905
Henry Schein, Inc. *
6,202
468,127
Labcorp Holdings, Inc.
4,103
1,114,047
Medtronic plc
35,848
3,690,910
Quest Diagnostics, Inc.
8,885
1,661,762
Revvity, Inc. (a)
7,059
768,019
Teleflex, Inc.
1,973
205,922
Zimmer Biomet Holdings, Inc.
10,117
880,887
 
9,111,579
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Mortgage Real Estate Investment Trusts — 0.6%
AGNC Investment Corp. (a)
80,409
916,663
Annaly Capital Management, Inc.
51,302
1,180,459
Rithm Capital Corp.
108,577
1,187,832
Starwood Property Trust, Inc.
53,452
958,394
 
4,243,348
Non-life Insurance — 1.0%
American International Group, Inc.
12,695
950,601
Assured Guaranty Ltd.
14,259
1,209,876
Axis Capital Holdings Ltd.
12,905
1,331,538
Everest Group Ltd.
1,200
397,536
First American Financial Corp.
17,810
1,125,236
Old Republic International Corp.
35,434
1,387,950
Reinsurance Group of America, Inc.
2,872
582,298
 
6,985,035
Non-Renewable Energy — 3.1%
APA Corp.
55,138
1,456,195
Chevron Corp.
30,193
5,341,142
Chord Energy Corp.
8,403
842,317
Coterra Energy, Inc.
56,666
1,634,814
Devon Energy Corp.
24,078
968,176
Diamondback Energy, Inc.
3,474
569,562
HF Sinclair Corp.
26,376
1,371,288
Kinder Morgan, Inc.
79,812
2,433,468
NOV, Inc.
32,208
591,017
Ovintiv, Inc.
29,589
1,286,234
Permian Resources Corp., Class A
102,400
1,651,712
SM Energy Co.
55,492
1,080,419
Valero Energy Corp.
9,969
1,808,676
 
21,035,020
Personal Care, Drug & Grocery Stores — 0.8%
Albertsons Cos., Inc., Class A
63,164
1,051,681
CVS Health Corp.
41,112
3,063,666
Kroger Co. (The)
25,471
1,600,852
 
5,716,199
Personal Goods — 1.3%
Columbia Sportswear Co.
12,372
683,924
Crocs, Inc. *
8,211
689,067
Deckers Outdoor Corp. *
9,103
1,086,352
Estee Lauder Cos., Inc. (The), Class A
11,822
1,362,840
NIKE, Inc., Class B
30,935
1,912,092
PVH Corp.
14,028
874,786
Ralph Lauren Corp.
4,285
1,514,362
VF Corp.
52,708
1,032,550
 
9,155,973
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.9%
Amgen, Inc.
13,593
4,647,175
Biogen, Inc. *
3,871
696,354
Bristol-Myers Squibb Co.
48,259
2,656,658
Gilead Sciences, Inc.
34,385
4,880,951
Jazz Pharmaceuticals plc *
5,594
920,157
Johnson & Johnson
51,036
11,597,931
Merck & Co., Inc.
53,359
5,883,897
Organon & Co.
40,216
343,445
Perrigo Co. plc
26,754
380,174
Pfizer, Inc.
143,942
3,805,826
Royalty Pharma plc, Class A
26,845
1,118,900
United Therapeutics Corp. *
3,444
1,616,923
Viatris, Inc.
111,312
1,457,074
 
40,005,465
Real Estate Investment Trusts — 2.1%
EPR Properties
22,895
1,241,825
Gaming and Leisure Properties, Inc.
16,883
755,514
Highwoods Properties, Inc.
38,517
995,665
Host Hotels & Resorts, Inc.
51,242
949,514
Kilroy Realty Corp.
23,234
801,108
Kimco Realty Corp.
61,458
1,295,535
Medical Properties Trust, Inc. (a)
139,205
698,809
NNN REIT, Inc.
15,585
649,427
Omega Healthcare Investors, Inc.
34,377
1,508,463
Park Hotels & Resorts, Inc.
71,208
778,303
Simon Property Group, Inc.
12,593
2,409,167
VICI Properties, Inc., Class A
57,647
1,618,728
WP Carey, Inc.
5,644
393,669
 
14,095,727
Retailers — 3.5%
AutoNation, Inc. *
5,870
1,203,232
Bath & Body Works, Inc.
38,486
838,995
Best Buy Co., Inc.
18,140
1,180,914
CarMax, Inc. *
19,479
867,595
Dick's Sporting Goods, Inc.
5,729
1,157,258
Dillard's, Inc., Class A
1,537
933,820
Dollar General Corp.
8,772
1,258,168
Gap, Inc. (The)
47,770
1,336,604
Home Depot, Inc. (The)
13,212
4,949,083
Lithia Motors, Inc., Class A
3,956
1,279,529
Lowe's Cos., Inc.
7,626
2,036,599
Macy's, Inc.
59,807
1,197,336
Murphy USA, Inc.
2,082
879,666
Penske Automotive Group, Inc.
6,695
1,049,709
Tapestry, Inc.
4,726
599,777
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Retailers — continued
Target Corp.
15,024
1,584,581
Williams-Sonoma, Inc.
8,598
1,759,581
 
24,112,447
Software & Computer Services — 18.2%
Adobe, Inc. *
10,639
3,119,887
Akamai Technologies, Inc. *
18,407
1,788,240
Alphabet, Inc., Class A
41,119
13,898,222
Amdocs Ltd.
19,092
1,564,399
Bentley Systems, Inc., Class B (a)
17,943
630,158
CACI International, Inc., Class A *
2,624
1,628,402
CCC Intelligent Solutions Holdings, Inc. *
98,452
746,266
Clarivate plc * (a)
255,505
677,088
Cognizant Technology Solutions Corp., Class A
25,409
2,085,063
Concentrix Corp.
34,198
1,277,295
Docusign, Inc. *
20,894
1,097,771
Dolby Laboratories, Inc., Class A
20,748
1,331,814
DoorDash, Inc., Class A *
9,122
1,866,544
DoubleVerify Holdings, Inc. *
114,131
1,234,897
Dropbox, Inc., Class A *
45,728
1,165,149
DXC Technology Co. *
83,637
1,206,882
Dynatrace, Inc. *
19,860
756,467
EPAM Systems, Inc. *
7,477
1,559,702
F5, Inc. *
6,390
1,761,148
Fortinet, Inc. *
18,553
1,507,617
Gartner, Inc. *
6,697
1,403,758
Gen Digital, Inc.
58,898
1,412,963
Globant SA * (a)
19,279
1,289,380
GoDaddy, Inc., Class A *
9,643
969,314
Hewlett Packard Enterprise Co.
81,062
1,744,454
IAC, Inc. * (a)
27,714
1,024,032
International Business Machines Corp.
21,913
6,720,717
Intuit, Inc.
6,408
3,197,079
KBR, Inc.
32,061
1,372,531
Kyndryl Holdings, Inc. *
31,318
720,314
Leidos Holdings, Inc.
9,431
1,775,669
Maplebear, Inc. *
33,002
1,226,354
Match Group, Inc.
42,608
1,327,239
Meta Platforms, Inc., Class A
17,173
12,304,455
Microsoft Corp.
25,921
11,153,547
nCino, Inc. * (a)
16,027
342,177
Nutanix, Inc., Class A *
18,352
721,784
Okta, Inc. *
15,976
1,349,653
Oracle Corp.
21,948
3,612,202
Parsons Corp. *
20,711
1,451,013
Paycom Software, Inc.
8,894
1,198,467
Pegasystems, Inc.
22,409
979,049
Pinterest, Inc., Class A *
60,288
1,334,174
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
PTC, Inc. *
5,942
927,725
RingCentral, Inc., Class A *
23,531
608,982
Roper Technologies, Inc.
5,029
1,866,916
Salesforce, Inc.
22,759
4,831,508
Science Applications International Corp.
13,933
1,417,822
SS&C Technologies Holdings, Inc.
18,823
1,541,416
Strategy, Inc., Class A *
8,303
1,243,042
Synopsys, Inc. *
4,594
2,136,738
Teradata Corp. *
40,987
1,168,949
Toast, Inc., Class A *
26,446
822,735
Twilio, Inc., Class A *
12,940
1,558,752
Tyler Technologies, Inc. *
2,145
792,363
UiPath, Inc., Class A *
46,344
583,471
VeriSign, Inc.
4,067
993,283
Workday, Inc., Class A *
6,707
1,177,950
Zoom Communications, Inc., Class A *
20,109
1,852,039
ZoomInfo Technologies, Inc. *
137,260
1,104,943
 
124,161,970
Technology Hardware & Equipment — 20.8%
Advanced Micro Devices, Inc. *
9,423
2,230,707
Amkor Technology, Inc.
32,550
1,573,142
Amphenol Corp., Class A
32,645
4,703,492
Analog Devices, Inc.
14,131
4,393,045
Apple, Inc.
47,407
12,301,168
Applied Materials, Inc.
20,131
6,488,624
Arrow Electronics, Inc. *
12,654
1,676,528
Avnet, Inc.
27,978
1,745,547
Broadcom, Inc.
33,860
11,217,818
CDW Corp.
11,476
1,450,452
Cirrus Logic, Inc. *
11,575
1,508,686
Corning, Inc.
30,324
3,130,953
Dell Technologies, Inc., Class C
15,480
1,771,531
Entegris, Inc.
15,903
1,877,667
Flex Ltd. *
27,988
1,764,364
GLOBALFOUNDRIES, Inc. *
25,970
1,095,934
HP, Inc.
68,536
1,332,340
Intel Corp. *
115,667
5,375,045
IPG Photonics Corp. *
10,161
938,978
Jabil, Inc.
7,741
1,836,088
KLA Corp.
3,575
5,104,886
Lam Research Corp.
32,113
7,497,101
Marvell Technology, Inc.
22,838
1,802,375
Microchip Technology, Inc.
21,977
1,668,494
Micron Technology, Inc.
26,707
11,080,200
Monolithic Power Systems, Inc.
2,253
2,532,710
NetApp, Inc.
14,982
1,443,516
NVIDIA Corp.
63,381
12,114,011
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
ON Semiconductor Corp. *
31,192
1,868,089
Onto Innovation, Inc. *
9,282
1,875,428
Qnity Electronics, Inc.
19,956
1,919,368
Qorvo, Inc. *
16,183
1,264,054
QUALCOMM, Inc.
28,060
4,253,615
Skyworks Solutions, Inc.
21,753
1,212,947
Super Micro Computer, Inc. *
40,776
1,186,989
TD SYNNEX Corp.
10,038
1,592,729
Teradyne, Inc.
9,487
2,286,841
Texas Instruments, Inc.
22,494
4,848,582
Universal Display Corp.
11,650
1,337,653
Vertiv Holdings Co., Class A
14,138
2,632,213
Western Digital Corp.
14,321
3,583,544
 
141,517,454
Telecommunications Equipment — 0.7%
Cisco Systems, Inc.
60,382
4,729,118
Telecommunications Service Providers — 1.2%
AT&T, Inc.
178,808
4,686,558
Comcast Corp., Class A
73,618
2,190,135
Verizon Communications, Inc.
29,313
1,305,015
 
8,181,708
Tobacco — 0.5%
Altria Group, Inc.
52,960
3,282,990
Travel & Leisure — 2.6%
Aramark
22,140
852,169
Boyd Gaming Corp.
16,275
1,375,888
Carnival Corp. *
46,083
1,383,412
Churchill Downs, Inc.
7,095
697,864
Darden Restaurants, Inc.
7,732
1,541,374
Delta Air Lines, Inc.
29,222
1,925,438
Expedia Group, Inc.
5,525
1,463,241
MGM Resorts International *
35,035
1,175,074
Restaurant Brands International, Inc. (Canada)
14,460
968,675
Travel + Leisure Co.
20,345
1,414,791
United Airlines Holdings, Inc. *
17,672
1,808,199
Vail Resorts, Inc. (a)
5,143
684,379
Wendy's Co. (The) (a)
80,654
628,295
Wyndham Hotels & Resorts, Inc.
10,401
757,089
Wynn Resorts Ltd.
9,886
1,062,251
 
17,738,139
Total Common Stocks
(Cost $607,409,849)
678,840,963
Short-Term Investments — 1.8%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.64% (b) (c)(Cost $1,253,300)
1,253,300
1,253,300
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.68% (b) (c)(Cost $10,771,229)
10,771,229
10,771,229
Total Short-Term Investments
(Cost $12,024,529)
12,024,529
Total Investments — 101.5%
(Cost $619,434,378)
690,865,492
Liabilities in Excess of Other Assets — (1.5)%
(10,119,788
)
NET ASSETS — 100.0%
680,745,704
 
Percentages indicated are based on net assets.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at January 31, 2026. The total value of securities on loan at January 31, 2026 is $10,402,066.
(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 January 31, 2026.
Futures contracts outstanding as of January 31, 2026:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
5
03/20/2026
USD
1,741,813
6,427
 
Abbreviations
 
USD
United States Dollar
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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)
$690,865,492
$—
$—
$690,865,492
Appreciation in Other Financial Instruments
Futures Contracts (a)
$6,427
$—
$—
$6,427
 
 
(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 U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (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 January 31, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
January 31,
2026
Shares at
January 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 3.68%  (a) (b)
$2,863,860
$35,370,329
$27,462,960
$—
$—
$10,771,229
10,771,229
$103,953
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
3.64%  (a) (b)
212,057
7,414,190
6,372,947
—
—
1,253,300
1,253,300
9,612
—
Total
$3,075,917
$42,784,519
$33,835,907
$—
$—
$12,024,529
$113,565
$—
 
 
(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 January 31, 2026.