J.P. Morgan Exchange-Traded Fund Trust
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Active Growth ETF

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Ticker: JGRO - NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Growth ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Active Growth ETF
 $23 0.44%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $8,520,819,159
Total number of portfolio holdings 108
Portfolio turnover rate 22 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:

  • Prospectus

  • Financial information

  • Fund holdings

  • Proxy voting information

JGRO-1225
JPMorgan Active Growth ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Active Small Cap Value ETF

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Ticker: JPSV - NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Small Cap Value ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Active Small Cap Value ETF
 $38 0.74%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $23,179,001
Total number of portfolio holdings 113
Portfolio turnover rate 24 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:

  • Prospectus

  • Financial information

  • Fund holdings

  • Proxy voting information

JPSV-1225
JPMorgan Active Small Cap Value ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Active Value ETF

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Ticker: JAVA - NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Active Value ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Active Value ETF
 $23 0.44%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $5,219,219,426
Total number of portfolio holdings 164
Portfolio turnover rate 47 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JAVA-1225
JPMorgan Active Value ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Equity Focus ETF

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Ticker: JPEF - The NASDAQ Stock Market® LLC

SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Equity Focus ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Equity Focus ETF
 $25 0.48%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $1,612,643,060
Total number of portfolio holdings 41
Portfolio turnover rate 14 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JPEF-1225
JPMorgan Equity Focus ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Equity Premium Income ETF

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Ticker: JEPI - NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Equity Premium Income ETF
 $18 0.35%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $41,582,038,104
Total number of portfolio holdings 125
Portfolio turnover rate 93 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
(a)
Equity-Linked Notes that are linked to the S&P 500 Index.
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JEPI-1225
JPMorgan Equity Premium Income ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Fundamental Data Science Large Core ETF

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Ticker: LCDS - The NASDAQ Stock Market® LLC
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Core ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Fundamental Data Science Large Core ETF
 $16 0.30%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $14,699,839
Total number of portfolio holdings 110
Portfolio turnover rate 8 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
LCDS-1225
JPMorgan Fundamental Data Science Large Core ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Fundamental Data Science Large Value ETF

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Ticker: LVDS - Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Value ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Fundamental Data Science Large Value ETF
 $18 0.34%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $89,447,489
Total number of portfolio holdings 130
Portfolio turnover rate 8 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
LVDS-1225
JPMorgan Fundamental Data Science Large Value ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Fundamental Data Science Mid Core ETF

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Ticker: MCDS - The NASDAQ Stock Market® LLC
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Mid Core ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Fundamental Data Science Mid Core ETF
 $18 0.34%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $7,025,052
Total number of portfolio holdings 183
Portfolio turnover rate 11 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
MCDS-1225
JPMorgan Fundamental Data Science Mid Core ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)
JPMorgan Fundamental Data Science Small Core ETF
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Ticker: SCDS - The NASDAQ Stock Market® LLC
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Fundamental Data Science Small Core ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Fundamental Data Science Small Core ETF
 $21 0.39%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $7,199,291
Total number of portfolio holdings 261
Portfolio turnover rate 13 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
SCDS-1225
JPMorgan Fundamental Data Science Small Core ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)
JPMorgan Nasdaq Equity Premium Income ETF
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Ticker: JEPQ - The NASDAQ Stock Market® LLC
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Nasdaq Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Nasdaq Equity Premium Income ETF
 $19 0.35%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $32,620,771,161
Total number of portfolio holdings 108
Portfolio turnover rate 89 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
(a)
Equity-Linked Notes that are linked to the Nasdaq-100 Index.
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JEPQ-1225
JPMorgan Nasdaq Equity Premium Income ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan Small & Mid Cap Enhanced Equity ETF

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Ticker: JMEE - NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small & Mid Cap Enhanced Equity ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Small & Mid Cap Enhanced Equity ETF
 $13 0.24%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $2,109,237,173
Total number of portfolio holdings 630
Portfolio turnover rate 15 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JMEE-1225
JPMorgan Small & Mid Cap Enhanced Equity ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)

JPMorgan U.S. Tech Leaders ETF

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Ticker: JTEK - The NASDAQ Stock Market® LLC
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Tech Leaders ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan U.S. Tech Leaders ETF
 $34 0.65%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $3,191,889,069
Total number of portfolio holdings 63
Portfolio turnover rate 23 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JTEK-1225
JPMorgan U.S. Tech Leaders ETF
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2025 (Unaudited)
JPMorgan U.S. Research Enhanced Large Cap ETF
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Ticker: JUSA - NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Large Cap ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to [email protected] or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan U.S. Research Enhanced Large Cap ETF
 $11 0.20%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets $27,746,882
Total number of portfolio holdings 236
Portfolio turnover rate 11 %
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
JUSA-1225
JPMorgan U.S. Research Enhanced Large Cap ETF

 

 J.P. Morgan Exchange-Traded Fund Trust
Semi-Annual Financial Statements
J.P. Morgan Exchange-Traded Funds
December 31, 2025 (Unaudited) 
Fund
Ticker
Listing Exchange
JPMorgan Equity Focus ETF
JPEF
The NASDAQ Stock Market® LLC
 
 
CONTENTS  
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.
Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.
JPMorgan Equity Focus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.0%
Automobiles — 2.4%
Tesla, Inc. *
86,833
39,050,537
Banks — 2.3%
M&T Bank Corp.
184,941
37,261,913
Biotechnology — 2.0%
Gilead Sciences, Inc.
261,348
32,077,853
Broadline Retail — 4.6%
Amazon.com, Inc. *
322,331
74,400,441
Building Products — 1.0%
Trane Technologies plc
40,495
15,760,654
Capital Markets — 2.9%
Morgan Stanley
263,443
46,769,036
Chemicals — 1.7%
Ecolab, Inc.
106,219
27,884,612
Construction & Engineering — 1.2%
Quanta Services, Inc.
44,207
18,658,006
Consumer Finance — 3.3%
Capital One Financial Corp.
217,660
52,752,078
Electric Utilities — 2.4%
NextEra Energy, Inc.
475,257
38,153,632
Entertainment — 2.5%
Netflix, Inc. *
211,909
19,868,588
Take-Two Interactive Software, Inc. *
79,543
20,365,394
 
40,233,982
Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B *
93,478
46,986,717
Mastercard, Inc., Class A
51,455
29,374,630
 
76,361,347
Ground Transportation — 1.6%
Canadian Pacific Kansas City Ltd. (Canada)
361,577
26,622,914
Health Care Providers & Services — 2.4%
HCA Healthcare, Inc.
83,310
38,894,107
Hotels, Restaurants & Leisure — 4.0%
Booking Holdings, Inc.
4,415
23,643,782
McDonald's Corp.
132,060
40,361,498
 
64,005,280
Household Products — 1.9%
Procter & Gamble Co. (The)
215,147
30,832,717
INVESTMENTS
SHARES
VALUE($)
 
Industrial Conglomerates — 3.0%
3M Co.
123,797
19,819,900
Honeywell International, Inc.
144,369
28,164,948
 
47,984,848
Insurance — 3.2%
Loews Corp.
490,714
51,677,091
Interactive Media & Services — 9.1%
Alphabet, Inc., Class C
278,820
87,493,716
Meta Platforms, Inc., Class A
89,006
58,751,971
 
146,245,687
Life Sciences Tools & Services — 1.5%
Thermo Fisher Scientific, Inc.
41,289
23,924,911
Oil, Gas & Consumable Fuels — 4.8%
EOG Resources, Inc.
332,337
34,898,708
Kinder Morgan, Inc.
1,561,113
42,914,997
 
77,813,705
Pharmaceuticals — 2.6%
Johnson & Johnson
201,514
41,703,322
Retail REITs — 0.7%
Regency Centers Corp.
163,295
11,272,254
Semiconductors & Semiconductor Equipment — 14.9%
Analog Devices, Inc.
150,388
40,785,226
Broadcom, Inc.
212,009
73,376,315
NVIDIA Corp.
679,923
126,805,639
 
240,967,180
Software — 10.7%
HubSpot, Inc. *
29,701
11,919,011
Intuit, Inc.
44,752
29,644,620
Microsoft Corp.
207,468
100,335,674
Oracle Corp.
61,347
11,957,144
Palo Alto Networks, Inc. *
101,859
18,762,428
 
172,618,877
Specialized REITs — 1.6%
Public Storage
99,415
25,798,192
Specialty Retail — 1.6%
Lowe's Cos., Inc.
107,183
25,848,252
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.
262,006
71,228,951
Total Common Stocks
(Cost $1,286,331,885)
1,596,802,379
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
1
JPMorgan Equity Focus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class IM
Shares, 3.86% (a) (b)
(Cost $16,220,250)
16,216,858
16,223,345
Total Investments — 100.0%
(Cost $1,302,552,135)
1,613,025,724
Liabilities in Excess of Other Assets —
(0.0)% ^
(382,664
)
NET ASSETS — 100.0%
1,612,643,060
 
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 December
31, 2025.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
2
J.P. Morgan Exchange-Traded Funds
December 31, 2025
STATEMENT OF ASSETS AND LIABILITIES
AS OF December 31, 2025 (Unaudited)
 
 
JPMorgan
Equity
Focus ETF
ASSETS:
Investments in non-affiliates, at value
$1,596,802,379
Investments in affiliates, at value
16,223,345
Receivables:
Dividends from non-affiliates
281,510
Dividends from affiliates
60,632
Tax reclaims
10,523
Securities lending income (See Note 2.C.)
113
Total Assets
1,613,378,502
LIABILITIES:
Accrued liabilities:
Investment advisory fees
476,694
Administration fees
102,481
Printing and mailing costs
17,225
Custodian and accounting fees
8,182
Trustees’ and Chief Compliance Officer’s fees
43
Other
130,817
Total Liabilities
735,442
Net Assets
$1,612,643,060
NET ASSETS:
Paid-in-Capital
$1,263,944,731
Total distributable earnings (loss)
348,698,329
Total Net Assets
$1,612,643,060
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
21,605,111
Net asset value, per share
$74.64
Cost of investments in non-affiliates
$1,286,331,885
Cost of investments in affiliates
16,220,250
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
3
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)
 
 
JPMorgan
Equity
Focus ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$920
Dividend income from non-affiliates
9,011,301
Dividend income from affiliates
399,794
Income from securities lending (net) (See Note 2.C.)
112
Total investment income
9,412,127
EXPENSES:
Investment advisory fees
3,852,279
Administration fees
601,921
Custodian and accounting fees
22,890
Professional fees
36,690
Trustees’ and Chief Compliance Officer’s fees
14,089
Printing and mailing costs
35,532
Registration and filing fees
1,190
Other
5,403
Total expenses
4,569,994
Less fees waived
(11,157
)
Less expense reimbursements
(716,811
)
Net expenses
3,842,026
Net investment income (loss)
5,570,101
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
11,005,179
Investments in affiliates
827
In-kind redemptions of investments in non-affiliates (See Note 4)
70,234,828
Net realized gain (loss)
81,240,834
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
23,462,806
Investments in affiliates
2,996
Change in net unrealized appreciation/depreciation
23,465,802
Net realized/unrealized gains (losses)
104,706,636
Change in net assets resulting from operations
$110,276,737
SEE NOTES TO FINANCIAL STATEMENTS.
 
4
J.P. Morgan Exchange-Traded Funds
December 31, 2025
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
 
JPMorgan Equity Focus ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$5,570,101
$9,364,007
Net realized gain (loss)
81,240,834
(10,729,760
)
Change in net unrealized appreciation/depreciation
23,465,802
141,896,859
Change in net assets resulting from operations
110,276,737
140,531,106
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(11,164,879
)
(7,678,950
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(41,544,710
)
756,731,111
NET ASSETS:
Change in net assets
57,567,148
889,583,267
Beginning of period
1,555,075,912
665,492,645
End of period
$1,612,643,060
$1,555,075,912
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$123,572,488
$835,298,915
Cost of shares redeemed
(165,117,198
)
(78,567,804
)
Total change in net assets resulting from capital transactions
$(41,544,710
)
$756,731,111
SHARE TRANSACTIONS:
Issued
1,700,000
12,675,000
Redeemed
(2,275,000
)
(1,175,000
)
Net increase (decrease) in shares from share transactions
(575,000
)
11,500,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
5
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance (a)
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(c)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Equity Focus ETF (h)
Six Months Ended December 31, 2025 (Unaudited)
$70.11
$0.26
$4.79
$5.05
$(0.52
)
$—
$(0.52
)
Year Ended June 30, 2025
62.31
0.57
7.71
8.28
(0.39
)
(0.09
)
(0.48
)
Year Ended June 30, 2024
48.33
0.56
13.62
14.18
(0.20
)
—
(0.20
)
Year Ended June 30, 2023
41.37
0.26
7.41
7.67
(0.21
)
(0.50
)
(0.71
)
Year Ended June 30, 2022
50.79
0.23
(3.91
)
(3.68
)
(0.16
)
(5.58
)
(5.74
)
Year Ended June 30, 2021
38.86
0.26
17.20
17.46
(0.33
)
(5.20
)
(5.53
)
 
 
(a)
Per share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 28, 2023. See Note 1.
(b)
Annualized for periods less than one year, unless otherwise noted.
(c)
Calculated based upon average shares outstanding.
(d)
Not annualized for periods less than one year.
(e)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(f)
JPMorgan Equity Focus ETF acquired all of the assets and liabilities of the JPMorgan Equity Focus Fund (“Acquired Fund”) in a reorganization that occurred as of
the close of business on July 28, 2023. Market price returns are calculated using the official closing price of the JPMorgan Equity Focus ETF on the listing
exchange as of the time that the JPMorgan Equity Focus ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Equity Focus ETF's listing on July 31,
2023, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market price returns.
(g)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(h)
JPMorgan Equity Focus ETF (the “Fund”) acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of business
on July 28, 2023. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a
result, the financial highlight information reflects that of the Acquired Fund’s Class R6 Shares for the period July 1, 2019 up through the reorganization.
SEE NOTES TO FINANCIAL STATEMENTS.
 
6
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (b)
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return(d)(e)
Market
price
total
return(d)(f)
Net assets,
end of
period
Net
expenses(g)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate(d)
$74.64
$74.69
7.21
%
7.24
%
$1,612,643,060
0.48
%
0.69
%
0.57
%
14
%
70.11
70.14
13.30
13.26
1,555,075,912
0.50
0.87
0.61
24
62.31
62.36
29.43
29.54
665,492,645
0.50
1.01
0.64
41
48.33
48.33
18.85
18.85
73,543,793
0.60
0.60
0.68
41
41.37
41.37
(8.87
)
(8.87
)
35,124,561
0.60
0.47
0.69
29
50.79
50.79
47.82
47.82
34,054,483
0.60
0.55
0.73
58
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
7
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. JPMorgan Equity Focus ETF (the “Fund”) is a separate diversified series of the Trust covered in this report.
The investment objective of the Fund is to seek long term capital appreciation.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Fund.
Shares of the Fund are listed and traded at market price on The NASDAQ Stock Market® LLC. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Fund's valuation policies set forth by, and under the supervision and responsibility of, 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 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 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.
 
8
J.P. Morgan Exchange-Traded Funds
December 31, 2025
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)
$1,613,025,724
$—
$—
$1,613,025,724
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Restricted Securities— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Fund.
As of December 31, 2025, the Fund had no investments in restricted securities including securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.
The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.
The Fund did not have any securities out on loan at December 31, 2025.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
9
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
D. 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. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares, 3.86%
 (a) (b)
$14,550,239
$43,332,507
$41,663,224
$827
$2,996
$16,223,345
16,216,858
$399,794
$—
 
 
(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 December 31, 2025.
E. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.
To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
F. Allocation of Income and Expenses— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.
G. Federal Income Taxes— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
I. Segment Reporting — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.
J. Recent Accounting Pronouncement — In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.
 
10
J.P. Morgan Exchange-Traded Funds
December 31, 2025
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund's average daily net assets. Effective November 1, 2025, the investment advisory fee changed to 0.44%.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.E.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the administration fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides portfolio custody, accounting and transfer agency services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The amounts paid directly to JPMCB by the Fund for transfer agency services are included in Transfer agency fees on the Statement of Operations.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
D. Distribution Services— The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives no fees for its distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.50% of the Fund's average daily net assets. Effective November 1, 2025, the contractual expense limitation changed to 0.44%.
The expense limitation agreement was in effect for the six months ended December 31, 2025, and the contractual expense limitation is in place until at least October 31, 2026.
For the six months ended December 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years. 
 
 
 
Contractual
Reimbursements
 
$716,811
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/ or reimbursed expenses in future years.
The amount of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 was $11,157.
F. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
11
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Board's independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The Fund used related party broker-dealers during the six months ended December 31, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser in the amount of $342.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended December 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
 
$239,360,599
$224,090,590
During the six months ended December 31, 2025, there were no purchases or sales of U.S. Government securities.
For the six months ended December 31, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-Kind
Purchases
In-Kind
Sales
 
$97,226,907
$158,145,071
During the six months ended December 31, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2025 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
 
$1,302,552,135
$350,328,998
$39,855,409
$310,473,589
At June 30, 2025, the Fund did not have any net capital loss carryforwards.
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended June 30, 2025, the Fund deferred to July 1, 2025 the following net capital losses (gains) of: 
 
Net Capital Losses (Gains)
 
Short-Term
Long-Term
 
$35,604,043
$4,728,108
6. Capital Share Transactions
The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.
Shares of the Fund may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Fund's shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the
 
12
J.P. Morgan Exchange-Traded Funds
December 31, 2025
Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of the Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Fund's registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 110% for the Fund of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7. Borrowings
The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2025.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2025.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund's holdings. During such periods, investors may incur significant losses if shares are sold.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
13
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2025. All rights reserved. December 2025.
SAN-CONV-ETF-1225
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement” ). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.
As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Fund’s performance as compared to the performance of its peers and benchmark, and analyses by the Adviser of the Fund’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Fund’s objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, and independent legal counsel to the Trustees, and
received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under its Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:
•
The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•
The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;
•
The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
•
Information about the structure and distribution strategy for the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•
The administration services provided by the Adviser in its role as Administrator;
•
Their knowledge of the nature and quality of the services
provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
•
The overall reputation and capabilities of the Adviser and its affiliates;
•
The commitment of the Adviser to provide high quality service to the Fund;
•
Their overall confidence in the Adviser’s integrity; and
•
The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.
The Trustees also considered that the Adviser earns fees from the Fund for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver (“Fee Cap”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception, prior to reaching scale. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.’s (“JPMDS”), an affiliate of the Adviser which serves as the Fund’s distributor and principal underwriter, ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Cap and from the Adviser’s reinvestment in its
operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund (if applicable). The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about the Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared
for certain Funds by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Advisory Fee and Expense Ratio
The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”). The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratio for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fee and expense ratio are summarized below:
The Trustees noted that the Fund’s net advisory fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were in the fourth and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, including a reduction to the contractual advisory fee effective November 1, 2025, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

Semi-Annual Financial Statements
J.P. Morgan Exchange-Traded Funds
December 31, 2025 (Unaudited) 
Fund
Ticker
Listing Exchange
JPMorgan Fundamental Data Science Large Value ETF
LVDS
Cboe BZX Exchange, Inc.
 
 
CONTENTS  
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.
Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.
JPMorgan Fundamental Data Science Large Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.3%
Aerospace & Defense — 3.6%
Boeing Co. (The) *
1,055
229,062
General Dynamics Corp.
1,945
654,804
Northrop Grumman Corp.
876
499,504
RTX Corp.
7,926
1,453,628
TransDigm Group, Inc.
307
408,264
 
3,245,262
Automobile Components — 0.3%
Lear Corp.
2,647
303,346
Banks — 8.0%
Bank of America Corp.
37,085
2,039,675
Citigroup, Inc.
6,360
742,148
Citizens Financial Group, Inc.
11,379
664,647
M&T Bank Corp.
3,636
732,581
PNC Financial Services Group, Inc. (The)
3,431
716,153
Wells Fargo & Co.
23,947
2,231,861
 
7,127,065
Beverages — 1.5%
Coca-Cola Co. (The)
8,051
562,845
PepsiCo, Inc.
5,386
772,999
 
1,335,844
Biotechnology — 2.1%
AbbVie, Inc.
3,430
783,721
Regeneron Pharmaceuticals, Inc.
841
649,142
Vertex Pharmaceuticals, Inc. *
927
420,265
 
1,853,128
Broadline Retail — 2.4%
Amazon.com, Inc. *
9,304
2,147,549
Building Products — 1.0%
Fortune Brands Innovations, Inc.
6,160
308,123
Trane Technologies plc
1,497
582,633
 
890,756
Capital Markets — 5.9%
Ameriprise Financial, Inc.
674
330,489
Blackrock, Inc.
940
1,006,120
Charles Schwab Corp. (The)
9,521
951,243
CME Group, Inc.
2,775
757,797
Goldman Sachs Group, Inc. (The)
472
414,888
Morgan Stanley
7,603
1,349,760
State Street Corp.
3,383
436,441
 
5,246,738
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — 1.7%
Axalta Coating Systems Ltd. *
15,416
498,091
DuPont de Nemours, Inc.
4,822
193,844
Linde plc
1,935
825,065
 
1,517,000
Construction Materials — 0.6%
Vulcan Materials Co.
1,722
491,149
Consumer Finance — 1.1%
Ally Financial, Inc.
7,409
335,554
Capital One Financial Corp.
2,829
685,636
 
1,021,190
Consumer Staples Distribution & Retail — 1.4%
Albertsons Cos., Inc., Class A
8,146
139,867
Walmart, Inc.
9,907
1,103,739
 
1,243,606
Containers & Packaging — 0.8%
Amcor plc
50,414
420,453
Ball Corp.
5,765
305,372
 
725,825
Diversified Telecommunication Services — 1.1%
AT&T, Inc.
12,304
305,631
Verizon Communications, Inc.
15,709
639,828
 
945,459
Electric Utilities — 3.4%
Entergy Corp.
6,847
632,868
NextEra Energy, Inc.
14,719
1,181,641
Southern Co. (The)
6,599
575,433
Xcel Energy, Inc.
8,968
662,377
 
3,052,319
Electrical Equipment — 1.1%
Eaton Corp. plc
3,190
1,016,047
Electronic Equipment, Instruments & Components — 0.9%
TD SYNNEX Corp.
1,929
289,793
Teledyne Technologies, Inc. *
1,049
535,756
 
825,549
Entertainment — 1.1%
Take-Two Interactive Software, Inc. *
1,548
396,334
Walt Disney Co. (The)
5,392
613,448
 
1,009,782
Financial Services — 3.9%
Berkshire Hathaway, Inc., Class B *
3,660
1,839,699
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
1
JPMorgan Fundamental Data Science Large Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Financial Services — continued
Corpay, Inc. *
1,173
352,991
Fidelity National Information Services, Inc.
6,270
416,704
Mastercard, Inc., Class A
1,159
661,650
MGIC Investment Corp.
8,116
237,150
 
3,508,194
Food Products — 1.1%
Mondelez International, Inc., Class A
13,330
717,554
Tyson Foods, Inc., Class A
4,925
288,703
 
1,006,257
Ground Transportation — 2.0%
CSX Corp.
23,848
864,490
Norfolk Southern Corp.
3,040
877,709
 
1,742,199
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories
3,016
377,875
Boston Scientific Corp. *
7,358
701,585
Medtronic plc
8,199
787,596
Zimmer Biomet Holdings, Inc.
2,891
259,959
 
2,127,015
Health Care Providers & Services — 2.6%
Cigna Group (The)
2,178
599,451
Humana, Inc.
1,261
322,980
Quest Diagnostics, Inc.
1,700
295,001
UnitedHealth Group, Inc.
3,246
1,071,537
 
2,288,969
Health Care REITs — 0.9%
Ventas, Inc.
10,344
800,419
Hotel & Resort REITs — 0.5%
Host Hotels & Resorts, Inc.
26,658
472,646
Hotels, Restaurants & Leisure — 2.4%
Carnival Corp. *
7,622
232,776
Expedia Group, Inc.
1,854
525,257
McDonald's Corp.
3,409
1,041,893
Travel + Leisure Co.
4,616
325,566
 
2,125,492
Household Durables — 0.2%
Lennar Corp., Class A
1,954
200,871
INVESTMENTS
SHARES
VALUE($)
 
Household Products — 1.1%
Church & Dwight Co., Inc.
2,100
176,085
Procter & Gamble Co. (The)
5,291
758,253
 
934,338
Industrial Conglomerates — 1.4%
3M Co.
4,496
719,809
Honeywell International, Inc.
2,854
556,787
 
1,276,596
Industrial REITs — 0.8%
Prologis, Inc.
5,900
753,194
Insurance — 3.4%
Arch Capital Group Ltd. *
4,902
470,200
Loews Corp.
9,290
978,330
MetLife, Inc.
6,281
495,822
Travelers Cos., Inc. (The)
3,705
1,074,672
 
3,019,024
Interactive Media & Services — 4.5%
Alphabet, Inc., Class C
8,863
2,781,209
Meta Platforms, Inc., Class A
1,870
1,234,368
 
4,015,577
IT Services — 1.0%
Cognizant Technology Solutions Corp., Class A
7,440
617,520
International Business Machines Corp.
993
294,137
 
911,657
Life Sciences Tools & Services — 1.2%
Danaher Corp.
3,786
866,691
Thermo Fisher Scientific, Inc.
323
187,163
 
1,053,854
Machinery — 3.1%
Deere & Co.
1,949
907,396
Dover Corp.
4,503
879,165
Parker-Hannifin Corp.
1,155
1,015,199
 
2,801,760
Media — 0.8%
Comcast Corp., Class A
24,918
744,799
Metals & Mining — 0.4%
Steel Dynamics, Inc.
2,193
371,604
Multi-Utilities — 1.5%
CMS Energy Corp.
9,914
693,286
Public Service Enterprise Group, Inc.
8,149
654,365
 
1,347,651
SEE NOTES TO FINANCIAL STATEMENTS.
 
2
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 5.8%
Cheniere Energy, Inc.
3,014
585,891
ConocoPhillips
11,254
1,053,487
Diamondback Energy, Inc.
2,900
435,957
EOG Resources, Inc.
6,829
717,113
Exxon Mobil Corp.
15,997
1,925,079
Phillips 66
3,839
495,385
 
5,212,912
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.
17,245
930,196
Jazz Pharmaceuticals plc *
3,383
575,110
Johnson & Johnson
5,898
1,220,591
Merck & Co., Inc.
3,197
336,516
 
3,062,413
Professional Services — 0.6%
SS&C Technologies Holdings, Inc.
5,647
493,661
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *
4,587
737,544
Residential REITs — 0.3%
American Homes 4 Rent, Class A
8,427
270,507
Retail REITs — 0.4%
Regency Centers Corp.
4,806
331,758
Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc. *
3,242
694,307
Analog Devices, Inc.
4,007
1,086,698
Intel Corp. *
4,934
182,065
Lam Research Corp.
2,615
447,636
Marvell Technology, Inc.
1,840
156,363
Micron Technology, Inc.
3,833
1,093,976
NXP Semiconductors NV (Netherlands)
1,957
424,786
Qnity Electronics, Inc.
2,411
196,858
Texas Instruments, Inc.
4,330
751,212
 
5,033,901
Software — 1.9%
Microsoft Corp.
2,020
976,913
Roper Technologies, Inc.
410
182,503
Salesforce, Inc.
2,107
558,165
 
1,717,581
INVESTMENTS
SHARES
VALUE($)
 
Specialized REITs — 0.5%
Digital Realty Trust, Inc.
2,973
459,953
Specialty Retail — 3.3%
AutoZone, Inc. *
181
613,861
Lowe's Cos., Inc.
4,744
1,144,063
O'Reilly Automotive, Inc. *
4,750
433,248
TJX Cos., Inc. (The)
4,812
739,171
 
2,930,343
Technology Hardware, Storage & Peripherals — 1.4%
Hewlett Packard Enterprise Co.
21,546
517,535
Seagate Technology Holdings plc
2,778
765,033
 
1,282,568
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B
5,161
328,807
Tobacco — 1.7%
Philip Morris International, Inc.
9,260
1,485,304
Total Common Stocks
(Cost $64,742,534)
88,846,982
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.73% (a) (b)
(Cost $522,780)
522,780
522,780
Total Investments — 99.9%
(Cost $65,265,314)
89,369,762
Other Assets in Excess of Liabilities — 0.1%
77,727
NET ASSETS — 100.0%
89,447,489
 
Percentages indicated are based on net assets.
 
Abbreviations
 
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 December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
3
STATEMENT OF ASSETS AND LIABILITIES
AS OF December 31, 2025 (Unaudited)
 
 
JPMorgan
Fundamental Data
Science Large
Value ETF
ASSETS:
Investments in non-affiliates, at value
$88,846,982
Investments in affiliates, at value
522,780
Receivables:
Investment securities sold
52,909
Dividends from non-affiliates
91,452
Dividends from affiliates
2,189
Securities lending income (See Note 2.C.)
6
Due from adviser
21,725
Total Assets
89,538,043
LIABILITIES:
Payables:
Due to custodian
1
Fund shares redeemed
65,224
Accrued liabilities:
Administration fees
6,042
Printing and mailing costs
16,563
Trustees’ and Chief Compliance Officer’s fees
8
Other
2,716
Total Liabilities
90,554
Net Assets
$89,447,489
NET ASSETS:
Paid-in-Capital
$51,429,337
Total distributable earnings (loss)
38,018,152
Total Net Assets
$89,447,489
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) (a)
1,802,154
Net asset value, per share
$49.63
Cost of investments in non-affiliates
$64,742,534
Cost of investments in affiliates
522,780
(a)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
4
J.P. Morgan Exchange-Traded Funds
December 31, 2025
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)
 
 
JPMorgan
Fundamental Data
Science Large
Value ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates
$18,036
Dividend income from non-affiliates
943,340
Dividend income from affiliates
17,931
Income from securities lending (net) (See Note 2.C.)
6
Total investment income
979,313
EXPENSES:
Investment advisory fees
158,171
Administration fees
39,543
Distribution fees 
3,339
Service fees 
8,425
Custodian and accounting fees
23,718
Interest expense to affiliates
46
Professional fees
45,268
Trustees’ and Chief Compliance Officer’s fees
12,703
Printing and mailing costs
26,496
Registration and filing fees
29,393
Transfer agency fees (See Note 2.G.)
463
Other
14,314
Total expenses
361,879
Less fees waived
(29,580
)
Less expense reimbursements
(150,669
)
Net expenses
181,630
Net investment income (loss)
797,683
(a)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
5
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)
 
JPMorgan
Fundamental Data
Science Large
Value ETF (a)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
$11,225,925
Investments in affiliates
18
In-kind redemptions of investments in non-affiliates (See Note 4)
11,539,555
Futures contracts
44,071
Net realized gain (loss)
22,809,569
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(14,494,049
)
Investments in affiliates
(17
)
Change in net unrealized appreciation/depreciation
(14,494,066
)
Net realized/unrealized gains (losses)
8,315,503
Change in net assets resulting from operations
$9,113,186
(a)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
6
J.P. Morgan Exchange-Traded Funds
December 31, 2025
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
 
JPMorgan
Fundamental Data
Science Large
Value ETF (a)
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$797,683
$2,615,782
Net realized gain (loss)
22,809,569
12,327,431
Change in net unrealized appreciation/depreciation
(14,494,066
)
3,887,869
Change in net assets resulting from operations
9,113,186
18,831,082
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(18,579,536
)
(12,682,462
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(49,780,431
)
(26,843,910
)
NET ASSETS:
Change in net assets
(59,246,782
)
(20,695,290
)
Beginning of period
148,694,271
169,389,561
End of period
$89,447,489
$148,694,271
(a)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
7
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan
Fundamental Data
Science Large
Value ETF (a)
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CAPITAL TRANSACTIONS: (b)
Proceeds from shares issued
$19,179,572
$7,367,260
Distributions reinvested
2,488,743
2,876,184
Cost of shares redeemed
(64,235,562
)
(16,208,903
)
Change in net assets resulting from capital transactions
(42,567,247
)
(5,965,459
)
Class A
Proceeds from shares issued
80,372
2,722,887
Distributions reinvested
2,848,036
2,998,362
Cost of shares redeemed
(5,996,564
)
(8,823,185
)
Change in net assets resulting from Class A capital transactions
(3,068,156
)
(3,101,936
)
Class C
Proceeds from shares issued
17,896
157,704
Distributions reinvested
141,573
153,628
Cost of shares redeemed
(153,287
)
(1,006,507
)
Change in net assets resulting from Class C capital transactions
6,182
(695,175
)
Class I
Proceeds from shares issued
13,989
3,278,909
Distributions reinvested
5,080,033
6,016,075
Cost of shares redeemed
(3,602,190
)
(25,480,041
)
Change in net assets resulting from Class I capital transactions
1,491,832
(16,185,057
)
Class R2
Proceeds from shares issued
885
338,019
Distributions reinvested
128,134
194,484
Cost of shares redeemed
(2,691,549
)
(490,460
)
Change in net assets resulting from Class R2 capital transactions
(2,562,530
)
42,043
Class R5
Proceeds from shares issued
8,333
400,710
Distributions reinvested
191,318
291,645
Cost of shares redeemed
(3,280,163
)
(1,630,681
)
Change in net assets resulting from Class R5 capital transactions
(3,080,512
)
(938,326
)
Total change in net assets resulting from capital transactions
$(49,780,431
)
$(26,843,910
)
(a)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.
(b)
Reflects reorganization from the Acquired Fund on July 11, 2025. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
8
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
JPMorgan
Fundamental Data
Science Large
Value ETF (a)
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
SHARE TRANSACTIONS: (b)
Issued
375,718
232,474
Reinvested
49,901
91,870
Redeemed
(1,265,970
)
(519,092
)
Change in Shares
(840,351
)
(194,748
)
Class A
Issued
1,634
87,439
Reinvested
57,103
97,516
Redeemed
(119,147
)
(287,621
)
Change in Class A Shares
(60,410
)
(102,666
)
Class C
Issued
360
3,232
Reinvested
2,838
5,142
Redeemed
(3,065
)
(33,838
)
Change in Class C Shares
133
(25,464
)
Class I
Issued
326
104,582
Reinvested
101,840
192,704
Redeemed
(71,856
)
(820,549
)
Change in Class I Shares
30,310
(523,263
)
Class R2
Issued
17
11,228
Reinvested
2,569
6,440
Redeemed
(52,202
)
(16,416
)
Change in Class R2 Shares
(49,616
)
1,252
Class R5
Issued
74
13,791
Reinvested
3,824
9,313
Redeemed
(63,992
)
(51,640
)
Change in Class R5 Shares
(60,094
)
(28,536
)
(a)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted by JPMorgan Fundamental Data Science Large Value ETF and will be used going forward. As a result, the information prior to close of business on July 11, 2025, reflects that of the Acquired Fund's Class R6 Shares. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1.
(b)
Reflects reorganization from the Acquired Fund on July 11, 2025. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
9
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance (a)
 
 
Investment operations
Distributions
 
Net
asset
value
beginning of
period
Net
investment
income
(loss)(c)
Net
realized
and unrealized
gains (losses)
on investments
Total
from
investment
operations
Net
investment
income
Net
realized
gain
Total
Distributions
JPMorgan Fundamental Data Science Large Value ETF (h)
Six Months Ended December 31, 2025 (Unaudited)
$53.36
$0.43
$3.94
$4.37
$(0.47
)
$(7.63
)
$(8.10
)
Year Ended June 30, 2025
51.37
0.92
5.24
6.16
(0.94
)
(3.23
)
(4.17
)
Year Ended June 30, 2024
47.73
0.97
6.32
7.29
(0.99
)
(2.66
)
(3.65
)
Year Ended June 30, 2023
45.87
0.99
4.00
4.99
(0.99
)
(2.14
)
(3.13
)
Year Ended June 30, 2022
62.61
0.99
(1.90
)
(0.91
)
(0.94
)
(14.89
)
(15.83
)
Year Ended June 30, 2021
44.36
0.97
19.20
20.17
(1.36
)
(0.56
)
(1.92
)
 
 
(a)
Per Share amounts reflect the conversion of the Acquired Fund into the Fund as of the close of business on July 11, 2025. See Note 1.
(b)
Annualized for periods less than one year, unless otherwise noted.
(c)
Calculated based upon average shares outstanding.
(d)
Not annualized for periods less than one year.
(e)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(f)
JPMorgan Fundamental Data Science Large Value ETF acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the
close of business on July 11, 2025. Market price returns are calculated using the official closing price of the JPMorgan Fundamental Data Science Large Value ETF
on the listing exchange as of the time that the JPMorgan Fundamental Data Science Large Value ETF 's net asset value ("NAV") is calculated. Prior to the JPMorgan
Fundamental Data Science Large Value ETF 's listing on July 14, 2025, the NAV performance of the Class R6 Shares of the Acquired Fund are used as proxy market
price returns.
(g)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(h)
JPMorgan Fundamental Data Science Large Value ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan U.S. Applied Data Science Value Fund
(“Acquired Fund”) in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6
Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund’s
Class R6 Shares for the period July 1, 2020 up through the reorganization.
(i)
Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
SEE NOTES TO FINANCIAL STATEMENTS.
 
10
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (b)
Net asset
value,
end of
period
Market
price,
end of
period
Total
Return(d)(e)
Market
price
total
return(d)(f)
Net assets,
end of
period
Net
expenses(g)
Net
investment
income (loss)
Expenses
without waivers
and
reimbursements
Portfolio
turnover
rate(d)
$49.63
$49.66
8.76
%
8.85
%
$89,447,489
0.34
%(i)
1.68
%(i)
0.66
%(i)
8
%
53.36
53.36
12.12
12.12
33,415,499
0.34
1.72
0.51
19
51.37
51.37
15.98
15.98
38,044,965
0.34
1.98
0.51
22
47.73
47.73
11.13
11.13
36,682,986
0.34
2.09
0.49
17
45.87
45.87
(3.70
)
(3.70
)
38,882,645
0.34
1.78
0.47
55
62.61
62.61
46.60
46.60
69,297,415
0.34
1.82
0.49
72
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
11
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. JPMorgan Fundamental Data Science Large Value ETF (the “Fund”) is a separate diversified series of the Trust covered in this report.
As of the close of business on July 11, 2025 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust (the “Board”), JPMorgan U.S. Applied Data Science Value Fund (a mutual fund) (the “Acquired Fund” or “U.S. Applied Data Science Value Fund”), a series of JPMorgan Trust I, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Fund.
Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on July 31, 2028. The Reorganization did not result in a material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.
The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund’s portfolio turnover ratio for the six months ended December 31, 2025.
The investment objective of the Fund is to seek to provide long-term capital appreciation.
Shares of the Fund are listed and traded at market price on the Cboe BZX Exchange, Inc. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Fund's valuation policies set forth by, and under the supervision and responsibility of, 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.
 
12
J.P. Morgan Exchange-Traded Funds
December 31, 2025
Under Section 2(a)(41) of 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 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)
$89,369,762
$—
$—
$89,369,762
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Restricted Securities— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Fund.
As of December 31, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
13
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.
The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.
The Fund did not lend out any securities during the six months ended December 31, 2025.
D. 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. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the six months ended December 31, 2025*
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 3.86%  (a) (b)
$614,713
$4,768,844
$5,383,558
$18
$(17
)
$—
—
$3,547
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73%  (a) (b)
—
8,690,175
8,167,395
—
—
522,780
522,780
14,384
—
Total
$614,713
$13,459,019
$13,550,953
$18
$(17
)
$522,780
$17,931
$—
 
 
(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 December 31, 2025.
*
Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions
from the Acquired Fund for the period July 1, 2025 through July 11, 2025.
E. Futures Contracts—The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.
The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade
 
14
J.P. Morgan Exchange-Traded Funds
December 31, 2025
acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
Derivatives Volume
The table below discloses the volume of the Fund's futures contracts activity during the six months ended December 31, 2025: 
 
 
Futures Contracts:
Average Notional Balance Long
$759,093
Average Notional Balance Short
(446,376
)
F. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
G. Allocation of Income and Expenses— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.
Transfer agency fees charged to the Acquired Fund were class-specific expenses. The amount of the transfer agency fees charged to each share class of the Acquired Fund for the period July 1, 2025 through Closing Date for for the Fund were as follows: 
 
Class A
Class C
Class I
Class R2
Class R5
Class R6
Total
Transfer agency fees
$257
$33
$86
$35
$9
$43
$463
H. Federal Income Taxes— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
I. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least quarterly. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
J. Segment Reporting — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.
K. Recent Accounting Pronouncement — In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
15
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.30% of the Fund's average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.G.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.G.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C. Distribution Fees— Up through the Closing Date, pursuant to a distribution agreement with JPMorgan Trust I, JPMDS served as the Acquired Fund's principal underwriter and promoted and arranged for the sale of the Acquired Fund's shares.
Up through the Closing Date, the Acquired Fund's Board had adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Acquired Fund, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares of the Acquired Fund did not charge a distribution fee. The Distribution Plan provided that the Acquired Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below: 
 
Class A
Class C
Class R2
 
0.25
%
0.75
%
0.50
%
 
For the period July 1, 2025 through the Closing Date, JPMDS waived its distribution fee for the Acquired Fund.
D. Service Fees— Up through the Closing Date, JPMorgan Trust I, on behalf of the Acquired Fund, had entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provided certain support services to fund shareholders. For performing these services, JPMDS received a fee with respect to all share classes of the Acquired Fund, except Class R6 Shares which did not charge a service fee, that was accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below: 
 
Class A
Class C
Class I
Class R2
Class R5
 
0.25
%
0.25
%
0.25
%
0.25
%
0.10
%
 
Prior to the Closing Date, JPMDS had entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invested in the Acquired Fund. Pursuant to such contracts, JPMDS paid all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.G.
E. Custodian, Accounting and Transfer Agent Fees— JPMCB provides portfolio custody, accounting and transfer agency services (effective as of the Closing Date) to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund pays for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The amounts paid directly to JPMCB by the Fund for transfer agency services are included in Transfer agency fees on the Statement of Operations.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
 
16
J.P. Morgan Exchange-Traded Funds
December 31, 2025
F. Distribution Services— The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives no fees for its distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
G. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.50% of the Fund's average daily net assets.
The expense limitation agreement was in effect for the six months ended December 31, 2025, and the contractual expense limitation is in place until at least July 31, 2028.
Prior to the Closing Date, the Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below: 
 
Class A
Class C
Class I
Class R2
Class R5
Class R6
 
0.73
%
1.23
%
0.49
%
1.09
%
0.44
%
0.34
%
 
For the six months ended December 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years. 
 
Contractual Waivers
 
Voluntary Waivers
 
Management
Fees
Administration
Fees
Service
Fees
Total
Contractual
Reimbursements
12b-1
 
$19,072
$3,107
$3,621
$25,800
$150,669
$3,339
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
The amount of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 was $441.
H. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Board's independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended December 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
 
$7,609,880
$9,069,381
During the six months ended December 31, 2025, there were no purchases or sales of U.S. Government securities.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
17
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
For the six months ended December 31, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-Kind
Purchases
In-Kind
Sales
 
$12,191,411
$32,426,967
During the six months ended December 31, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2025 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
 
$65,265,314
$25,411,173
$1,306,725
$24,104,448
At June 30, 2025, the Fund did not have any net capital loss carryforwards.
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended June 30, 2025, the Fund deferred to July 1, 2025 the following net capital losses (gains) of: 
 
Net Capital Losses (Gains)
 
Short-Term
 
$13,854
6. Capital Share Transactions
The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.
Shares of the Fund may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Fund's shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of the Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Fund's registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 110% for the Fund of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statement of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7. Borrowings
The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2025.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken
 
18
J.P. Morgan Exchange-Traded Funds
December 31, 2025
primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2025.
JPMorgan Trust I, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Acquired Fund did not utilize the Credit Facility during the period July 1, 2025 through the Closing Date. The Fund is not part of the Credit Facility.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund's holdings. During such periods, investors may incur significant losses if shares are sold.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
19
THIS PAGE IS INTENTIONALLY LEFT BLANK
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2025. All rights reserved. December 2025.
SAN-CONV1-ETF-1225
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.
Statement Regarding Basis for Approval of Initial Investment Advisory Agreement
On February 11-13, 2025, the Board of Trustees (the “Board” or the “Trustees”) held meetings and approved the initial investment advisory agreement (the “Advisory Agreement”) for the JPMorgan Fundamental Data Science Large Value ETF (the “Fund”). The Advisory Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates. In connection with the approval of the Advisory Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel. The Trustees noted that the Fund was anticipated to commence operations by acquiring the assets of a mutual fund for which the Adviser serves as investment adviser (the “Acquired Fund”). Before voting on the proposed Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Advisory Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Advisory Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Advisory Agreement was fair and reasonable and that initial approval of the Advisory Agreement was in the best interests of the Fund and its potential shareholders. Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the Fund’s initial Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Advisory Agreement, as well as other relevant information furnished for
the Trustees, regarding the nature, extent, and quality of services provided by the Adviser. Among other things, the Trustees considered:
•
The background and experience of the Adviser’s senior management and investment personnel;
•
The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;
•
The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;
•
Information about the structure and distribution strategy of the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•
Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
•
The overall reputation and capabilities of the Adviser and its affiliates;
•
The commitment of the Adviser to provide high quality service to the Fund;
•
Their overall confidence in the Adviser’s integrity; and
•
The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex. The Trustees also considered the benefits to the Adviser and its affiliates from the conversion of a mutual fund to an ETF, for example, through the expansion of the Adviser’s ETF offerings.
The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”), an affiliate of the Adviser, roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver (“Fee Cap”) which allows the Fund’s shareholders to share potential economies of scale, and that the proposed fees are fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMorgan Distribution Services, Inc.’s (“JPMDS”), an affiliate of the Adviser which serves as the Fund’s distributor and principal underwriter, ongoing investments in its business in support of the Fund, including the Adviser’s and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale through the Fee Cap and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.
Fees Relative to Adviser’s Other Clients
The Trustees considered the Adviser’s view that it manages one account (including the Acquired Fund) with a substantially similar investment strategy as that of the Fund. The Trustees concluded that the fees charged to the Fund in comparison to those charged to such other clients were reasonable. The Trustees also considered the benefits to the Acquired Fund shareholders from the fact that the total expense ratio of the Fund, after application of the Fee Cap, would be lower than those of the Acquired Fund.
Investment Performance
The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable. In addition, because the Fund was anticipated to commence operations by acquiring the assets of the Acquired Fund, and the Fund was to be the accounting survivor to the Acquired Fund, the Trustees were provided with performance information for the Acquired Fund.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected Fee Cap proposed for the Fund, and the net advisory fee rate and net expense ratio for the Fund, after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that the Fund’s estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also considered the fees paid to JPMCB for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available; however, the Trustees considered the profitability information for the Acquired Fund that they had received in connection with the most recent annual approval of the Acquired Fund’s investment advisory agreement. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed advisory fee was fair and reasonable.

Semi-Annual Financial Statements
J.P. Morgan Exchange-Traded Funds
December 31, 2025 (Unaudited) 
Fund
Ticker
Listing Exchange
JPMorgan Active Growth ETF
JGRO
NYSE Arca, Inc.
JPMorgan Active Small Cap Value ETF
JPSV
NYSE Arca, Inc.
JPMorgan Active Value ETF
JAVA
NYSE Arca, Inc.
JPMorgan Equity Premium Income ETF
JEPI
NYSE Arca, Inc.
JPMorgan Fundamental Data Science Large Core ETF
LCDS
The NASDAQ Stock Market® LLC
JPMorgan Fundamental Data Science Mid Core ETF
MCDS
The NASDAQ Stock Market® LLC
JPMorgan Fundamental Data Science Small Core ETF
SCDS
The NASDAQ Stock Market® LLC
JPMorgan Nasdaq Equity Premium Income ETF
JEPQ
The NASDAQ Stock Market® LLC
JPMorgan Small & Mid Cap Enhanced Equity ETF
JMEE
NYSE Arca, Inc.
JPMorgan U.S. Research Enhanced Large Cap ETF
JUSA
NYSE Arca, Inc.
JPMorgan U.S. Tech Leaders ETF
JTEK
The NASDAQ Stock Market® LLC
 
 
CONTENTS  
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
JPMorgan Active Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.4%
Aerospace & Defense — 2.0%
BWX Technologies, Inc.
125,476
21,687,272
GE Aerospace
182,258
56,140,932
Howmet Aerospace, Inc.
137,580
28,206,651
Rocket Lab Corp. *
114,763
8,005,867
RTX Corp.
275,067
50,447,288
TransDigm Group, Inc.
4,323
5,748,941
 
170,236,951
Automobiles — 3.9%
Tesla, Inc. *
746,740
335,823,913
Beverages — 0.3%
Coca-Cola Co. (The)
368,275
25,746,105
Biotechnology — 4.5%
AbbVie, Inc.
151,489
34,613,722
Alnylam Pharmaceuticals, Inc. *
135,903
54,041,828
Gilead Sciences, Inc.
464,289
56,986,832
Insmed, Inc. *
662,426
115,288,621
Natera, Inc. *
342,537
78,471,801
Neurocrine Biosciences, Inc. *
226,226
32,085,634
Nuvalent, Inc., Class A *
77,394
7,785,062
uniQure NV (Netherlands) *
109,464
2,619,473
 
381,892,973
Broadline Retail — 4.7%
Alibaba Group Holding Ltd., ADR (China)
263,685
38,650,947
Amazon.com, Inc. *
1,385,818
319,874,511
MercadoLibre, Inc. (Brazil) *
10,143
20,430,639
Sea Ltd., ADR (Singapore) *
183,941
23,465,354
 
402,421,451
Building Products — 0.6%
Trane Technologies plc
123,220
47,957,224
Capital Markets — 3.7%
Blackstone, Inc.
155,795
24,014,241
Charles Schwab Corp. (The)
265,004
26,476,550
Goldman Sachs Group, Inc. (The)
162,243
142,611,597
Interactive Brokers Group, Inc., Class A
355,942
22,890,630
Intercontinental Exchange, Inc.
96,098
15,564,032
Robinhood Markets, Inc., Class A *
742,210
83,943,951
 
315,501,001
Commercial Services & Supplies — 0.2%
Copart, Inc. *
353,162
13,826,292
Communications Equipment — 0.7%
Arista Networks, Inc. *
32,722
4,287,564
INVESTMENTS
SHARES
VALUE($)
 
Communications Equipment — continued
Ciena Corp. *
219,880
51,423,336
Lumentum Holdings, Inc. *
18,006
6,636,831
 
62,347,731
Construction & Engineering — 1.1%
Comfort Systems USA, Inc.
26,818
25,028,971
Quanta Services, Inc.
153,965
64,982,468
 
90,011,439
Consumer Finance — 0.4%
SoFi Technologies, Inc. *
1,333,476
34,910,402
Consumer Staples Distribution & Retail — 1.3%
Casey's General Stores, Inc.
35,563
19,656,026
Walmart, Inc.
826,126
92,038,697
 
111,694,723
Electrical Equipment — 1.1%
AMETEK, Inc.
168,573
34,609,723
GE Vernova, Inc.
96,477
63,054,473
 
97,664,196
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A
252,285
34,093,795
Celestica, Inc. (Canada) *
59,508
17,591,160
 
51,684,955
Energy Equipment & Services — 0.3%
TechnipFMC plc (United Kingdom)
605,031
26,960,181
Entertainment — 2.4%
Netflix, Inc. *
1,074,159
100,713,148
ROBLOX Corp., Class A *
440,267
35,674,835
Spotify Technology SA *
51,700
30,022,707
Take-Two Interactive Software, Inc. *
155,482
39,808,056
 
206,218,746
Financial Services — 2.9%
Berkshire Hathaway, Inc., Class B *
31,714
15,941,042
Mastercard, Inc., Class A
371,318
211,978,020
Visa, Inc., Class A
45,294
15,885,059
 
243,804,121
Ground Transportation — 0.1%
Uber Technologies, Inc. *
136,706
11,170,247
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories
214,440
26,867,188
Intuitive Surgical, Inc. *
96,189
54,477,602
 
81,344,790
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
1
JPMorgan Active Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — 0.8%
Cencora, Inc.
86,420
29,188,355
Hims & Hers Health, Inc. * (a)
373,641
12,132,123
McKesson Corp.
30,142
24,725,181
 
66,045,659
Hotels, Restaurants & Leisure — 2.5%
Booking Holdings, Inc.
17,499
93,712,920
DoorDash, Inc., Class A *
283,287
64,158,840
Flutter Entertainment plc (United
Kingdom) *
82,511
17,743,165
Hilton Worldwide Holdings, Inc.
50,509
14,508,710
McDonald's Corp.
70,169
21,445,752
 
211,569,387
Household Durables — 0.4%
DR Horton, Inc.
119,161
17,162,759
Garmin Ltd.
85,624
17,368,828
 
34,531,587
Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp.
145,720
23,509,008
Industrial Conglomerates — 1.0%
3M Co.
518,397
82,995,360
Insurance — 0.2%
Progressive Corp. (The)
68,619
15,625,919
Interactive Media & Services — 9.2%
Alphabet, Inc., Class C
1,503,633
471,840,035
Meta Platforms, Inc., Class A
439,970
290,419,797
Reddit, Inc., Class A *
102,934
23,661,439
 
785,921,271
IT Services — 3.2%
Cloudflare, Inc., Class A *
252,621
49,804,230
International Business Machines Corp.
205,104
60,753,856
Shopify, Inc., Class A (Canada) *
503,571
81,059,824
Snowflake, Inc., Class A *
232,752
51,056,479
Twilio, Inc., Class A *
198,797
28,276,885
 
270,951,274
Life Sciences Tools & Services — 0.8%
IQVIA Holdings, Inc. *
96,658
21,787,680
Mettler-Toledo International, Inc. *
9,523
13,276,871
Thermo Fisher Scientific, Inc.
50,677
29,364,788
 
64,429,339
INVESTMENTS
SHARES
VALUE($)
 
Machinery — 0.7%
Deere & Co.
57,611
26,821,953
ITT, Inc.
212,758
36,915,641
 
63,737,594
Oil, Gas & Consumable Fuels — 0.6%
Cheniere Energy, Inc.
13,614
2,646,425
EOG Resources, Inc.
198,681
20,863,492
Williams Cos., Inc. (The)
478,964
28,790,526
 
52,300,443
Pharmaceuticals — 2.6%
Eli Lilly & Co.
135,971
146,125,314
Johnson & Johnson
359,159
74,327,955
 
220,453,269
Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A *
167,855
26,989,405
Semiconductors & Semiconductor Equipment — 18.9%
Advanced Micro Devices, Inc. *
172,400
36,921,184
Broadcom, Inc.
1,244,626
430,765,059
Lam Research Corp.
20,601
3,526,479
NVIDIA Corp.
5,489,894
1,023,865,231
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
290,439
88,261,508
Teradyne, Inc.
149,913
29,017,160
 
1,612,356,621
Software — 14.6%
AppLovin Corp., Class A *
124,498
83,889,242
Crowdstrike Holdings, Inc., Class A *
108,822
51,011,401
Figma, Inc., Class A *
78,210
2,922,708
HubSpot, Inc. *
49,053
19,684,969
Intuit, Inc.
141,165
93,510,519
Microsoft Corp.
1,542,046
745,764,287
Oracle Corp.
482,130
93,971,958
Palantir Technologies, Inc., Class A *
379,742
67,499,140
Palo Alto Networks, Inc. *
251,533
46,332,379
ServiceNow, Inc. *
236,189
36,181,793
 
1,240,768,396
Specialty Retail — 2.1%
AutoZone, Inc. *
12,210
41,410,215
Carvana Co. *
144,649
61,044,771
TJX Cos., Inc. (The)
299,122
45,948,131
Ulta Beauty, Inc. *
53,813
32,557,403
 
180,960,520
SEE NOTES TO FINANCIAL STATEMENTS.
 
2
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 8.0%
Apple, Inc.
2,429,590
660,508,338
Western Digital Corp.
119,145
20,525,109
 
681,033,447
Tobacco — 0.5%
Philip Morris International, Inc.
275,551
44,198,380
Total Common Stocks
(Cost $7,028,377,046)
8,389,594,320
Short-Term Investments — 1.7%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73% (b) (c)
(Cost $132,802,121)
132,802,121
132,802,121
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares,
3.82% (b) (c)
(Cost $9,865,023)
9,865,023
9,865,023
Total Short-Term Investments
(Cost $142,667,144)
142,667,144
Total Investments — 100.1%
(Cost $7,171,044,190)
8,532,261,464
Liabilities in Excess of Other Assets —
(0.1)%
(11,442,305
)
NET ASSETS — 100.0%
8,520,819,159
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at December
31, 2025. The total value of securities on loan at December 31,
2025 is $9,490,754.
(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 December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
3
JPMorgan Active Small Cap Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.0%
Aerospace & Defense — 1.6%
Cadre Holdings, Inc.
4,655
190,110
Moog, Inc., Class A
759
184,855
 
374,965
Automobile Components — 1.4%
Dorman Products, Inc. *
820
101,016
Patrick Industries, Inc.
2,118
229,655
 
330,671
Banks — 17.5%
Associated Banc-Corp.
6,827
175,864
BancFirst Corp.
1,719
182,248
Camden National Corp.
4,953
214,861
City Holding Co.
1,284
153,053
Columbia Banking System, Inc.
9,276
259,264
First Commonwealth Financial Corp.
11,614
195,812
First Merchants Corp.
5,558
208,314
Heritage Commerce Corp.
7,505
90,135
Independent Bank Corp.
6,880
223,806
NBT Bancorp, Inc.
3,746
155,534
Old National Bancorp
16,761
373,938
Old Second Bancorp, Inc.
3,889
75,835
Provident Financial Services, Inc.
14,042
277,329
QCR Holdings, Inc.
3,506
292,050
Simmons First National Corp., Class A
12,435
234,400
SOUTHSTATE BANK Corp.
2,923
275,084
TriCo Bancshares
3,945
186,875
WesBanco, Inc.
7,972
264,989
WSFS Financial Corp.
3,894
215,105
 
4,054,496
Beverages — 0.4%
Primo Brands Corp.
6,213
101,583
Building Products — 2.6%
AZZ, Inc.
1,929
206,750
Hayward Holdings, Inc. *
14,355
221,785
UFP Industries, Inc.
2,020
183,921
 
612,456
Capital Markets — 3.2%
Donnelley Financial Solutions, Inc. *
6,552
305,913
Hamilton Lane, Inc., Class A
1,958
262,979
Virtus Investment Partners, Inc.
1,125
183,544
 
752,436
Chemicals — 4.3%
Avient Corp.
6,446
201,373
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — continued
Hawkins, Inc.
433
61,512
HB Fuller Co.
5,121
304,495
Innospec, Inc.
2,285
174,894
Quaker Chemical Corp.
1,878
257,868
 
1,000,142
Commercial Services & Supplies — 0.5%
UniFirst Corp.
593
114,390
Containers & Packaging — 0.6%
Myers Industries, Inc.
6,997
130,984
Diversified Consumer Services — 1.1%
Graham Holdings Co., Class B
238
261,467
Diversified REITs — 1.0%
Essential Properties Realty Trust, Inc.
7,435
220,522
Electric Utilities — 1.7%
IDACORP, Inc.
1,397
176,804
Portland General Electric Co.
4,704
225,745
 
402,549
Electrical Equipment — 0.6%
Thermon Group Holdings, Inc. *
3,507
130,320
Electronic Equipment, Instruments & Components — 5.5%
Ingram Micro Holding Corp.
11,162
238,197
Insight Enterprises, Inc. *
3,951
321,888
Plexus Corp. *
1,347
198,009
Ralliant Corp.
3,422
174,214
Sanmina Corp. *
321
48,172
ScanSource, Inc. *
7,666
299,434
 
1,279,914
Energy Equipment & Services — 1.6%
Kodiak Gas Services, Inc.
5,243
196,088
Weatherford International plc
2,313
181,016
 
377,104
Financial Services — 2.6%
PennyMac Financial Services, Inc.
1,788
235,730
Radian Group, Inc.
9,921
357,057
 
592,787
Food Products — 0.8%
Dole plc
11,654
174,693
Gas Utilities — 3.0%
Chesapeake Utilities Corp.
1,943
242,409
SEE NOTES TO FINANCIAL STATEMENTS.
 
4
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Gas Utilities — continued
ONE Gas, Inc.
3,790
292,777
Southwest Gas Holdings, Inc.
1,898
151,878
 
687,064
Ground Transportation — 0.7%
Marten Transport Ltd.
13,274
151,058
Health Care Equipment & Supplies — 2.8%
ICU Medical, Inc. *
1,325
189,038
Inmode Ltd. *
10,805
158,725
LivaNova plc *
5,059
311,280
 
659,043
Health Care Providers & Services — 3.4%
Concentra Group Holdings Parent, Inc.
9,534
187,629
Encompass Health Corp.
2,567
272,461
Ensign Group, Inc. (The)
1,847
321,748
 
781,838
Health Care REITs — 1.4%
American Healthcare REIT, Inc.
1,891
88,991
Sabra Health Care REIT, Inc.
12,779
242,034
 
331,025
Hotel & Resort REITs — 1.3%
Apple Hospitality REIT, Inc.
12,301
145,767
RLJ Lodging Trust
21,703
161,687
 
307,454
Hotels, Restaurants & Leisure — 0.6%
Brinker International, Inc. *
941
135,052
Household Durables — 2.0%
La-Z-Boy, Inc.
3,113
116,021
M/I Homes, Inc. *
1,765
225,832
Meritage Homes Corp.
1,679
110,478
 
452,331
Household Products — 0.7%
Reynolds Consumer Products, Inc.
7,232
165,757
Industrial REITs — 0.5%
Terreno Realty Corp.
2,065
121,236
Insurance — 3.0%
Safety Insurance Group, Inc.
4,086
318,340
Selective Insurance Group, Inc.
4,579
383,125
 
701,465
Interactive Media & Services — 3.7%
Angi, Inc. *
18,864
243,911
INVESTMENTS
SHARES
VALUE($)
 
Interactive Media & Services — continued
Cars.com, Inc. *
23,363
285,029
MediaAlpha, Inc., Class A *
24,804
321,212
 
850,152
Leisure Products — 0.7%
YETI Holdings, Inc. *
3,671
162,148
Life Sciences Tools & Services — 0.4%
Bruker Corp.
1,910
89,980
Machinery — 4.7%
Atmus Filtration Technologies, Inc.
1,912
99,252
Enpro, Inc.
955
204,494
Hillman Solutions Corp. *
11,791
102,110
Kadant, Inc.
475
135,385
Mueller Industries, Inc.
2,210
253,708
Tennant Co.
2,309
170,173
Toro Co. (The)
1,671
131,541
 
1,096,663
Media — 2.4%
John Wiley & Sons, Inc., Class A
10,054
307,954
Stagwell, Inc. *
50,030
244,647
 
552,601
Multi-Utilities — 1.0%
Unitil Corp.
4,800
232,512
Office REITs — 2.2%
COPT Defense Properties
4,899
136,192
Easterly Government Properties, Inc.
7,292
154,517
Highwoods Properties, Inc.
8,058
208,058
 
498,767
Oil, Gas & Consumable Fuels — 3.6%
Chord Energy Corp.
1,576
146,095
CNX Resources Corp. *
6,352
233,563
Magnolia Oil & Gas Corp., Class A
11,280
246,919
Matador Resources Co.
4,849
205,792
 
832,369
Personal Care Products — 0.6%
Interparfums, Inc.
1,608
136,407
Pharmaceuticals — 0.8%
Prestige Consumer Healthcare, Inc. *
2,851
175,878
Professional Services — 0.4%
Korn Ferry
1,382
91,240
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
5
JPMorgan Active Small Cap Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Residential REITs — 1.7%
Centerspace
2,494
166,400
Independence Realty Trust, Inc.
12,920
225,841
 
392,241
Retail REITs — 2.6%
Kite Realty Group Trust
14,828
355,427
Tanger, Inc.
7,763
259,051
 
614,478
Semiconductors & Semiconductor Equipment — 0.8%
Synaptics, Inc. *
2,647
195,931
Specialty Retail — 2.3%
Group 1 Automotive, Inc.
682
268,231
Petco Health & Wellness Co., Inc. *
27,103
76,159
Urban Outfitters, Inc. *
2,653
199,665
 
544,055
Textiles, Apparel & Luxury Goods — 1.0%
Kontoor Brands, Inc.
3,729
227,805
Trading Companies & Distributors — 1.8%
Applied Industrial Technologies, Inc.
720
184,874
McGrath RentCorp
2,265
237,667
 
422,541
Water Utilities — 0.9%
American States Water Co.
2,734
198,160
Total Common Stocks
(Cost $21,502,139)
22,718,730
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.73% (a) (b)
(Cost $439,053)
439,053
439,053
Total Investments — 99.9%
(Cost $21,941,192)
23,157,783
Other Assets in Excess of Liabilities — 0.1%
21,218
NET ASSETS — 100.0%
23,179,001
 
Percentages indicated are based on net assets.
 
Abbreviations
 
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 December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
6
J.P. Morgan Exchange-Traded Funds
December 31, 2025
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.1%
Aerospace & Defense — 2.9%
Boeing Co. (The) *
118,810
25,796,027
General Dynamics Corp.
126,614
42,625,869
Northrop Grumman Corp.
18,903
10,778,680
RTX Corp.
391,219
71,749,565
 
150,950,141
Automobile Components — 0.2%
Gentex Corp.
383,088
8,914,458
Automobiles — 0.3%
Ford Motor Co.
1,303,345
17,099,886
Banks — 10.3%
Bank of America Corp.
2,690,216
147,961,880
Citigroup, Inc.
295,252
34,452,956
Fifth Third Bancorp
698,918
32,716,352
First Citizens BancShares, Inc., Class A
28,259
60,648,901
Huntington Bancshares, Inc.
1,215,843
21,094,876
M&T Bank Corp.
80,265
16,171,792
Regions Financial Corp.
916,064
24,825,334
US Bancorp
729,040
38,901,574
Wells Fargo & Co.
1,751,871
163,274,377
 
540,048,042
Beverages — 0.3%
PepsiCo, Inc.
116,758
16,757,108
Biotechnology — 3.4%
AbbVie, Inc.
144,325
32,976,819
Biogen, Inc. *
117,541
20,686,041
Ionis Pharmaceuticals, Inc. *
67,394
5,331,539
Neurocrine Biosciences, Inc. *
49,796
7,062,567
Regeneron Pharmaceuticals, Inc.
71,020
54,818,207
Vertex Pharmaceuticals, Inc. *
124,340
56,370,783
 
177,245,956
Broadline Retail — 2.2%
Amazon.com, Inc. *
490,264
113,162,736
Building Products — 0.8%
Carrier Global Corp.
796,654
42,095,197
Capital Markets — 4.9%
Ares Management Corp.
131,746
21,294,106
Bank of New York Mellon Corp. (The)
247,719
28,757,699
Blackrock, Inc.
15,243
16,315,193
Blackstone, Inc.
142,507
21,966,029
Charles Schwab Corp. (The)
480,507
48,007,454
Goldman Sachs Group, Inc. (The)
44,118
38,779,722
INVESTMENTS
SHARES
VALUE($)
 
Capital Markets — continued
Intercontinental Exchange, Inc.
88,104
14,269,324
Morgan Stanley
343,743
61,024,695
Raymond James Financial, Inc.
48,906
7,853,814
 
258,268,036
Chemicals — 1.4%
Air Products and Chemicals, Inc.
152,574
37,688,830
Albemarle Corp.
200,084
28,299,881
Chemours Co. (The)
797,355
9,400,815
 
75,389,526
Commercial Services & Supplies — 0.3%
Republic Services, Inc., Class A
63,927
13,548,049
Construction Materials — 1.4%
Amrize Ltd. * (a)
443,412
23,979,721
James Hardie Industries plc, ADR *
896,417
18,600,653
Vulcan Materials Co.
114,805
32,744,682
 
75,325,056
Consumer Finance — 2.4%
American Express Co.
206,301
76,321,055
Capital One Financial Corp.
194,072
47,035,290
 
123,356,345
Consumer Staples Distribution & Retail — 1.6%
BJ's Wholesale Club Holdings, Inc. *
279,284
25,143,938
Performance Food Group Co. *
209,143
18,806,139
Walmart, Inc.
355,649
39,622,855
 
83,572,932
Containers & Packaging — 0.6%
Ball Corp.
410,943
21,767,650
Silgan Holdings, Inc.
278,878
11,258,305
 
33,025,955
Diversified Telecommunication Services — 0.4%
AT&T, Inc.
810,006
20,120,549
Electric Utilities — 2.7%
Entergy Corp.
199,637
18,452,448
NextEra Energy, Inc.
683,634
54,882,137
PG&E Corp.
411,882
6,618,944
Southern Co. (The)
450,371
39,272,351
Xcel Energy, Inc.
275,885
20,376,866
 
139,602,746
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
7
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electrical Equipment — 2.0%
Eaton Corp. plc
178,622
56,892,893
Emerson Electric Co.
338,320
44,901,831
 
101,794,724
Electronic Equipment, Instruments & Components — 1.6%
CDW Corp.
106,224
14,467,709
Corning, Inc.
432,431
37,863,658
TD SYNNEX Corp.
202,872
30,477,461
 
82,808,828
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A
407,647
18,564,244
Entertainment — 1.3%
Live Nation Entertainment, Inc. *
43,255
6,163,838
Walt Disney Co. (The)
537,085
61,104,160
 
67,267,998
Financial Services — 3.9%
Berkshire Hathaway, Inc., Class B *
237,293
119,275,327
Corpay, Inc. *
66,565
20,031,405
Fidelity National Information Services, Inc.
573,160
38,092,214
Fiserv, Inc. *
372,954
25,051,320
 
202,450,266
Food Products — 0.6%
Mondelez International, Inc., Class A
572,211
30,802,118
Ground Transportation — 2.0%
CSX Corp.
655,502
23,761,947
Ryder System, Inc.
134,051
25,656,021
Saia, Inc. *
42,546
13,892,120
Union Pacific Corp.
168,802
39,047,279
 
102,357,367
Health Care Equipment & Supplies — 1.7%
Becton Dickinson & Co.
69,505
13,488,835
Boston Scientific Corp. *
119,948
11,437,042
GE HealthCare Technologies, Inc.
187,895
15,411,148
Medtronic plc
438,251
42,098,391
Zimmer Biomet Holdings, Inc.
43,338
3,896,953
 
86,332,369
Health Care Providers & Services — 5.5%
Cardinal Health, Inc.
203,080
41,732,940
Cigna Group (The)
89,028
24,503,177
CVS Health Corp.
350,026
27,778,063
Elevance Health, Inc.
89,492
31,371,421
Henry Schein, Inc. *
143,318
10,831,974
INVESTMENTS
SHARES
VALUE($)
 
Health Care Providers & Services — continued
Humana, Inc.
256,010
65,571,841
Labcorp Holdings, Inc.
105,258
26,407,127
Quest Diagnostics, Inc.
79,453
13,787,479
UnitedHealth Group, Inc.
128,548
42,434,980
 
284,419,002
Health Care REITs — 0.4%
Ventas, Inc. (a)
290,387
22,470,146
Hotel & Resort REITs — 0.3%
Host Hotels & Resorts, Inc.
891,481
15,805,958
Hotels, Restaurants & Leisure — 1.5%
Booking Holdings, Inc.
2,264
12,124,467
Darden Restaurants, Inc.
190,491
35,054,154
McDonald's Corp.
108,057
33,025,461
 
80,204,082
Household Durables — 0.5%
Lennar Corp., Class A
274,792
28,248,618
Household Products — 0.4%
Procter & Gamble Co. (The)
162,659
23,310,661
Industrial Conglomerates — 1.0%
3M Co.
319,449
51,143,785
Industrial REITs — 0.2%
Prologis, Inc.
76,570
9,774,926
Insurance — 2.4%
Arthur J Gallagher & Co.
72,735
18,823,091
Chubb Ltd.
60,054
18,744,054
Marsh & McLennan Cos., Inc.
144,579
26,822,296
Progressive Corp. (The)
179,496
40,874,829
Travelers Cos., Inc. (The)
60,421
17,525,715
 
122,789,985
Interactive Media & Services — 4.2%
Alphabet, Inc., Class C
542,714
170,303,653
Meta Platforms, Inc., Class A
54,823
36,188,114
Pinterest, Inc., Class A *
557,133
14,424,174
 
220,915,941
IT Services — 1.1%
Accenture plc, Class A
94,138
25,257,226
GoDaddy, Inc., Class A *
79,577
9,873,914
International Business Machines Corp.
58,870
17,437,883
Okta, Inc. *
59,820
5,172,635
 
57,741,658
SEE NOTES TO FINANCIAL STATEMENTS.
 
8
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Leisure Products — 0.1%
Mattel, Inc. *
382,520
7,589,197
Life Sciences Tools & Services — 1.3%
ICON plc *
176,299
32,125,204
Thermo Fisher Scientific, Inc.
65,526
37,969,040
 
70,094,244
Machinery — 3.3%
AGCO Corp.
53,106
5,540,018
Cummins, Inc.
21,905
11,181,407
Deere & Co.
62,512
29,103,712
Dover Corp.
186,905
36,491,332
Flowserve Corp.
482,269
33,459,823
Gates Industrial Corp. plc *
1,907,480
40,953,596
Parker-Hannifin Corp.
19,306
16,969,202
 
173,699,090
Media — 0.6%
Comcast Corp., Class A
719,070
21,493,002
Omnicom Group, Inc.
119,888
9,680,956
 
31,173,958
Metals & Mining — 1.5%
Alcoa Corp.
636,493
33,823,238
Cleveland-Cliffs, Inc. *
755,518
10,033,279
Freeport-McMoRan, Inc.
271,726
13,800,964
Teck Resources Ltd., Class B (Canada)
461,953
22,122,929
 
79,780,410
Multi-Utilities — 1.3%
CMS Energy Corp.
331,273
23,165,921
Dominion Energy, Inc.
555,542
32,549,206
Public Service Enterprise Group, Inc.
179,450
14,409,835
 
70,124,962
Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.
307,782
46,909,055
ConocoPhillips
493,803
46,224,899
EOG Resources, Inc.
596,547
62,643,400
EQT Corp.
686,257
36,783,375
Range Resources Corp.
552,496
19,481,009
 
212,041,738
Passenger Airlines — 0.7%
Alaska Air Group, Inc. *
176,236
8,864,671
Southwest Airlines Co.
615,894
25,454,899
 
34,319,570
INVESTMENTS
SHARES
VALUE($)
 
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.
889,300
47,968,842
Eli Lilly & Co.
14,574
15,662,386
Johnson & Johnson
415,401
85,967,237
Merck & Co., Inc.
257,075
27,059,715
 
176,658,180
Professional Services — 0.0% ^
Booz Allen Hamilton Holding Corp.
30,360
2,561,170
Real Estate Management & Development — 0.2%
Zillow Group, Inc., Class C *
143,050
9,758,871
Residential REITs — 0.7%
AvalonBay Communities, Inc.
190,044
34,456,878
Invitation Homes, Inc.
97,280
2,703,411
 
37,160,289
Semiconductors & Semiconductor Equipment — 4.6%
Advanced Micro Devices, Inc. *
45,165
9,672,536
Analog Devices, Inc.
185,996
50,442,115
Micron Technology, Inc.
263,168
75,110,779
NXP Semiconductors NV (Netherlands)
228,814
49,666,367
ON Semiconductor Corp. *
340,185
18,421,018
Texas Instruments, Inc.
190,771
33,096,861
Universal Display Corp.
49,292
5,756,320
 
242,165,996
Software — 1.2%
Microsoft Corp.
89,815
43,436,330
Roper Technologies, Inc.
39,695
17,669,436
 
61,105,766
Specialized REITs — 0.8%
American Tower Corp.
69,470
12,196,848
Equinix, Inc.
40,983
31,399,535
 
43,596,383
Specialty Retail — 3.1%
AutoZone, Inc. *
5,784
19,616,436
Home Depot, Inc. (The)
91,684
31,548,465
Lowe's Cos., Inc.
254,558
61,389,207
O'Reilly Automotive, Inc. *
157,544
14,369,588
TJX Cos., Inc. (The)
225,436
34,629,224
 
161,552,920
Technology Hardware, Storage & Peripherals — 2.2%
Hewlett Packard Enterprise Co.
1,289,438
30,972,301
Western Digital Corp.
475,894
81,982,259
 
112,954,560
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
9
JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.6%
Kontoor Brands, Inc.
367,524
22,452,041
NIKE, Inc., Class B
123,373
7,860,094
 
30,312,135
Tobacco — 1.6%
Philip Morris International, Inc.
523,085
83,902,834
Trading Companies & Distributors — 0.7%
AerCap Holdings NV (Ireland)
222,007
31,915,726
United Rentals, Inc.
2,877
2,328,414
 
34,244,140
Total Common Stocks
(Cost $4,702,832,085)
5,172,481,807
Short-Term Investments — 1.3%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73% (b) (c)
(Cost $42,829,575)
42,829,575
42,829,575
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares,
3.82% (b) (c)
(Cost $23,173,867)
23,173,867
23,173,867
Total Short-Term Investments
(Cost $66,003,442)
66,003,442
Total Investments — 100.4%
(Cost $4,768,835,527)
5,238,485,249
Liabilities in Excess of Other Assets —
(0.4)%
(19,265,823
)
NET ASSETS — 100.0%
5,219,219,426
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
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
December 31, 2025. The total value of securities on
loan at December 31, 2025 is $22,279,236.
 
(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 December
31, 2025.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
10
J.P. Morgan Exchange-Traded Funds
December 31, 2025
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 84.5%
Aerospace & Defense — 3.3%
Howmet Aerospace, Inc.
3,007,189
616,533,889
RTX Corp.
3,230,258
592,429,317
TransDigm Group, Inc.
129,947
172,810,018
 
1,381,773,224
Air Freight & Logistics — 0.3%
FedEx Corp.
485,398
140,212,066
Banks — 0.7%
Bank of America Corp.
3,482,072
191,513,960
US Bancorp
2,280,206
121,671,792
 
313,185,752
Beverages — 2.3%
Coca-Cola Co. (The)
3,088,374
215,908,226
Keurig Dr Pepper, Inc.
6,981,994
195,565,652
PepsiCo, Inc.
3,697,443
530,657,020
 
942,130,898
Biotechnology — 3.2%
AbbVie, Inc.
2,964,990
677,470,565
Regeneron Pharmaceuticals, Inc.
513,875
396,644,696
Vertex Pharmaceuticals, Inc. *
542,994
246,171,760
 
1,320,287,021
Broadline Retail — 1.5%
Amazon.com, Inc. *
2,790,918
644,199,693
Building Products — 2.1%
Carrier Global Corp.
6,003,863
317,244,121
Trane Technologies plc
1,394,497
542,738,232
 
859,982,353
Capital Markets — 1.8%
Ameriprise Financial, Inc.
593,157
290,848,603
Charles Schwab Corp. (The)
553,429
55,293,091
CME Group, Inc.
939,501
256,558,933
Intercontinental Exchange, Inc.
371,307
60,136,882
Raymond James Financial, Inc.
497,433
79,882,766
 
742,720,275
Chemicals — 1.4%
Ecolab, Inc.
1,391,909
365,403,951
Linde plc
468,431
199,734,294
 
565,138,245
Construction Materials — 0.5%
Vulcan Materials Co.
674,865
192,484,995
INVESTMENTS
SHARES
VALUE($)
 
Consumer Finance — 1.1%
American Express Co.
1,207,595
446,749,770
Consumer Staples Distribution & Retail — 1.6%
Costco Wholesale Corp.
148,479
128,039,381
Walmart, Inc.
4,773,617
531,828,670
 
659,868,051
Diversified Telecommunication Services — 0.2%
Verizon Communications, Inc. (a)
2,596,061
105,737,565
Electric Utilities — 3.4%
Entergy Corp. (a)
2,667,363
246,544,362
NextEra Energy, Inc.
7,313,562
587,132,757
Southern Co. (The)
6,271,057
546,836,171
Xcel Energy, Inc.
560,665
41,410,717
 
1,421,924,007
Electrical Equipment — 2.4%
Eaton Corp. plc
1,558,936
496,536,706
Emerson Electric Co.
3,686,449
489,265,511
 
985,802,217
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A
2,768,187
374,092,791
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A
1,545,864
70,398,647
Entertainment — 2.3%
Netflix, Inc. *
3,798,555
356,152,517
Walt Disney Co. (The)
5,221,717
594,074,743
 
950,227,260
Financial Services — 4.3%
Berkshire Hathaway, Inc., Class B *
557,108
280,030,336
Corpay, Inc. *
816,349
245,663,905
Mastercard, Inc., Class A
1,120,880
639,887,974
Visa, Inc., Class A
1,776,249
622,948,287
 
1,788,530,502
Food Products — 1.2%
Mondelez International, Inc., Class A
9,232,388
496,979,446
Ground Transportation — 0.4%
Union Pacific Corp.
792,717
183,371,296
Health Care Equipment & Supplies — 3.2%
Boston Scientific Corp. *
1,729,974
164,953,021
Edwards Lifesciences Corp. *
934,561
79,671,325
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
11
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Medtronic plc (a)
5,741,889
551,565,858
Stryker Corp.
1,511,962
531,409,284
 
1,327,599,488
Health Care Providers & Services — 0.6%
Humana, Inc.
491,726
125,945,780
UnitedHealth Group, Inc.
416,646
137,539,011
 
263,484,791
Health Care REITs — 1.1%
Ventas, Inc.
2,561,491
198,208,173
Welltower, Inc.
1,460,862
271,150,596
 
469,358,769
Hotels, Restaurants & Leisure — 4.1%
Chipotle Mexican Grill, Inc., Class A *
9,709,905
359,266,485
Hilton Worldwide Holdings, Inc.
818,536
235,124,466
McDonald's Corp.
1,718,653
525,271,916
Yum! Brands, Inc.
3,748,634
567,093,352
 
1,686,756,219
Household Products — 0.5%
Church & Dwight Co., Inc.
2,174,968
182,371,067
Procter & Gamble Co. (The)
166,392
23,845,637
 
206,216,704
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.
415,362
67,010,351
Industrial Conglomerates — 1.3%
3M Co.
3,443,972
551,379,917
Insurance — 3.8%
Aon plc, Class A
347,501
122,626,153
Arthur J Gallagher & Co.
1,522,511
394,010,622
Chubb Ltd.
962,205
300,323,425
Progressive Corp. (The)
1,630,856
371,378,528
Travelers Cos., Inc. (The)
1,312,801
380,791,058
 
1,569,129,786
Interactive Media & Services — 3.0%
Alphabet, Inc., Class A
2,216,798
693,857,774
Meta Platforms, Inc., Class A
862,018
569,009,462
 
1,262,867,236
INVESTMENTS
SHARES
VALUE($)
 
IT Services — 1.5%
Accenture plc, Class A
924,533
248,052,204
Cognizant Technology Solutions Corp.,
Class A
4,428,240
367,543,920
 
615,596,124
Life Sciences Tools & Services — 0.9%
Danaher Corp.
1,613,694
369,406,830
Machinery — 1.1%
Deere & Co.
498,870
232,258,906
Ingersoll Rand, Inc.
1,014,028
80,331,298
Otis Worldwide Corp.
1,652,716
144,364,743
 
456,954,947
Media — 0.4%
Comcast Corp., Class A
5,744,503
171,703,195
Multi-Utilities — 1.0%
CMS Energy Corp.
1,696,948
118,667,574
Public Service Enterprise Group, Inc.
1,346,522
108,125,717
Sempra
2,027,284
178,988,904
 
405,782,195
Oil, Gas & Consumable Fuels — 1.7%
EOG Resources, Inc.
4,618,619
485,001,181
Exxon Mobil Corp.
1,702,614
204,892,569
 
689,893,750
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.
8,416,948
454,010,175
Eli Lilly & Co.
374,054
401,988,353
Johnson & Johnson
3,315,057
686,051,046
Merck & Co., Inc.
3,308,412
348,243,447
 
1,890,293,021
Professional Services — 0.6%
Automatic Data Processing, Inc.
516,809
132,938,779
Leidos Holdings, Inc.
669,733
120,819,833
 
253,758,612
Semiconductors & Semiconductor Equipment — 5.4%
Analog Devices, Inc.
2,359,910
640,007,592
ASML Holding NV (Registered), NYRS
(Netherlands)
96,451
103,189,067
Broadcom, Inc.
1,231,241
426,132,510
Lam Research Corp.
167,332
28,643,892
NVIDIA Corp.
3,344,153
623,684,534
SEE NOTES TO FINANCIAL STATEMENTS.
 
12
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
NXP Semiconductors NV (Netherlands)
814,448
176,784,083
Texas Instruments, Inc.
1,435,563
249,055,825
 
2,247,497,503
Software — 5.8%
Cadence Design Systems, Inc. *
1,362,727
425,961,205
Intuit, Inc.
799,931
529,890,293
Microsoft Corp.
1,284,437
621,179,422
Oracle Corp.
1,665,968
324,713,823
ServiceNow, Inc. *
3,275,063
501,706,901
 
2,403,451,644
Specialized REITs — 1.6%
American Tower Corp.
915,086
160,661,649
Equinix, Inc.
405,325
310,543,802
SBA Communications Corp.
1,078,263
208,568,412
 
679,773,863
Specialty Retail — 3.9%
AutoZone, Inc. *
19,438
65,923,977
Best Buy Co., Inc. (a)
1,619,955
108,423,588
Burlington Stores, Inc. *
957,481
276,568,387
Lowe's Cos., Inc.
2,359,268
568,961,071
Ross Stores, Inc.
3,455,188
622,417,566
 
1,642,294,589
Technology Hardware, Storage & Peripherals — 1.5%
Apple, Inc.
2,266,779
616,246,539
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B
5,289,181
336,973,722
Tobacco — 0.9%
Altria Group, Inc.
1,411,425
81,382,765
Philip Morris International, Inc.
1,766,339
283,320,776
 
364,703,541
Total Common Stocks
(Cost $28,731,955,964)
35,133,929,410
 
PRINCIPAL
AMOUNT($)
Equity-Linked Notes — 13.8%
BNP Paribas, ELN, 45.20%, 1/20/2026,
(linked to S&P 500 Index) (b)
53,437
373,191,637
BNP Paribas, ELN, 45.49%, 1/21/2026,
(linked to S&P 500 Index) (b)
54,920
383,880,155
BNP Paribas, ELN, 49.68%, 1/9/2026,
(linked to S&P 500 Index) (b)
53,299
369,004,088
INVESTMENTS 
PRINCIPAL
AMOUNT($)
VALUE($)
 
BofA Finance LLC, ELN, 44.93%,
2/9/2026, (linked to S&P 500
Index) (b)
57,277
397,262,000
BofA Finance LLC, ELN, 48.60%,
1/13/2026, (linked to S&P 500
Index) (b)
53,084
369,185,478
BofA Finance LLC, ELN, 50.35%,
1/16/2026, (linked to S&P 500
Index) (b)
53,796
373,620,493
Citigroup Global Markets Holdings Inc.,
ELN, 41.82%, 1/30/2026, (linked to
S&P 500 Index) (b)
56,117
388,846,423
Citigroup Global Markets Holdings, Inc.,
ELN, 47.95%, 1/12/2026, (linked to
S&P 500 Index) (b)
53,141
369,122,396
Royal Bank of Canada, ELN, 43.43%,
2/6/2026, (linked to S&P 500
Index) (b)
57,199
397,853,143
Royal Bank of Canada, ELN, 43.85%,
2/2/2026, (linked to S&P 500
Index) (b)
55,862
390,085,367
Royal Bank of Canada, ELN, 46.85%,
1/27/2026, (linked to S&P 500
Index) (b)
56,681
385,146,443
Royal Bank of Canada, ELN, 48.38%,
1/26/2026, (linked to S&P 500
Index) (b)
57,131
379,525,174
Societe Generale SA, ELN, 42.84%,
2/3/2026, (linked to S&P 500
Index) (b)
55,684
390,150,723
Societe Generale SA, ELN, 44.73%,
2/10/2026, (linked to S&P 500
Index) (b)
57,702
394,999,041
UBS AG, ELN, 45.80%, 1/23/2026,
(linked to S&P 500 Index) (b)
56,468
386,310,516
Total Equity-Linked Notes
(Cost $5,701,996,292)
5,748,183,077
 
SHARES
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73% (c) (d)
(Cost $770,979,057)
770,979,057
770,979,057
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
13
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares,
3.82% (c) (d)
(Cost $14,827,675)
14,827,675
14,827,675
Total Short-Term Investments
(Cost $785,806,732)
785,806,732
Total Investments — 100.2%
(Cost $35,219,758,988)
41,667,919,219
Liabilities in Excess of Other Assets —
(0.2)%
(85,881,115
)
NET ASSETS — 100.0%
41,582,038,104
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ELN
Equity-Linked Note
NYRS
New York Registry Shares
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
December 31, 2025. The total value of securities on
loan at December 31, 2025 is $14,402,987.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(c)
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.
 
(d)
The rate shown is the current yield as of December
31, 2025.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
14
J.P. Morgan Exchange-Traded Funds
December 31, 2025
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 3.1%
Howmet Aerospace, Inc.
715
146,589
Northrop Grumman Corp.
210
119,744
RTX Corp.
809
148,371
Textron, Inc.
476
41,493
 
456,197
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B
482
47,810
Automobile Components — 0.1%
Aptiv plc * (a)
262
19,936
Automobiles — 1.8%
Tesla, Inc. *
586
263,536
Banks — 4.4%
Bank of America Corp.
3,673
202,015
First Citizens BancShares, Inc., Class A
24
51,508
Wells Fargo & Co.
4,146
386,407
 
639,930
Beverages — 0.8%
Coca-Cola Co. (The)
656
45,861
PepsiCo, Inc.
540
77,501
 
123,362
Biotechnology — 2.5%
AbbVie, Inc.
926
211,582
Regeneron Pharmaceuticals, Inc.
135
104,202
Vertex Pharmaceuticals, Inc. *
123
55,763
 
371,547
Broadline Retail — 4.4%
Amazon.com, Inc. *
2,773
640,064
Building Products — 0.7%
Trane Technologies plc
275
107,030
Capital Markets — 3.8%
Ameriprise Financial, Inc.
223
109,346
Blackstone, Inc.
433
66,743
Charles Schwab Corp. (The)
1,172
117,094
CME Group, Inc.
339
92,574
Morgan Stanley
632
112,199
State Street Corp.
438
56,506
 
554,462
Chemicals — 0.7%
Axalta Coating Systems Ltd. *
1,805
58,319
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — continued
DuPont de Nemours, Inc.
579
23,276
Linde plc
38
16,203
 
97,798
Communications Equipment — 0.3%
Arista Networks, Inc. *
216
28,302
Motorola Solutions, Inc.
56
21,466
 
49,768
Construction Materials — 0.3%
Martin Marietta Materials, Inc.
61
37,982
Consumer Finance — 1.3%
American Express Co.
506
187,195
Consumer Staples Distribution & Retail — 1.5%
BJ's Wholesale Club Holdings, Inc. *
529
47,626
Costco Wholesale Corp.
48
41,392
Performance Food Group Co. *
716
64,383
Walmart, Inc.
606
67,514
 
220,915
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
3,062
76,060
Electric Utilities — 1.9%
Entergy Corp.
815
75,331
NextEra Energy, Inc.
1,224
98,263
Southern Co. (The)
1,262
110,046
 
283,640
Electrical Equipment — 0.5%
Eaton Corp. plc
252
80,264
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A
719
97,166
Entertainment — 1.3%
Netflix, Inc. *
510
47,818
Spotify Technology SA *
55
31,939
Walt Disney Co. (The)
973
110,698
 
190,455
Financial Services — 3.2%
Berkshire Hathaway, Inc., Class B *
233
117,118
Corpay, Inc. *
110
33,102
Fidelity National Information Services, Inc.
653
43,398
Mastercard, Inc., Class A
487
278,019
 
471,637
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
15
JPMorgan Fundamental Data Science Large Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Food Products — 0.7%
Mondelez International, Inc., Class A
1,802
97,002
Ground Transportation — 1.0%
CSX Corp.
4,040
146,450
Health Care Equipment & Supplies — 1.9%
Edwards Lifesciences Corp. *
660
56,265
Medtronic plc
1,055
101,343
Stryker Corp.
349
122,663
 
280,271
Health Care Providers & Services — 1.3%
Cigna Group (The)
219
60,275
UnitedHealth Group, Inc.
392
129,403
 
189,678
Health Care REITs — 0.3%
Ventas, Inc. (a)
670
51,845
Hotels, Restaurants & Leisure — 1.7%
Chipotle Mexican Grill, Inc., Class A *
1,194
44,178
Hilton Worldwide Holdings, Inc.
297
85,313
McDonald's Corp.
383
117,057
 
246,548
Household Products — 0.3%
Procter & Gamble Co. (The)
264
37,834
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
82
13,229
Industrial Conglomerates — 0.7%
3M Co.
661
105,826
Industrial REITs — 0.6%
Prologis, Inc.
679
86,681
Insurance — 1.5%
Arthur J Gallagher & Co.
166
42,959
MetLife, Inc.
767
60,547
Progressive Corp. (The)
509
115,910
 
219,416
Interactive Media & Services — 8.0%
Alphabet, Inc., Class A
2,256
706,128
Meta Platforms, Inc., Class A
705
465,363
 
1,171,491
IT Services — 0.5%
Cognizant Technology Solutions Corp., Class A
807
66,981
Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific, Inc.
225
130,376
INVESTMENTS
SHARES
VALUE($)
 
Machinery — 1.1%
Deere & Co.
172
80,078
Dover Corp.
453
88,444
 
168,522
Media — 0.6%
Comcast Corp., Class A
2,933
87,667
Multi-Utilities — 0.5%
CMS Energy Corp.
1,098
76,783
Oil, Gas & Consumable Fuels — 3.0%
ConocoPhillips
1,152
107,839
EOG Resources, Inc.
980
102,910
Exxon Mobil Corp.
1,903
229,007
 
439,756
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.
2,534
136,684
Elanco Animal Health, Inc. *
2,109
47,727
Eli Lilly & Co.
195
209,562
Johnson & Johnson
226
46,771
 
440,744
Professional Services — 0.3%
Leidos Holdings, Inc.
284
51,234
Semiconductors & Semiconductor Equipment — 14.9%
Advanced Micro Devices, Inc. *
187
40,048
Analog Devices, Inc.
263
71,326
ASML Holding NV (Registered), NYRS (Netherlands)
46
49,213
Broadcom, Inc.
1,099
380,364
Lam Research Corp.
647
110,753
Micron Technology, Inc.
722
206,066
NVIDIA Corp.
6,584
1,227,916
NXP Semiconductors NV (Netherlands)
402
87,258
Qnity Electronics, Inc.
289
23,597
 
2,196,541
Software — 10.6%
AppLovin Corp., Class A *
38
25,605
Autodesk, Inc. *
109
32,265
Cadence Design Systems, Inc. *
113
35,321
Intuit, Inc.
166
109,962
Microsoft Corp.
2,191
1,059,611
Oracle Corp.
268
52,236
Palantir Technologies, Inc., Class A *
265
47,104
Roper Technologies, Inc.
59
26,263
SEE NOTES TO FINANCIAL STATEMENTS.
 
16
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Salesforce, Inc.
354
93,778
ServiceNow, Inc. *
485
74,297
 
1,556,442
Specialized REITs — 0.5%
Digital Realty Trust, Inc.
487
75,344
Specialty Retail — 2.1%
AutoZone, Inc. *
22
74,613
Lowe's Cos., Inc.
626
150,966
TJX Cos., Inc. (The)
568
87,251
 
312,830
Technology Hardware, Storage & Peripherals — 8.1%
Apple, Inc.
3,694
1,004,251
Hewlett Packard Enterprise Co.
2,923
70,210
Seagate Technology Holdings plc
400
110,156
 
1,184,617
Tobacco — 1.2%
Philip Morris International, Inc.
1,079
173,072
Total Common Stocks
(Cost $12,106,763)
14,623,934
Short-Term Investments — 1.0%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.73% (b) (c)
(Cost $71,337)
71,337
71,337
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.82% (b) (c)
(Cost $72,184)
72,184
72,184
Total Short-Term Investments
(Cost $143,521)
143,521
Total Investments — 100.5%
(Cost $12,250,284)
14,767,455
Liabilities in Excess of Other Assets — (0.5)%
(67,616
)
NET ASSETS — 100.0%
14,699,839
 
Percentages indicated are based on net assets.
 
Abbreviations
 
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at December
31, 2025. The total value of securities on loan at December 31,
2025 is $69,546.
(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 December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
17
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 95.6%
Aerospace & Defense — 3.3%
Axon Enterprise, Inc. *
41
23,285
HEICO Corp., Class A
232
58,564
Howmet Aerospace, Inc.
481
98,614
L3Harris Technologies, Inc.
70
20,550
Textron, Inc.
395
34,432
 
235,445
Automobile Components — 0.3%
Aptiv plc * (a)
295
22,446
Banks — 3.3%
Fifth Third Bancorp
305
14,277
First Citizens BancShares, Inc., Class A
18
38,631
First Horizon Corp.
2,317
55,353
M&T Bank Corp.
348
70,115
Regions Financial Corp.
1,893
51,300
 
229,676
Biotechnology — 2.0%
Alnylam Pharmaceuticals, Inc. *
132
52,490
Insmed, Inc. *
98
17,056
Natera, Inc. *
287
65,749
Viking Therapeutics, Inc. *
170
5,980
 
141,275
Building Products — 1.4%
AAON, Inc.
228
17,385
Carlisle Cos., Inc.
89
28,468
Fortune Brands Innovations, Inc.
622
31,112
Masco Corp.
317
20,117
 
97,082
Capital Markets — 5.5%
Ares Management Corp.
281
45,418
Coinbase Global, Inc., Class A *
54
12,212
LPL Financial Holdings, Inc.
74
26,431
MSCI, Inc.
82
47,046
Northern Trust Corp.
415
56,685
Raymond James Financial, Inc.
443
71,141
Robinhood Markets, Inc., Class A *
301
34,043
State Street Corp.
592
76,374
Tradeweb Markets, Inc., Class A
138
14,840
 
384,190
Chemicals — 1.3%
Axalta Coating Systems Ltd. *
1,167
37,706
Chemours Co. (The)
1,553
18,310
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — continued
Element Solutions, Inc.
1,048
26,190
LyondellBasell Industries NV, Class A
238
10,305
 
92,511
Commercial Services & Supplies — 0.5%
Veralto Corp.
388
38,715
Communications Equipment — 0.4%
Ciena Corp. *
124
29,000
Construction & Engineering — 1.4%
Comfort Systems USA, Inc.
36
33,599
Quanta Services, Inc.
153
64,575
 
98,174
Construction Materials — 1.3%
Eagle Materials, Inc.
150
31,002
Martin Marietta Materials, Inc.
101
62,889
 
93,891
Consumer Finance — 1.0%
Ally Financial, Inc.
469
21,241
Capital One Financial Corp.
203
49,199
 
70,440
Consumer Staples Distribution & Retail — 2.3%
BJ's Wholesale Club Holdings, Inc. *
521
46,906
Maplebear, Inc. *
446
20,061
Performance Food Group Co. *
655
58,898
US Foods Holding Corp. *
517
38,940
 
164,805
Containers & Packaging — 1.5%
AptarGroup, Inc.
238
29,027
Ball Corp.
598
31,676
Packaging Corp. of America
215
44,339
 
105,042
Distributors — 0.7%
Genuine Parts Co.
113
13,894
LKQ Corp.
862
26,032
Pool Corp.
42
9,608
 
49,534
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc. *
127
12,878
SEE NOTES TO FINANCIAL STATEMENTS.
 
18
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electric Utilities — 2.0%
Entergy Corp.
656
60,634
Xcel Energy, Inc.
1,057
78,070
 
138,704
Electrical Equipment — 2.3%
Acuity, Inc.
108
38,884
AMETEK, Inc.
295
60,567
Hubbell, Inc.
88
39,082
Vertiv Holdings Co., Class A
138
22,357
 
160,890
Electronic Equipment, Instruments & Components — 1.9%
Corning, Inc.
192
16,812
TD SYNNEX Corp.
329
49,426
Teledyne Technologies, Inc. *
76
38,815
Zebra Technologies Corp., Class A *
125
30,352
 
135,405
Energy Equipment & Services — 1.2%
Baker Hughes Co., Class A
787
35,840
TechnipFMC plc (United Kingdom)
1,032
45,986
 
81,826
Entertainment — 1.8%
ROBLOX Corp., Class A *
214
17,340
Take-Two Interactive Software, Inc. *
184
47,110
Warner Bros Discovery, Inc. *
2,086
60,118
 
124,568
Financial Services — 2.0%
Affirm Holdings, Inc. *
175
13,025
Block, Inc. *
173
11,261
Corpay, Inc. *
80
24,074
Fidelity National Information Services, Inc.
938
62,340
MGIC Investment Corp.
1,061
31,002
 
141,702
Food Products — 1.7%
General Mills, Inc.
673
31,294
Hershey Co. (The)
205
37,306
Post Holdings, Inc. *
286
28,328
Tyson Foods, Inc., Class A
403
23,624
 
120,552
Ground Transportation — 1.3%
JB Hunt Transport Services, Inc.
295
57,330
Saia, Inc. *
104
33,958
 
91,288
INVESTMENTS
SHARES
VALUE($)
 
Health Care Equipment & Supplies — 1.5%
Dexcom, Inc. *
177
11,748
Envista Holdings Corp. *
814
17,672
GE HealthCare Technologies, Inc.
467
38,303
QuidelOrtho Corp. *
457
13,052
Zimmer Biomet Holdings, Inc.
275
24,728
 
105,503
Health Care Providers & Services — 3.1%
Cardinal Health, Inc.
391
80,351
Encompass Health Corp.
415
44,048
Humana, Inc.
159
40,725
Quest Diagnostics, Inc.
316
54,835
 
219,959
Health Care REITs — 1.1%
Healthpeak Properties, Inc.
1,441
23,171
Ventas, Inc.
687
53,160
 
76,331
Health Care Technology — 0.4%
Veeva Systems, Inc., Class A *
125
27,904
Hotel & Resort REITs — 0.6%
Host Hotels & Resorts, Inc.
2,215
39,272
Hotels, Restaurants & Leisure — 4.6%
Darden Restaurants, Inc.
286
52,630
Expedia Group, Inc.
223
63,178
Flutter Entertainment plc (United Kingdom) *
155
33,331
Hilton Worldwide Holdings, Inc.
270
77,558
Royal Caribbean Cruises Ltd.
152
42,396
Yum! Brands, Inc.
341
51,586
 
320,679
Household Durables — 1.2%
Garmin Ltd.
226
45,844
Toll Brothers, Inc.
280
37,862
 
83,706
Household Products — 0.2%
Church & Dwight Co., Inc.
207
17,357
Independent Power and Renewable Electricity Producers — 0.7%
Vistra Corp.
295
47,592
Industrial REITs — 0.7%
Americold Realty Trust, Inc. (a)
716
9,208
EastGroup Properties, Inc.
218
38,834
 
48,042
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
19
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Insurance — 4.0%
Arch Capital Group Ltd. *
727
69,734
Arthur J Gallagher & Co.
100
25,879
Hartford Insurance Group, Inc. (The)
489
67,384
Loews Corp.
648
68,241
Prudential Financial, Inc.
192
21,673
RLI Corp.
390
24,952
 
277,863
Interactive Media & Services — 0.3%
IAC, Inc. *
200
7,820
Pinterest, Inc., Class A *
647
16,751
 
24,571
IT Services — 2.4%
Cloudflare, Inc., Class A *
92
18,138
Cognizant Technology Solutions Corp., Class A
631
52,373
Gartner, Inc. *
84
21,192
GoDaddy, Inc., Class A *
181
22,458
MongoDB, Inc., Class A *
77
32,316
Twilio, Inc., Class A *
182
25,888
 
172,365
Life Sciences Tools & Services — 1.9%
IQVIA Holdings, Inc. *
232
52,295
Mettler-Toledo International, Inc. *
34
47,403
West Pharmaceutical Services, Inc.
117
32,191
 
131,889
Machinery — 3.5%
AGCO Corp.
225
23,472
Dover Corp.
376
73,410
IDEX Corp.
210
37,367
ITT, Inc.
131
22,730
Lincoln Electric Holdings, Inc.
89
21,328
Westinghouse Air Brake Technologies Corp.
318
67,877
 
246,184
Media — 0.5%
Charter Communications, Inc., Class A * (a)
89
18,579
Trade Desk, Inc. (The), Class A *
388
14,728
 
33,307
Metals & Mining — 0.6%
Alcoa Corp.
814
43,256
Multi-Utilities — 3.4%
Ameren Corp.
572
57,120
CMS Energy Corp.
1,007
70,419
INVESTMENTS
SHARES
VALUE($)
 
Multi-Utilities — continued
NiSource, Inc.
978
40,841
Public Service Enterprise Group, Inc.
246
19,754
WEC Energy Group, Inc. (a)
458
48,301
 
236,435
Oil, Gas & Consumable Fuels — 4.2%
Cheniere Energy, Inc.
241
46,848
Coterra Energy, Inc.
1,617
42,559
Diamondback Energy, Inc.
312
46,903
DT Midstream, Inc.
299
35,784
EQT Corp.
553
29,641
Marathon Petroleum Corp.
326
53,017
Williams Cos., Inc. (The)
623
37,449
 
292,201
Passenger Airlines — 0.9%
Delta Air Lines, Inc.
877
60,864
Personal Care Products — 0.2%
Kenvue, Inc.
840
14,490
Pharmaceuticals — 0.8%
Jazz Pharmaceuticals plc *
321
54,570
Professional Services — 1.9%
Booz Allen Hamilton Holding Corp.
169
14,257
Leidos Holdings, Inc.
199
35,900
Paylocity Holding Corp. *
119
18,147
SS&C Technologies Holdings, Inc.
748
65,390
 
133,694
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A *
408
65,602
Residential REITs — 1.1%
AvalonBay Communities, Inc.
245
44,421
Mid-America Apartment Communities, Inc.
221
30,699
 
75,120
Retail REITs — 0.7%
Regency Centers Corp.
726
50,116
Semiconductors & Semiconductor Equipment — 2.4%
Entegris, Inc.
350
29,488
MACOM Technology Solutions Holdings, Inc. *
61
10,448
Microchip Technology, Inc.
504
32,115
ON Semiconductor Corp. *
635
34,385
Teradyne, Inc.
332
64,262
 
170,698
SEE NOTES TO FINANCIAL STATEMENTS.
 
20
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — 2.4%
Confluent, Inc., Class A *
430
13,003
Datadog, Inc., Class A *
194
26,382
Fair Isaac Corp. *
7
11,834
HubSpot, Inc. *
80
32,104
Manhattan Associates, Inc. *
137
23,744
nCino, Inc. *
290
7,436
Nutanix, Inc., Class A *
454
23,467
Tyler Technologies, Inc. *
64
29,053
 
167,023
Specialized REITs — 1.9%
CubeSmart
1,054
37,997
Digital Realty Trust, Inc.
118
18,256
SBA Communications Corp.
226
43,715
Weyerhaeuser Co.
1,297
30,726
 
130,694
Specialty Retail — 3.4%
Bath & Body Works, Inc.
1,030
20,683
Best Buy Co., Inc.
523
35,004
Burlington Stores, Inc. *
158
45,638
Carvana Co. * (a)
100
42,202
Ross Stores, Inc.
392
70,615
Tractor Supply Co.
432
21,604
 
235,746
Technology Hardware, Storage & Peripherals — 1.8%
Hewlett Packard Enterprise Co.
2,095
50,322
Super Micro Computer, Inc. *
101
2,956
Western Digital Corp.
426
73,387
 
126,665
Textiles, Apparel & Luxury Goods — 0.7%
Ralph Lauren Corp.
147
51,981
Trading Companies & Distributors — 1.0%
Core & Main, Inc., Class A *
632
32,845
WW Grainger, Inc.
40
40,362
 
73,207
Total Common Stocks
(Cost $6,240,080)
6,714,925
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 6.0%
Investment Companies — 4.0%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.73% (b) (c)
(Cost $280,381)
280,381
280,381
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.82% (b) (c)
(Cost $140,936)
140,936
140,936
Total Short-Term Investments
(Cost $421,317)
421,317
Total Investments — 101.6%
(Cost $6,661,397)
7,136,242
Liabilities in Excess of Other Assets — (1.6)%
(111,190
)
NET ASSETS — 100.0%
7,025,052
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at December
31, 2025. The total value of securities on loan at December 31,
2025 is $136,399.
(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 December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
21
JPMorgan Fundamental Data Science Mid Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
Futures contracts outstanding as of December 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P MidCap 400 Micro E-Mini Index
8
03/20/2026
USD
265,968
(4,248
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
22
J.P. Morgan Exchange-Traded Funds
December 31, 2025
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 95.6%
Aerospace & Defense — 1.6%
AeroVironment, Inc. * (a)
125
30,236
Kratos Defense & Security Solutions, Inc. *
80
6,073
Moog, Inc., Class A
207
50,415
V2X, Inc. *
538
29,348
 
116,072
Automobile Components — 1.4%
LCI Industries
454
55,088
Visteon Corp.
454
43,176
 
98,264
Banks — 10.3%
Amalgamated Financial Corp.
526
16,848
BancFirst Corp.
301
31,912
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
667
33,230
BankUnited, Inc.
1,462
65,161
Business First Bancshares, Inc.
423
11,057
Byline Bancorp, Inc.
393
11,456
Camden National Corp.
774
33,576
City Holding Co.
381
45,415
Enterprise Financial Services Corp.
474
25,596
First Financial Bancorp
2,039
51,016
First Interstate BancSystem, Inc., Class A (a)
1,778
61,519
First Merchants Corp.
1,293
48,462
Heritage Commerce Corp.
2,726
32,739
Independent Bank Corp.
440
14,313
OceanFirst Financial Corp.
1,213
21,774
Old Second Bancorp, Inc.
964
18,798
Pathward Financial, Inc.
258
18,318
Provident Financial Services, Inc.
1,632
32,232
QCR Holdings, Inc.
394
32,820
Simmons First National Corp., Class A
1,482
27,936
TriCo Bancshares
1,133
53,670
WSFS Financial Corp.
1,025
56,621
 
744,469
Biotechnology — 8.7%
Alkermes plc *
1,072
29,994
Amicus Therapeutics, Inc. *
2,995
42,649
Apogee Therapeutics, Inc. *
433
32,683
Arcellx, Inc. *
265
17,278
Arrowhead Pharmaceuticals, Inc. *
266
17,660
Aurinia Pharmaceuticals, Inc. (Canada) *
548
8,741
CRISPR Therapeutics AG (Switzerland) * (a)
136
7,132
Cytokinetics, Inc. *
315
20,015
Disc Medicine, Inc. *
302
23,982
INVESTMENTS
SHARES
VALUE($)
 
Biotechnology — continued
Dyne Therapeutics, Inc. *
1,117
21,848
Halozyme Therapeutics, Inc. *
447
30,083
Insmed, Inc. *
192
33,416
Mirum Pharmaceuticals, Inc. *
418
33,018
Nuvalent, Inc., Class A *
290
29,171
Protagonist Therapeutics, Inc. * (a)
416
36,333
REGENXBIO, Inc. *
2,336
33,638
Revolution Medicines, Inc. *
319
25,408
Rhythm Pharmaceuticals, Inc. *
424
45,385
Sionna Therapeutics, Inc. *
584
24,026
TG Therapeutics, Inc. *
218
6,499
Twist Bioscience Corp. * (a)
888
28,167
Vaxcyte, Inc. *
677
31,237
Viking Therapeutics, Inc. *
247
8,689
Xenon Pharmaceuticals, Inc. (Canada) *
901
40,383
 
627,435
Broadline Retail — 0.2%
Savers Value Village, Inc. *
1,425
13,310
Building Products — 2.0%
AZZ, Inc.
553
59,271
Griffon Corp.
342
25,188
Janus International Group, Inc. *
1,791
11,713
Modine Manufacturing Co. *
340
45,393
 
141,565
Capital Markets — 2.3%
Acadian Asset Management, Inc.
282
13,254
Donnelley Financial Solutions, Inc. *
764
35,671
Hamilton Lane, Inc., Class A
205
27,534
Moelis & Co., Class A
368
25,296
StoneX Group, Inc. *
253
24,068
Virtus Investment Partners, Inc.
226
36,872
 
162,695
Chemicals — 2.6%
Balchem Corp.
253
38,800
Hawkins, Inc.
168
23,866
HB Fuller Co.
302
17,957
Innospec, Inc.
430
32,912
Orion SA (Germany)
689
3,638
Perimeter Solutions, Inc. *
2,027
55,803
Quaker Chemical Corp.
127
17,439
 
190,415
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
23
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.
793
33,544
UniFirst Corp.
66
12,731
 
46,275
Construction & Engineering — 1.7%
MYR Group, Inc. *
193
42,171
Primoris Services Corp.
415
51,518
Sterling Infrastructure, Inc. *
96
29,398
 
123,087
Consumer Finance — 0.9%
Enova International, Inc. *
295
46,374
Upstart Holdings, Inc. * (a)
336
14,693
 
61,067
Consumer Staples Distribution & Retail — 1.0%
Chefs' Warehouse, Inc. (The) *
941
58,652
Sprouts Farmers Market, Inc. *
137
10,915
 
69,567
Diversified Consumer Services — 1.4%
Driven Brands Holdings, Inc. * (a)
2,841
42,104
Graham Holdings Co., Class B
40
43,944
OneSpaWorld Holdings Ltd. (Bahamas)
731
15,161
 
101,209
Diversified REITs — 0.4%
Essential Properties Realty Trust, Inc.
923
27,376
Diversified Telecommunication Services — 0.8%
Bandwidth, Inc., Class A *
713
11,016
Iridium Communications, Inc.
571
9,924
Liberty Latin America Ltd., Class C (Puerto Rico) *
2,392
17,844
Lumen Technologies, Inc. *
2,785
21,640
 
60,424
Electric Utilities — 0.9%
Oklo, Inc. * (a)
173
12,415
Portland General Electric Co.
1,053
50,533
 
62,948
Electrical Equipment — 3.7%
Atkore, Inc.
182
11,511
Bloom Energy Corp., Class A *
750
65,167
EnerSys
237
34,780
Nextpower, Inc., Class A *
587
51,134
Shoals Technologies Group, Inc., Class A *
2,286
19,431
INVESTMENTS
SHARES
VALUE($)
 
Electrical Equipment — continued
Thermon Group Holdings, Inc. *
371
13,786
Vicor Corp. *
643
70,473
 
266,282
Electronic Equipment, Instruments & Components — 4.8%
Badger Meter, Inc.
174
30,347
Fabrinet (Thailand) *
218
99,251
Knowles Corp. *
1,966
42,132
Napco Security Technologies, Inc.
459
19,140
Plexus Corp. *
220
32,340
Sanmina Corp. *
205
30,764
ScanSource, Inc. *
694
27,108
TTM Technologies, Inc. *
726
50,094
Vishay Intertechnology, Inc.
1,183
17,142
 
348,318
Energy Equipment & Services — 2.1%
Cactus, Inc., Class A
784
35,813
Kodiak Gas Services, Inc.
555
20,757
Liberty Energy, Inc.
1,170
21,598
Select Water Solutions, Inc.
1,252
13,171
SLB Ltd.
1,294
49,664
Transocean Ltd. * (a)
3,081
12,725
 
153,728
Entertainment — 0.1%
Lionsgate Studios Corp. *
956
8,728
Financial Services — 2.1%
Enact Holdings, Inc.
728
28,858
Jackson Financial, Inc., Class A
242
25,809
Radian Group, Inc.
1,533
55,173
Remitly Global, Inc. *
1,339
18,478
WEX, Inc. *
129
19,219
 
147,537
Food Products — 0.8%
Dole plc
1,020
15,290
Utz Brands, Inc.
2,782
28,877
Vital Farms, Inc. * (a)
453
14,469
 
58,636
Gas Utilities — 1.4%
Chesapeake Utilities Corp.
412
51,401
ONE Gas, Inc.
334
25,802
Southwest Gas Holdings, Inc.
312
24,966
 
102,169
SEE NOTES TO FINANCIAL STATEMENTS.
 
24
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Ground Transportation — 0.4%
Marten Transport Ltd.
2,551
29,030
Health Care Equipment & Supplies — 3.6%
AtriCure, Inc. *
464
18,356
Axogen, Inc. *
507
16,594
ICU Medical, Inc. *
323
46,082
Inmode Ltd. *
1,806
26,530
Inogen, Inc. *
1,118
7,513
iRhythm Technologies, Inc. *
282
50,038
Lantheus Holdings, Inc. *
79
5,257
LivaNova plc *
408
25,104
Omnicell, Inc. *
249
11,280
PROCEPT BioRobotics Corp. *
336
10,571
QuidelOrtho Corp. *
898
25,647
Utah Medical Products, Inc.
256
14,326
 
257,298
Health Care Providers & Services — 1.7%
Concentra Group Holdings Parent, Inc.
1,739
34,224
HealthEquity, Inc. *
503
46,080
Hims & Hers Health, Inc. * (a)
385
12,501
Option Care Health, Inc. *
630
20,072
PACS Group, Inc. *
314
12,054
 
124,931
Health Care REITs — 1.0%
CareTrust REIT, Inc.
1,086
39,270
Sabra Health Care REIT, Inc.
1,815
34,376
 
73,646
Health Care Technology — 0.1%
Evolent Health, Inc., Class A *
1,653
6,612
Health Catalyst, Inc. *
1,629
3,893
 
10,505
Hotel & Resort REITs — 1.5%
RLJ Lodging Trust
1,378
10,266
Ryman Hospitality Properties, Inc.
722
68,315
Sunstone Hotel Investors, Inc.
2,308
20,634
Xenia Hotels & Resorts, Inc.
814
11,510
 
110,725
Hotels, Restaurants & Leisure — 2.1%
Accel Entertainment, Inc. *
800
9,128
Bloomin' Brands, Inc.
769
4,745
First Watch Restaurant Group, Inc. * (a)
677
10,209
Hilton Grand Vacations, Inc. *
393
17,587
INVESTMENTS
SHARES
VALUE($)
 
Hotels, Restaurants & Leisure — continued
Life Time Group Holdings, Inc. *
1,877
49,890
Monarch Casino & Resort, Inc.
640
61,248
 
152,807
Household Durables — 1.5%
Green Brick Partners, Inc. *
124
7,770
La-Z-Boy, Inc.
406
15,132
M/I Homes, Inc. *
333
42,607
Sonos, Inc. *
1,581
27,762
Tri Pointe Homes, Inc. *
421
13,249
 
106,520
Household Products — 0.3%
Spectrum Brands Holdings, Inc.
365
21,564
Industrial REITs — 0.3%
Terreno Realty Corp.
414
24,306
Insurance — 1.1%
Oscar Health, Inc., Class A *
989
14,212
Palomar Holdings, Inc. *
108
14,554
Safety Insurance Group, Inc.
329
25,632
Selective Insurance Group, Inc.
319
26,691
 
81,089
Interactive Media & Services — 0.9%
Angi, Inc. *
341
4,409
Cargurus, Inc. *
685
26,270
IAC, Inc. *
548
21,427
MediaAlpha, Inc., Class A *
1,153
14,931
 
67,037
IT Services — 0.8%
Applied Digital Corp. * (a)
414
10,151
DigitalOcean Holdings, Inc. *
827
39,795
Unisys Corp. *
2,097
5,788
 
55,734
Life Sciences Tools & Services — 0.2%
Adaptive Biotechnologies Corp. *
664
10,783
CryoPort, Inc. *
713
6,845
 
17,628
Machinery — 4.3%
Atmus Filtration Technologies, Inc.
1,247
64,732
Blue Bird Corp. *
270
12,690
Douglas Dynamics, Inc.
963
31,442
Hillman Solutions Corp. *
4,163
36,051
Kadant, Inc.
97
27,647
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
25
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Machinery — continued
Mueller Industries, Inc.
416
47,757
SPX Technologies, Inc. *
198
39,612
Watts Water Technologies, Inc., Class A
171
47,199
 
307,130
Media — 0.8%
EchoStar Corp., Class A *
82
8,914
John Wiley & Sons, Inc., Class A
818
25,055
Magnite, Inc. *
1,084
17,593
Thryv Holdings, Inc. *
587
3,551
 
55,113
Metals & Mining — 0.9%
Coeur Mining, Inc. *
2,141
38,174
Commercial Metals Co.
186
12,875
Warrior Met Coal, Inc.
195
17,193
 
68,242
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Ladder Capital Corp.
1,820
20,002
Multi-Utilities — 0.3%
Unitil Corp.
511
24,753
Office REITs — 0.5%
COPT Defense Properties
1,235
34,333
Oil, Gas & Consumable Fuels — 1.9%
CNX Resources Corp. *
1,337
49,161
Core Natural Resources, Inc.
114
10,090
International Seaways, Inc.
316
15,342
Peabody Energy Corp.
374
11,108
SM Energy Co.
1,721
32,183
Teekay Tankers Ltd., Class A (Canada)
314
16,774
 
134,658
Passenger Airlines — 0.5%
Joby Aviation, Inc. *
450
5,940
SkyWest, Inc. *
267
26,809
 
32,749
Personal Care Products — 0.2%
Edgewell Personal Care Co.
821
13,998
Pharmaceuticals — 1.4%
Amneal Pharmaceuticals, Inc. *
860
10,836
ANI Pharmaceuticals, Inc. *
92
7,262
Axsome Therapeutics, Inc. *
87
15,890
Crinetics Pharmaceuticals, Inc. *
447
20,808
LB Pharmaceuticals, Inc. *
515
11,464
INVESTMENTS
SHARES
VALUE($)
 
Pharmaceuticals — continued
Prestige Consumer Healthcare, Inc. *
294
18,137
Terns Pharmaceuticals, Inc. *
443
17,897
 
102,294
Professional Services — 1.9%
Barrett Business Services, Inc.
379
13,724
Conduent, Inc. *
2,896
5,560
ExlService Holdings, Inc. *
901
38,238
First Advantage Corp. *
1,851
26,895
IBEX Holdings Ltd. *
627
23,939
Verra Mobility Corp. *
1,102
24,696
 
133,052
Real Estate Management & Development — 0.6%
Cushman & Wakefield Ltd. *
2,540
41,123
Residential REITs — 0.4%
Centerspace
394
26,288
Retail REITs — 0.8%
Kite Realty Group Trust
2,367
56,737
Semiconductors & Semiconductor Equipment — 3.6%
ACM Research, Inc., Class A *
281
11,085
Credo Technology Group Holding Ltd. *
631
90,795
Penguin Solutions, Inc. *
705
13,790
Power Integrations, Inc. (a)
719
25,553
Rambus, Inc. *
624
57,339
Rigetti Computing, Inc. * (a)
373
8,262
Semtech Corp. *
177
13,043
Synaptics, Inc. *
492
36,418
 
256,285
Software — 4.8%
AvePoint, Inc. *
1,069
14,849
BlackLine, Inc. *
908
50,203
Braze, Inc., Class A *
387
13,270
Clear Secure, Inc., Class A
920
32,274
Clearwater Analytics Holdings, Inc., Class A * (a)
1,841
44,405
Core Scientific, Inc. * (a)
1,356
19,744
D-Wave Quantum, Inc. (Canada) *
282
7,374
Freshworks, Inc., Class A *
3,374
41,332
LiveRamp Holdings, Inc. *
479
14,068
MARA Holdings, Inc. *
534
4,795
Ooma, Inc. *
807
9,466
Qualys, Inc. *
356
47,313
Riot Platforms, Inc. *
602
7,627
Vertex, Inc., Class A *
562
11,223
SEE NOTES TO FINANCIAL STATEMENTS.
 
26
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Workiva, Inc. *
209
18,026
Zeta Global Holdings Corp., Class A *
612
12,454
 
348,423
Specialty Retail — 2.1%
Abercrombie & Fitch Co., Class A *
196
24,671
Arhaus, Inc. *
1,815
20,346
Group 1 Automotive, Inc.
130
51,129
Petco Health & Wellness Co., Inc. *
2,080
5,845
Urban Outfitters, Inc. *
347
26,115
Warby Parker, Inc., Class A *
975
21,245
 
149,351
Technology Hardware, Storage & Peripherals — 0.3%
IonQ, Inc. * (a)
403
18,083
Textiles, Apparel & Luxury Goods — 0.9%
Kontoor Brands, Inc.
585
35,738
Steven Madden Ltd.
732
30,480
 
66,218
Trading Companies & Distributors — 1.8%
Applied Industrial Technologies, Inc.
118
30,299
DNOW, Inc. *
1,391
18,431
McGrath RentCorp
356
37,355
Rush Enterprises, Inc., Class A
855
46,118
 
132,203
Total Common Stocks
(Cost $6,160,371)
6,885,431
 
NO. OF
RIGHTS
Rights — 0.0% ^
Biotechnology — 0.0% ^
Akero Therapeutics, Inc., CVR ‡ *
268
174
Blueprint Medicines Corp., CVR ‡ *
205
—
iTeos Therapeutics, Inc., CVR ‡ *
1,360
—
Total Rights
(Cost $174)
174
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 9.9%
Investment Companies — 4.2%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.73% (b) (c)
(Cost $304,581)
304,581
304,581
Investment of Cash Collateral from Securities Loaned — 5.7%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.82% (b) (c)
(Cost $405,718)
405,718
405,718
Total Short-Term Investments
(Cost $710,299)
710,299
Total Investments — 105.5%
(Cost $6,870,844)
7,595,904
Liabilities in Excess of Other Assets — (5.5)%
(396,613
)
NET ASSETS — 100.0%
7,199,291
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CVR
Contingent Value Rights
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
December 31, 2025. The total value of securities on
loan at December 31, 2025 is $392,899.
 
(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 December
31, 2025.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
27
JPMorgan Fundamental Data Science Small Core ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
Futures contracts outstanding as of December 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 Micro E-Mini Index
24
03/20/2026
USD
299,820
(9,008
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
28
J.P. Morgan Exchange-Traded Funds
December 31, 2025
JPMorgan Nasdaq Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 81.5%
Air Freight & Logistics — 0.1%
United Parcel Service, Inc., Class B
219,668
21,788,869
Automobiles — 3.1%
Tesla, Inc. *
2,271,326
1,021,460,729
Beverages — 1.6%
Coca-Cola Co. (The)
864,981
60,470,821
Monster Beverage Corp. *
2,144,352
164,407,468
PepsiCo, Inc.
1,948,217
279,608,104
 
504,486,393
Biotechnology — 2.6%
AbbVie, Inc.
679,207
155,192,007
Alnylam Pharmaceuticals, Inc. *
272,032
108,173,525
Amgen, Inc.
415,767
136,084,697
Gilead Sciences, Inc.
324,516
39,831,094
Regeneron Pharmaceuticals, Inc.
244,197
188,488,338
Vertex Pharmaceuticals, Inc. *
486,903
220,742,344
 
848,512,005
Broadline Retail — 5.1%
Amazon.com, Inc. *
6,251,416
1,442,951,841
MercadoLibre, Inc. (Brazil) *
86,783
174,803,526
PDD Holdings, Inc., ADR (China) *
344,755
39,091,769
 
1,656,847,136
Chemicals — 0.8%
Linde plc
578,602
246,710,107
Commercial Services & Supplies — 0.3%
Copart, Inc. *
2,777,963
108,757,251
Communications Equipment — 1.1%
Cisco Systems, Inc.
4,723,656
363,863,222
Consumer Staples Distribution & Retail — 1.3%
Costco Wholesale Corp.
496,759
428,375,156
Electric Utilities — 1.0%
Constellation Energy Corp.
111,300
39,318,951
NextEra Energy, Inc.
1,161,688
93,260,313
Southern Co. (The)
1,069,483
93,258,917
Xcel Energy, Inc.
1,418,687
104,784,222
 
330,622,403
Electrical Equipment — 0.3%
Eaton Corp. plc
315,321
100,432,892
INVESTMENTS
SHARES
VALUE($)
 
Entertainment — 2.4%
Netflix, Inc. *
6,957,772
652,360,703
Take-Two Interactive Software, Inc. *
441,283
112,981,686
 
765,342,389
Financial Services — 0.6%
Corpay, Inc. *
173,566
52,231,216
Mastercard, Inc., Class A
161,015
91,920,243
PayPal Holdings, Inc.
827,726
48,322,644
 
192,474,103
Food Products — 0.6%
Kraft Heinz Co. (The) (a)
1,619,210
39,265,843
Mondelez International, Inc., Class A
2,930,917
157,771,262
 
197,037,105
Ground Transportation — 0.8%
CSX Corp.
5,071,463
183,840,534
Uber Technologies, Inc. *
833,173
68,078,566
 
251,919,100
Health Care Equipment & Supplies — 1.3%
Dexcom, Inc. *
878,277
58,291,244
Intuitive Surgical, Inc. *
635,077
359,682,210
 
417,973,454
Health Care Providers & Services — 0.2%
UnitedHealth Group, Inc.
145,205
47,933,622
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A *
252,070
34,210,940
Booking Holdings, Inc.
63,239
338,665,714
Chipotle Mexican Grill, Inc., Class A *
1,705,054
63,086,998
DoorDash, Inc., Class A *
472,230
106,950,650
Marriott International, Inc., Class A
502,685
155,952,995
Starbucks Corp.
1,134,154
95,507,108
 
794,374,405
Industrial Conglomerates — 0.7%
Honeywell International, Inc.
1,156,736
225,667,626
Industrial REITs — 0.2%
Prologis, Inc.
462,386
59,028,197
Interactive Media & Services — 8.9%
Alphabet, Inc., Class C
5,699,928
1,788,637,406
Meta Platforms, Inc., Class A
1,709,813
1,128,630,463
 
2,917,267,869
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
29
JPMorgan Nasdaq Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
IT Services — 0.9%
Cognizant Technology Solutions Corp.,
Class A
860,153
71,392,699
Shopify, Inc., Class A (Canada) *
1,330,365
214,148,854
 
285,541,553
Life Sciences Tools & Services — 0.2%
Thermo Fisher Scientific, Inc.
116,733
67,640,937
Machinery — 0.2%
Deere & Co.
168,760
78,569,593
Media — 0.7%
Charter Communications, Inc., Class A * (a)
181,944
37,980,810
Comcast Corp., Class A
6,510,611
194,602,163
 
232,582,973
Oil, Gas & Consumable Fuels — 0.2%
Diamondback Energy, Inc.
533,005
80,126,642
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co.
1,312,696
70,806,822
Professional Services — 0.3%
Verisk Analytics, Inc., Class A
391,865
87,656,282
Semiconductors & Semiconductor Equipment — 20.6%
Advanced Micro Devices, Inc. *
2,664,151
570,554,578
Analog Devices, Inc.
1,127,401
305,751,151
Applied Materials, Inc.
705,684
181,353,731
ASML Holding NV (Registered), NYRS
(Netherlands)
221,627
237,109,862
Broadcom, Inc.
2,349,417
813,133,224
Intel Corp. *
4,493,762
165,819,818
KLA Corp.
27,967
33,982,142
Lam Research Corp.
2,681,805
459,071,380
Marvell Technology, Inc.
1,859,487
158,019,205
Micron Technology, Inc.
1,956,606
558,434,919
NVIDIA Corp.
13,653,485
2,546,374,953
NXP Semiconductors NV (Netherlands)
765,991
166,266,007
QUALCOMM, Inc.
1,332,383
227,904,112
Teradyne, Inc.
416,777
80,671,356
Texas Instruments, Inc.
1,171,027
203,161,474
 
6,707,607,912
Software — 13.3%
Adobe, Inc. *
523,260
183,135,767
AppLovin Corp., Class A *
414,424
279,247,180
Atlassian Corp., Class A *
131,394
21,304,223
Crowdstrike Holdings, Inc., Class A *
406,527
190,563,597
Datadog, Inc., Class A *
216,206
29,401,854
INVESTMENTS
SHARES
VALUE($)
 
Software — continued
HubSpot, Inc. *
127,464
51,151,303
Intuit, Inc.
538,426
356,664,151
Microsoft Corp.
4,215,371
2,038,637,723
Oracle Corp.
583,061
113,644,419
Palantir Technologies, Inc., Class A *
2,642,435
469,692,821
Palo Alto Networks, Inc. *
1,392,653
256,526,683
ServiceNow, Inc. *
523,290
80,162,795
Strategy, Inc., Class A * (a)
152,966
23,243,184
Synopsys, Inc. *
439,323
206,358,800
Workday, Inc., Class A *
214,727
46,119,065
 
4,345,853,565
Specialty Retail — 1.1%
Lowe's Cos., Inc.
407,525
98,278,729
O'Reilly Automotive, Inc. *
1,982,134
180,790,442
Ross Stores, Inc.
404,063
72,787,909
 
351,857,080
Technology Hardware, Storage & Peripherals — 7.6%
Apple, Inc.
8,150,346
2,215,753,063
Seagate Technology Holdings plc
800,758
220,520,746
Western Digital Corp.
315,152
54,291,235
 
2,490,565,044
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc.
1,342,116
272,503,233
Total Common Stocks
(Cost $20,183,960,261)
26,572,185,669
 
PRINCIPAL
AMOUNT($)
Equity-Linked Notes — 16.8%
Barclays Bank plc, ELN, 59.75%,
2/9/2026, (linked to Nasdaq-100
Index) (b)
15,049
379,984,993
Barclays Bank plc, ELN, 60.40%,
1/20/2026, (linked to Nasdaq-100
Index) (b)
13,578
353,552,811
BNP Paribas, ELN, 57.04%, 1/30/2026,
(linked to Nasdaq-100 Index) (b)
14,459
374,114,352
BNP Paribas, ELN, 59.45%, 1/23/2026,
(linked to Nasdaq-100 Index) (b)
14,361
363,703,689
BNP Paribas, ELN, 64.90%, 1/12/2026,
(linked to Nasdaq-100 Index) (b)
13,668
352,294,501
BofA Finance LLC, ELN, 63.33%,
1/16/2026, (linked to Nasdaq-100
Index) (b)
13,635
353,259,251
SEE NOTES TO FINANCIAL STATEMENTS.
 
30
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS 
PRINCIPAL
AMOUNT($)
VALUE($)
Equity-Linked Notes — continued
Citigroup Global Markets Holdings, Inc.,
ELN, 57.59%, 2/5/2026, (linked to
Nasdaq-100 Index) (b)
14,887
383,079,119
Citigroup Global Markets Holdings, Inc.,
ELN, 66.38%, 1/8/2026, (linked to
Nasdaq-100 Index) (b)
13,810
353,616,645
Morgan Stanley Finance LLC, ELN,
57.86%, 1/26/2026, (linked to
Nasdaq-100 Index) (c)
14,323
364,051,375
Morgan Stanley Finance LLC, ELN,
64.97%, 1/9/2026, (linked to
Nasdaq-100 Index) (c)
13,695
351,216,816
Royal Bank of Canada, ELN, 55.46%,
1/29/2026, (linked to Nasdaq-100
Index) (b)
14,531
373,664,645
Royal Bank of Canada, ELN, 63.02%,
2/6/2026, (linked to Nasdaq-100
Index) (b)
14,923
382,258,186
Royal Bank of Canada, ELN, 63.54%,
1/27/2026, (linked to Nasdaq-100
Index) (b)
14,605
354,904,360
Royal Bank of Canada, ELN, 65.02%,
1/15/2026, (linked to Nasdaq-100
Index) (b)
13,656
353,598,797
Toronto-Dominion Bank (The), ELN,
56.89%, 2/2/2026, (linked to
Nasdaq-100 Index) (c)
14,421
374,623,356
Total Equity-Linked Notes
(Cost $5,429,778,857)
5,467,922,896
 
SHARES
Short-Term Investments — 2.2%
Investment Companies — 2.0%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73% (d) (e)
(Cost $671,465,344)
671,465,344
671,465,344
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares,
3.82% (d) (e)
(Cost $60,213,004)
60,213,004
60,213,004
Total Short-Term Investments
(Cost $731,678,348)
731,678,348
Total Investments — 100.5%
(Cost $26,345,417,466)
32,771,786,913
Liabilities in Excess of Other Assets —
(0.5)%
(151,015,752
)
NET ASSETS — 100.0%
32,620,771,161
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
ELN
Equity-Linked Note
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at December
31, 2025. The total value of securities on loan at December 31,
2025 is $58,297,577.
(b)
Securities exempt from registration under Rule 144A or section
4(a)(2), of the Securities Act of 1933, as amended.
(c)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(d)
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.
(e)
The rate shown is the current yield as of December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
31
JPMorgan Small & Mid Cap Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.8%
Aerospace & Defense — 2.7%
AAR Corp. *
14,846
1,229,100
AeroVironment, Inc. * (a)
11,501
2,781,977
ATI, Inc. *
64,780
7,434,153
BWX Technologies, Inc.
40,196
6,947,477
Carpenter Technology Corp.
17,580
5,534,887
Curtiss-Wright Corp.
16,235
8,949,868
Hexcel Corp.
41,727
3,083,625
Kratos Defense & Security Solutions, Inc. *
70,971
5,387,409
Moog, Inc., Class A
12,298
2,995,178
Woodward, Inc.
42,025
12,704,998
 
57,048,672
Air Freight & Logistics — 0.1%
GXO Logistics, Inc. *
46,904
2,469,027
Automobile Components — 1.3%
Adient plc *
82,761
1,586,528
American Axle & Manufacturing Holdings,
Inc. * (a)
67,661
433,707
Autoliv, Inc. (Sweden)
34,982
4,152,363
BorgWarner, Inc.
183,354
8,261,931
Dana, Inc.
55,071
1,308,487
Dorman Products, Inc. *
12,143
1,495,896
Gentex Corp.
68,441
1,592,622
LCI Industries
9,264
1,124,094
Lear Corp.
24,001
2,750,515
Patrick Industries, Inc. (a)
13,872
1,504,141
Phinia, Inc.
43,074
2,700,309
Visteon Corp.
12,415
1,180,667
 
28,091,260
Automobiles — 0.1%
Harley-Davidson, Inc. (a)
52,724
1,080,315
Thor Industries, Inc.
16,875
1,732,556
 
2,812,871
Banks — 7.7%
Ameris Bancorp
56,179
4,172,414
Associated Banc-Corp.
70,103
1,805,853
Atlantic Union Bankshares Corp.
60,297
2,128,484
Axos Financial, Inc. *
26,041
2,243,693
Banc of California, Inc.
228,468
4,407,148
Bank OZK
90,407
4,160,530
BankUnited, Inc.
140,061
6,242,519
Beacon Financial Corp.
105,904
2,792,689
Cadence Bank
57,449
2,461,115
Capitol Federal Financial, Inc.
56,813
386,897
INVESTMENTS
SHARES
VALUE($)
 
Banks — continued
Central Pacific Financial Corp.
75,091
2,339,836
City Holding Co.
22,236
2,650,531
Comerica, Inc.
45,709
3,973,483
Commerce Bancshares, Inc.
57,487
3,008,870
Cullen/Frost Bankers, Inc.
34,353
4,350,120
Customers Bancorp, Inc. *
61,065
4,465,073
CVB Financial Corp.
62,747
1,167,094
Dime Community Bancshares, Inc.
51,252
1,542,173
East West Bancorp, Inc.
81,027
9,106,625
FB Financial Corp.
8,630
481,554
First BanCorp (Puerto Rico)
202,137
4,190,300
First Financial Bancorp
38,506
963,420
First Horizon Corp.
220,848
5,278,267
FNB Corp.
290,180
4,962,078
Fulton Financial Corp.
76,121
1,471,419
Hancock Whitney Corp.
62,646
3,989,297
Hanmi Financial Corp.
119,533
3,230,977
Hilltop Holdings, Inc.
143,587
4,873,343
Hope Bancorp, Inc.
59,513
652,262
Independent Bank Corp.
8,442
616,941
Lakeland Financial Corp.
26,562
1,515,628
National Bank Holdings Corp., Class A
39,040
1,483,910
Northwest Bancshares, Inc.
132,553
1,590,636
OFG Bancorp (Puerto Rico)
84,243
3,452,278
Old National Bancorp
246,949
5,509,432
Pathward Financial, Inc.
55,645
3,950,795
Pinnacle Financial Partners, Inc.
33,864
3,230,964
Prosperity Bancshares, Inc.
53,937
3,727,586
Provident Financial Services, Inc.
61,916
1,222,841
Simmons First National Corp., Class A
223,177
4,206,886
Southside Bancshares, Inc.
44,276
1,345,548
SOUTHSTATE BANK Corp.
45,618
4,293,110
Synovus Financial Corp.
99,943
5,002,147
Texas Capital Bancshares, Inc. *
9,076
821,741
Trustmark Corp.
26,423
1,029,176
UMB Financial Corp.
37,576
4,322,743
United Community Banks, Inc.
49,936
1,559,002
Webster Financial Corp.
143,967
9,061,283
Westamerica BanCorp
11,516
550,810
Western Alliance Bancorp
32,097
2,698,395
Wintrust Financial Corp.
29,439
4,116,161
WSFS Financial Corp.
30,628
1,691,891
Zions Bancorp NA
30,181
1,766,796
 
162,264,764
SEE NOTES TO FINANCIAL STATEMENTS.
 
32
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Beverages — 0.3%
Celsius Holdings, Inc. *
84,852
3,881,130
Coca-Cola Consolidated, Inc.
21,320
3,268,356
 
7,149,486
Biotechnology — 2.7%
Arrowhead Pharmaceuticals, Inc. *
82,261
5,461,308
Exelixis, Inc. *
72,037
3,157,382
Halozyme Therapeutics, Inc. *
138,270
9,305,571
Krystal Biotech, Inc. *
24,132
5,949,503
Myriad Genetics, Inc. *
124,640
766,536
Neurocrine Biosciences, Inc. *
44,111
6,256,263
Protagonist Therapeutics, Inc. * (a)
85,043
7,427,656
Sarepta Therapeutics, Inc. *
43,308
931,988
United Therapeutics Corp. *
30,854
15,033,611
Vir Biotechnology, Inc. *
374,552
2,258,549
 
56,548,367
Broadline Retail — 0.3%
Kohl's Corp. (a)
48,479
989,456
Macy's, Inc.
112,054
2,470,791
Ollie's Bargain Outlet Holdings, Inc. *
23,768
2,605,211
 
6,065,458
Building Products — 1.9%
AAON, Inc. (a)
28,720
2,189,900
Advanced Drainage Systems, Inc.
11,391
1,649,758
Apogee Enterprises, Inc.
58,887
2,144,076
Armstrong World Industries, Inc.
35,339
6,753,283
AZZ, Inc.
12,818
1,373,833
Carlisle Cos., Inc.
8,702
2,783,422
Fortune Brands Innovations, Inc.
11,489
574,680
Griffon Corp.
26,306
1,937,437
Masterbrand, Inc. *
57,136
630,781
Owens Corning
61,909
6,928,236
Quanex Building Products Corp.
15,291
235,176
Resideo Technologies, Inc. *
180,851
6,351,487
Simpson Manufacturing Co., Inc.
24,514
3,958,275
UFP Industries, Inc.
35,936
3,271,973
 
40,782,317
Capital Markets — 2.7%
Acadian Asset Management, Inc.
11,297
530,959
Affiliated Managers Group, Inc.
27,863
8,032,346
BGC Group, Inc., Class A
168,288
1,502,812
Carlyle Group, Inc. (The)
49,654
2,935,048
Donnelley Financial Solutions, Inc. *
25,280
1,180,323
INVESTMENTS
SHARES
VALUE($)
 
Capital Markets — continued
Evercore, Inc., Class A
20,450
6,958,112
Federated Hermes, Inc.
76,207
3,968,098
Hamilton Lane, Inc., Class A
7,816
1,049,767
Houlihan Lokey, Inc.
18,318
3,190,812
Janus Henderson Group plc
100,171
4,765,134
Jefferies Financial Group, Inc.
37,305
2,311,791
Moelis & Co., Class A
18,951
1,302,692
Morningstar, Inc.
5,934
1,289,518
Piper Sandler Cos.
10,535
3,578,845
StepStone Group, Inc., Class A
33,287
2,136,027
Stifel Financial Corp.
45,767
5,730,944
StoneX Group, Inc. *
30,702
2,920,681
Virtu Financial, Inc., Class A
57,803
1,925,996
Virtus Investment Partners, Inc.
2,705
441,321
WisdomTree, Inc. (a)
133,978
1,633,192
 
57,384,418
Chemicals — 2.1%
AdvanSix, Inc.
12,877
222,772
Ashland, Inc.
25,951
1,522,545
Avient Corp.
69,377
2,167,338
Axalta Coating Systems Ltd. *
95,977
3,101,017
Balchem Corp.
16,097
2,468,636
Cabot Corp.
23,484
1,556,520
Celanese Corp.
46,592
1,969,910
Chemours Co. (The)
207,824
2,450,245
Element Solutions, Inc. (a)
214,323
5,355,932
FMC Corp. (a)
91,251
1,265,651
Hawkins, Inc.
8,431
1,197,708
HB Fuller Co.
85,483
5,082,819
Ingevity Corp. *
16,736
990,436
Innospec, Inc.
55,036
4,212,455
Quaker Chemical Corp.
21,408
2,939,533
RPM International, Inc.
49,264
5,123,456
Sensient Technologies Corp.
23,216
2,181,143
 
43,808,116
Commercial Services & Supplies — 1.9%
ABM Industries, Inc.
47,876
2,025,155
Brady Corp., Class A
84,397
6,614,193
Brink's Co. (The)
27,356
3,193,266
Clean Harbors, Inc. *
34,044
7,982,637
Enviri Corp. *
34,469
617,684
Interface, Inc.
29,835
832,993
MillerKnoll, Inc.
43,970
803,772
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
33
JPMorgan Small & Mid Cap Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Commercial Services & Supplies — continued
MSA Safety, Inc. (a)
17,062
2,732,309
OPENLANE, Inc. *
121,675
3,623,481
Pitney Bowes, Inc.
73,172
773,428
RB Global, Inc. (Canada) (a)
55,169
5,675,235
Tetra Tech, Inc.
120,835
4,052,806
UniFirst Corp.
6,657
1,284,135
 
40,211,094
Communications Equipment — 1.7%
Ciena Corp. *
65,618
15,346,082
Digi International, Inc. *
17,688
765,713
Lumentum Holdings, Inc. *
42,569
15,690,508
NetScout Systems, Inc. *
34,070
921,934
Viasat, Inc. *
73,944
2,548,110
 
35,272,347
Construction & Engineering — 2.6%
AECOM
85,626
8,162,726
Arcosa, Inc.
28,052
2,982,489
Dycom Industries, Inc. *
28,384
9,590,954
Everus Construction Group, Inc. *
14,772
1,263,892
Fluor Corp. *
76,993
3,051,233
Granite Construction, Inc. (a)
59,892
6,908,542
MasTec, Inc. *
48,430
10,527,229
MYR Group, Inc. *
20,004
4,370,874
Sterling Infrastructure, Inc. *
12,903
3,951,286
Valmont Industries, Inc.
8,856
3,562,946
 
54,372,171
Construction Materials — 0.1%
Eagle Materials, Inc.
14,173
2,929,276
Consumer Finance — 1.0%
Ally Financial, Inc.
167,672
7,593,865
Enova International, Inc. *
34,917
5,488,953
FirstCash Holdings, Inc.
23,461
3,739,214
Navient Corp.
25,041
325,533
PROG Holdings, Inc.
42,380
1,249,786
SLM Corp. (a)
127,772
3,457,510
 
21,854,861
Consumer Staples Distribution & Retail — 2.2%
Andersons, Inc. (The)
37,778
2,008,656
BJ's Wholesale Club Holdings, Inc. *
58,839
5,297,275
Casey's General Stores, Inc.
18,115
10,012,342
Chefs' Warehouse, Inc. (The) *
42,744
2,664,234
Grocery Outlet Holding Corp. * (a)
40,153
405,545
INVESTMENTS
SHARES
VALUE($)
 
Consumer Staples Distribution & Retail — continued
Maplebear, Inc. *
103,036
4,634,559
Performance Food Group Co. *
83,178
7,479,366
Sprouts Farmers Market, Inc. *
43,107
3,434,335
United Natural Foods, Inc. *
44,415
1,495,453
US Foods Holding Corp. *
117,203
8,827,730
 
46,259,495
Containers & Packaging — 1.2%
AptarGroup, Inc.
27,522
3,356,583
Crown Holdings, Inc.
71,633
7,376,050
Greif, Inc., Class A
44,222
2,993,829
O-I Glass, Inc. *
151,219
2,231,993
Sealed Air Corp.
47,001
1,947,251
Silgan Holdings, Inc.
40,956
1,653,394
Sonoco Products Co.
104,977
4,581,196
 
24,140,296
Diversified Consumer Services — 1.1%
Adtalem Global Education, Inc. *
30,412
3,146,730
Duolingo, Inc. *
24,848
4,360,824
Frontdoor, Inc. *
28,722
1,656,972
Graham Holdings Co., Class B
810
889,866
Grand Canyon Education, Inc. *
29,360
4,882,862
H&R Block, Inc.
66,755
2,909,183
Perdoceo Education Corp.
25,497
747,827
Service Corp. International
61,924
4,828,214
 
23,422,478
Diversified REITs — 0.6%
Alexander & Baldwin, Inc.
193,602
3,995,945
American Assets Trust, Inc.
68,403
1,294,869
Essential Properties Realty Trust, Inc.
153,001
4,538,010
WP Carey, Inc.
38,954
2,507,079
 
12,335,903
Diversified Telecommunication Services — 0.3%
Iridium Communications, Inc. (a)
177,456
3,084,185
Lumen Technologies, Inc. *
445,800
3,463,866
Uniti Group, Inc.
61,781
433,085
 
6,981,136
Electric Utilities — 0.8%
IDACORP, Inc.
23,432
2,965,554
OGE Energy Corp.
192,816
8,233,243
Otter Tail Corp.
66,966
5,411,523
 
16,610,320
SEE NOTES TO FINANCIAL STATEMENTS.
 
34
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electrical Equipment — 1.8%
Acuity, Inc.
13,314
4,793,572
EnerSys
43,406
6,369,830
Nextpower, Inc., Class A *
65,225
5,681,750
nVent Electric plc
118,834
12,117,503
Regal Rexnord Corp.
30,327
4,255,485
Sunrun, Inc. *
216,814
3,989,378
 
37,207,518
Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries, Inc.
16,804
3,518,253
Arrow Electronics, Inc. *
49,956
5,504,152
Badger Meter, Inc.
12,956
2,259,656
Belden, Inc.
22,981
2,678,435
Benchmark Electronics, Inc.
58,218
2,489,402
Coherent Corp. *
100,180
18,490,223
Fabrinet (Thailand) *
16,104
7,331,829
Flex Ltd. *
168,700
10,192,854
IPG Photonics Corp. *
38,010
2,721,516
Knowles Corp. *
128,509
2,753,948
Littelfuse, Inc.
10,664
2,697,139
Plexus Corp. *
24,502
3,601,794
Sanmina Corp. *
23,914
3,588,774
TTM Technologies, Inc. *
45,936
3,169,584
Vishay Intertechnology, Inc.
167,484
2,426,843
Vontier Corp.
67,982
2,527,571
 
75,951,973
Energy Equipment & Services — 1.3%
Archrock, Inc.
80,294
2,089,250
Bristow Group, Inc. *
15,208
556,917
Helmerich & Payne, Inc.
36,176
1,037,527
Liberty Energy, Inc.
167,652
3,094,856
NOV, Inc.
208,584
3,260,168
Oceaneering International, Inc. *
115,490
2,775,225
Patterson-UTI Energy, Inc.
140,517
858,559
TechnipFMC plc (United Kingdom)
178,972
7,974,992
Tidewater, Inc. *
20,746
1,047,880
Valaris Ltd. *
33,195
1,673,028
Weatherford International plc
28,726
2,248,097
 
26,616,499
Entertainment — 0.1%
Cinemark Holdings, Inc.
53,464
1,242,503
Financial Services — 2.3%
Enact Holdings, Inc.
10,516
416,854
Equitable Holdings, Inc.
134,555
6,411,546
INVESTMENTS
SHARES
VALUE($)
 
Financial Services — continued
Essent Group Ltd.
62,768
4,080,548
Euronet Worldwide, Inc. *
10,315
785,075
EVERTEC, Inc. (Puerto Rico)
79,010
2,298,401
HA Sustainable Infrastructure Capital,
Inc. (a)
87,477
2,749,402
Jackson Financial, Inc., Class A
41,988
4,478,020
MGIC Investment Corp.
77,583
2,266,975
NCR Atleos Corp. *
54,264
2,068,001
NMI Holdings, Inc., Class A *
87,025
3,549,750
Radian Group, Inc.
62,823
2,261,000
Shift4 Payments, Inc., Class A * (a)
30,793
1,939,035
Voya Financial, Inc.
41,629
3,100,944
Walker & Dunlop, Inc.
65,768
3,955,945
WEX, Inc. *
50,196
7,478,200
 
47,839,696
Food Products — 0.7%
Cal-Maine Foods, Inc.
20,688
1,646,144
Darling Ingredients, Inc. *
70,192
2,526,912
Fresh Del Monte Produce, Inc.
17,817
634,820
Freshpet, Inc. *
17,240
1,050,433
Ingredion, Inc.
18,288
2,016,435
Marzetti Co. (The)
8,229
1,353,012
Post Holdings, Inc. *
44,170
4,375,039
Simply Good Foods Co. (The) *
44,654
896,652
Vital Farms, Inc. * (a)
24,492
782,274
 
15,281,721
Gas Utilities — 0.8%
MDU Resources Group, Inc. (a)
110,509
2,157,136
Southwest Gas Holdings, Inc.
76,509
6,122,250
Spire, Inc.
14,108
1,166,732
UGI Corp.
178,870
6,695,104
 
16,141,222
Ground Transportation — 0.7%
ArcBest Corp.
27,263
2,022,642
Avis Budget Group, Inc. * (a)
7,464
957,780
Knight-Swift Transportation Holdings, Inc.
8,084
422,632
Ryder System, Inc.
20,091
3,845,217
Saia, Inc. *
4,983
1,627,049
XPO, Inc. * (a)
37,411
5,084,529
 
13,959,849
Health Care Equipment & Supplies — 2.4%
Embecta Corp.
183,982
2,185,706
Glaukos Corp. *
41,271
4,659,909
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
35
JPMorgan Small & Mid Cap Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Globus Medical, Inc., Class A *
108,958
9,513,123
Haemonetics Corp. *
59,710
4,785,756
Inspire Medical Systems, Inc. *
12,446
1,147,895
Integer Holdings Corp. *
16,850
1,321,545
Integra LifeSciences Holdings Corp. *
37,298
463,241
Lantheus Holdings, Inc. *
46,473
3,092,778
Masimo Corp. * (a)
19,765
2,570,636
Merit Medical Systems, Inc. *
26,380
2,325,133
Omnicell, Inc. *
21,869
990,666
Penumbra, Inc. *
19,226
5,977,556
QuidelOrtho Corp. *
71,323
2,036,985
Tandem Diabetes Care, Inc. *
179,015
3,934,750
Teleflex, Inc.
34,034
4,153,509
UFP Technologies, Inc. * (a)
3,122
693,178
 
49,852,366
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc. *
46,277
656,670
Addus HomeCare Corp. *
7,808
838,501
Chemed Corp.
8,766
3,750,621
CorVel Corp. *
19,879
1,345,212
Encompass Health Corp.
68,193
7,238,005
HealthEquity, Inc. *
18,939
1,735,002
Hims & Hers Health, Inc. * (a)
85,393
2,772,711
NeoGenomics, Inc. *
335,484
3,945,292
Option Care Health, Inc. *
136,202
4,339,396
Progyny, Inc. *
80,085
2,056,583
Tenet Healthcare Corp. *
37,431
7,438,288
 
36,116,281
Health Care REITs — 0.8%
CareTrust REIT, Inc.
109,096
3,944,911
Healthcare Realty Trust, Inc.
159,814
2,708,847
LTC Properties, Inc.
17,270
593,743
Omega Healthcare Investors, Inc.
128,408
5,693,611
Sabra Health Care REIT, Inc.
156,400
2,962,216
 
15,903,328
Health Care Technology — 0.4%
Doximity, Inc., Class A *
68,747
3,044,117
HealthStream, Inc.
212,146
4,894,208
 
7,938,325
Hotel & Resort REITs — 0.4%
DiamondRock Hospitality Co.
439,851
3,941,065
INVESTMENTS
SHARES
VALUE($)
 
Hotel & Resort REITs — continued
Sunstone Hotel Investors, Inc.
81,803
731,319
Xenia Hotels & Resorts, Inc.
273,097
3,861,591
 
8,533,975
Hotels, Restaurants & Leisure — 2.6%
Aramark
116,599
4,297,839
Boyd Gaming Corp.
39,429
3,360,928
Brinker International, Inc. *
18,600
2,669,472
Cava Group, Inc. * (a)
50,543
2,966,369
Cheesecake Factory, Inc. (The)
19,432
980,927
Churchill Downs, Inc.
46,905
5,336,851
Hilton Grand Vacations, Inc. *
36,376
1,627,826
Hyatt Hotels Corp., Class A (a)
15,260
2,446,483
Marriott Vacations Worldwide Corp. (a)
21,421
1,235,778
Monarch Casino & Resort, Inc.
42,906
4,106,104
Papa John's International, Inc. (a)
10,433
401,566
Planet Fitness, Inc., Class A *
42,320
4,590,450
Shake Shack, Inc., Class A *
40,821
3,313,441
Texas Roadhouse, Inc.
6,989
1,160,174
Travel + Leisure Co.
93,049
6,562,746
United Parks & Resorts, Inc. * (a)
53,477
1,941,215
Vail Resorts, Inc. (a)
5,414
718,979
Wendy's Co. (The) (a)
82,063
683,585
Wingstop, Inc. (a)
12,564
2,996,388
Wyndham Hotels & Resorts, Inc.
34,775
2,627,599
 
54,024,720
Household Durables — 2.0%
Cavco Industries, Inc. *
2,453
1,449,085
Century Communities, Inc.
13,981
829,772
Champion Homes, Inc. *
26,829
2,267,050
Ethan Allen Interiors, Inc.
13,395
305,942
Green Brick Partners, Inc. *
27,660
1,733,175
Installed Building Products, Inc. (a)
12,712
3,297,366
KB Home
31,871
1,797,843
Leggett & Platt, Inc.
61,883
680,713
M/I Homes, Inc. *
14,075
1,800,896
Meritage Homes Corp.
15,534
1,022,137
Somnigroup International, Inc.
82,988
7,409,169
Taylor Morrison Home Corp. *
48,669
2,865,144
Toll Brothers, Inc.
51,521
6,966,670
TopBuild Corp. *
14,162
5,908,245
Tri Pointe Homes, Inc. *
144,444
4,545,653
 
42,878,860
SEE NOTES TO FINANCIAL STATEMENTS.
 
36
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Household Products — 0.0% ^
Central Garden & Pet Co., Class A *
23,341
681,324
Independent Power and Renewable Electricity Producers — 0.6%
Clearway Energy, Inc., Class C
149,081
4,958,434
Talen Energy Corp. *
20,498
7,683,470
 
12,641,904
Industrial REITs — 0.7%
EastGroup Properties, Inc.
34,135
6,080,809
First Industrial Realty Trust, Inc.
93,301
5,343,348
LXP Industrial Trust
69,445
3,443,083
STAG Industrial, Inc.
13,977
513,795
 
15,381,035
Insurance — 3.2%
American Financial Group, Inc.
32,054
4,381,141
AMERISAFE, Inc.
27,284
1,047,978
Assured Guaranty Ltd.
24,828
2,231,292
Brighthouse Financial, Inc. *
24,620
1,595,130
CNO Financial Group, Inc.
41,995
1,783,528
Employers Holdings, Inc.
59,766
2,580,098
F&G Annuities & Life, Inc.
6,743
208,021
Fidelity National Financial, Inc.
113,340
6,187,231
First American Financial Corp.
44,865
2,756,506
Genworth Financial, Inc., Class A *
181,122
1,635,532
Horace Mann Educators Corp.
21,017
970,565
Kemper Corp.
54,033
2,190,498
Kinsale Capital Group, Inc.
5,799
2,268,105
Mercury General Corp.
11,122
1,046,135
Old Republic International Corp.
74,593
3,404,424
Palomar Holdings, Inc. *
5,380
725,009
Primerica, Inc.
7,583
1,959,144
Reinsurance Group of America, Inc.
37,334
7,595,976
RenaissanceRe Holdings Ltd. (Bermuda)
17,573
4,940,825
RLI Corp.
84,435
5,402,151
Safety Insurance Group, Inc.
49,974
3,893,474
Selective Insurance Group, Inc.
27,087
2,266,369
SiriusPoint Ltd. (Sweden) *
36,048
789,091
Unum Group
82,047
6,358,642
 
68,216,865
Interactive Media & Services — 0.4%
Cargurus, Inc. *
129,191
4,954,475
Cars.com, Inc. * (a)
30,602
373,344
INVESTMENTS
SHARES
VALUE($)
 
Interactive Media & Services — continued
QuinStreet, Inc. *
70,439
1,012,209
Yelp, Inc. *
55,562
1,688,529
 
8,028,557
IT Services — 1.5%
DigitalOcean Holdings, Inc. *
139,851
6,729,630
Kyndryl Holdings, Inc. *
100,824
2,677,886
Okta, Inc. *
98,883
8,550,413
Twilio, Inc., Class A *
92,967
13,223,626
 
31,181,555
Leisure Products — 0.5%
Acushnet Holdings Corp.
12,731
1,016,188
Brunswick Corp.
27,816
2,065,060
Mattel, Inc. *
155,840
3,091,865
Polaris, Inc. (a)
36,683
2,320,200
Topgolf Callaway Brands Corp. *
65,337
762,483
YETI Holdings, Inc. *
43,439
1,918,701
 
11,174,497
Life Sciences Tools & Services — 1.4%
Avantor, Inc. *
318,905
3,654,651
Azenta, Inc. *
41,174
1,369,447
Bio-Rad Laboratories, Inc., Class A *
6,632
2,009,430
Bruker Corp. (a)
52,515
2,473,982
Fortrea Holdings, Inc. *
244,972
4,225,767
Illumina, Inc. *
46,982
6,162,159
Medpace Holdings, Inc. *
14,011
7,869,278
Repligen Corp. *
9,810
1,607,467
 
29,372,181
Machinery — 5.0%
AGCO Corp.
27,325
2,850,544
Alamo Group, Inc.
13,071
2,194,229
Chart Industries, Inc. *
18,270
3,767,822
Crane Co.
23,755
4,381,135
Donaldson Co., Inc.
111,089
9,849,151
Enpro, Inc. (a)
26,950
5,770,803
Esab Corp.
22,686
2,534,480
ESCO Technologies, Inc.
7,632
1,491,216
Flowserve Corp.
69,425
4,816,706
Graco, Inc.
27,537
2,257,208
Greenbrier Cos., Inc. (The)
11,840
553,402
ITT, Inc.
40,478
7,023,338
Kennametal, Inc.
34,716
986,282
Lincoln Electric Holdings, Inc.
22,359
5,358,111
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
37
JPMorgan Small & Mid Cap Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Machinery — continued
Lindsay Corp.
8,432
993,880
Mueller Industries, Inc.
80,491
9,240,367
Oshkosh Corp.
32,063
4,028,075
Proto Labs, Inc. *
46,787
2,366,954
RBC Bearings, Inc. *
20,182
9,050,214
SPX Technologies, Inc. *
22,053
4,411,923
Standex International Corp.
3,814
828,706
Tennant Co.
8,852
652,392
Terex Corp.
37,621
2,008,209
Timken Co. (The)
50,646
4,260,848
Toro Co. (The)
41,795
3,290,102
Trinity Industries, Inc.
33,929
897,083
Watts Water Technologies, Inc., Class A
30,861
8,518,253
Worthington Enterprises, Inc.
13,540
698,258
 
105,079,691
Marine Transportation — 0.3%
Kirby Corp. *
32,019
3,527,853
Matson, Inc.
28,160
3,479,168
 
7,007,021
Media — 0.9%
DoubleVerify Holdings, Inc. *
57,742
660,569
EchoStar Corp., Class A *
58,233
6,329,927
John Wiley & Sons, Inc., Class A
38,209
1,170,342
New York Times Co. (The), Class A
87,281
6,059,047
Nexstar Media Group, Inc. (a)
8,087
1,642,065
Scholastic Corp.
37,531
1,112,044
TechTarget, Inc. *
233,793
1,262,482
TEGNA, Inc.
67,381
1,307,865
 
19,544,341
Metals & Mining — 2.1%
Alcoa Corp.
85,610
4,549,315
Alpha Metallurgical Resources, Inc. *
5,280
1,055,366
Century Aluminum Co. *
26,799
1,049,985
Cleveland-Cliffs, Inc. *
98,423
1,307,057
Commercial Metals Co.
68,483
4,740,393
Hecla Mining Co.
285,390
5,476,634
Materion Corp.
20,246
2,516,983
MP Materials Corp. * (a)
77,751
3,927,981
Reliance, Inc.
34,737
10,034,477
Royal Gold, Inc.
29,340
6,521,989
Warrior Met Coal, Inc.
44,782
3,948,429
 
45,128,609
INVESTMENTS
SHARES
VALUE($)
 
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Annaly Capital Management, Inc.
107,471
2,403,051
Apollo Commercial Real Estate Finance, Inc.
153,799
1,488,774
Ellington Financial, Inc.
114,596
1,556,214
KKR Real Estate Finance Trust, Inc.
33,748
277,409
PennyMac Mortgage Investment Trust
33,215
416,848
Starwood Property Trust, Inc.
102,961
1,854,328
 
7,996,624
Multi-Utilities — 0.2%
Northwestern Energy Group, Inc.
24,891
1,606,465
Unitil Corp.
60,201
2,916,137
 
4,522,602
Office REITs — 0.8%
COPT Defense Properties
152,651
4,243,698
Cousins Properties, Inc.
114,104
2,941,601
Highwoods Properties, Inc.
50,504
1,304,013
Kilroy Realty Corp.
77,396
2,892,289
SL Green Realty Corp.
44,223
2,028,509
Vornado Realty Trust
69,910
2,326,605
 
15,736,715
Oil, Gas & Consumable Fuels — 2.9%
Antero Midstream Corp.
148,292
2,638,115
Antero Resources Corp. *
121,091
4,172,796
California Resources Corp.
37,289
1,667,191
Chord Energy Corp.
36,616
3,394,303
Civitas Resources, Inc.
65,076
1,762,909
CNX Resources Corp. *
69,077
2,539,961
Core Natural Resources, Inc.
19,980
1,768,430
Dorian LPG Ltd.
14,903
362,739
DT Midstream, Inc.
28,881
3,456,478
HF Sinclair Corp.
135,810
6,258,125
Magnolia Oil & Gas Corp., Class A
142,781
3,125,476
Matador Resources Co.
75,983
3,224,718
Murphy Oil Corp.
61,951
1,935,969
Ovintiv, Inc.
141,713
5,553,732
Par Pacific Holdings, Inc. *
82,646
2,904,180
PBF Energy, Inc., Class A
44,081
1,195,477
Peabody Energy Corp.
53,040
1,575,288
Permian Resources Corp.
199,898
2,804,569
Range Resources Corp.
172,656
6,087,850
REX American Resources Corp. *
35,090
1,134,109
SM Energy Co.
53,474
999,964
Talos Energy, Inc. *
18,456
203,385
SEE NOTES TO FINANCIAL STATEMENTS.
 
38
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Viper Energy, Inc.
61,047
2,358,246
World Kinect Corp.
32,616
764,193
 
61,888,203
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.
14,551
1,175,139
Passenger Airlines — 0.4%
Alaska Air Group, Inc. *
28,705
1,443,861
Allegiant Travel Co. *
6,177
526,713
American Airlines Group, Inc. * (a)
227,466
3,487,054
SkyWest, Inc. *
26,561
2,666,990
 
8,124,618
Personal Care Products — 0.3%
BellRing Brands, Inc. *
86,601
2,314,845
Coty, Inc., Class A *
317,454
977,758
elf Beauty, Inc. * (a)
24,855
1,889,974
 
5,182,577
Pharmaceuticals — 0.5%
Corcept Therapeutics, Inc. *
41,843
1,456,136
Jazz Pharmaceuticals plc *
44,302
7,531,340
Prestige Consumer Healthcare, Inc. *
10,272
633,680
Supernus Pharmaceuticals, Inc. *
25,429
1,263,821
 
10,884,977
Professional Services — 1.2%
CACI International, Inc., Class A *
9,543
5,084,606
Concentrix Corp.
45,086
1,874,676
ExlService Holdings, Inc. *
92,409
3,921,838
FTI Consulting, Inc. *
12,487
2,133,154
Insperity, Inc.
14,054
544,171
KBR, Inc.
122,948
4,942,510
Korn Ferry
22,886
1,510,934
Science Applications International Corp.
20,761
2,089,802
TransUnion
48,130
4,127,147
 
26,228,838
Real Estate Management & Development — 0.5%
Cushman & Wakefield Ltd. *
44,092
713,849
Jones Lang LaSalle, Inc. *
27,506
9,254,944
St. Joe Co. (The)
15,367
912,339
 
10,881,132
Residential REITs — 0.6%
American Homes 4 Rent, Class A
141,675
4,547,767
Centerspace
19,601
1,307,779
INVESTMENTS
SHARES
VALUE($)
 
Residential REITs — continued
Equity LifeStyle Properties, Inc.
64,570
3,913,588
Independence Realty Trust, Inc.
101,857
1,780,460
Veris Residential, Inc.
37,851
563,223
 
12,112,817
Retail REITs — 1.7%
Agree Realty Corp.
89,244
6,428,245
Brixmor Property Group, Inc.
186,584
4,892,232
Curbline Properties Corp.
128,985
2,993,742
Getty Realty Corp.
126,748
3,469,093
Kite Realty Group Trust
117,675
2,820,670
Macerich Co. (The)
167,303
3,088,413
NNN REIT, Inc.
106,593
4,224,281
Phillips Edison & Co., Inc.
55,126
1,960,832
Saul Centers, Inc.
39,642
1,249,912
Tanger, Inc.
77,798
2,596,119
Urban Edge Properties
52,051
998,859
Whitestone
77,849
1,081,323
 
35,803,721
Semiconductors & Semiconductor Equipment — 3.8%
ACM Research, Inc., Class A *
84,722
3,342,283
Alpha & Omega Semiconductor Ltd. *
104,204
2,064,281
CEVA, Inc. *
102,377
2,203,153
Cohu, Inc. *
21,869
508,892
Diodes, Inc. *
56,859
2,805,423
FormFactor, Inc. *
90,942
5,072,745
Impinj, Inc. * (a)
58,452
10,171,233
Lattice Semiconductor Corp. * (a)
105,804
7,785,058
MACOM Technology Solutions Holdings,
Inc. *
39,399
6,748,261
MaxLinear, Inc. *
157,143
2,739,002
MKS, Inc.
49,811
7,959,798
Photronics, Inc. *
115,996
3,711,872
Qorvo, Inc. *
61,240
5,175,392
Rambus, Inc. *
89,721
8,244,463
Semtech Corp. *
38,435
2,832,275
SiTime Corp. *
9,457
3,340,118
Ultra Clean Holdings, Inc. *
99,982
2,532,544
Universal Display Corp.
25,326
2,957,570
Veeco Instruments, Inc. *
3,741
106,918
 
80,301,281
Software — 3.7%
ACI Worldwide, Inc. *
29,171
1,394,665
Adeia, Inc.
164,174
2,832,001
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
39
JPMorgan Small & Mid Cap Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Appfolio, Inc., Class A * (a)
10,907
2,537,514
Bill Holdings, Inc. *
40,409
2,203,907
BlackLine, Inc. *
76,239
4,215,254
Cleanspark, Inc. * (a)
142,899
1,446,138
Commvault Systems, Inc. *
30,905
3,874,251
Docusign, Inc. *
87,212
5,965,301
Dynatrace, Inc. *
110,031
4,768,744
Guidewire Software, Inc. *
42,907
8,624,736
InterDigital, Inc. (a)
16,961
5,400,043
LiveRamp Holdings, Inc. *
115,694
3,397,933
Manhattan Associates, Inc. *
47,239
8,186,991
MARA Holdings, Inc. * (a)
383,700
3,445,626
Nutanix, Inc., Class A *
161,729
8,359,772
Pegasystems, Inc.
75,861
4,530,419
Q2 Holdings, Inc. *
56,387
4,068,886
Qualys, Inc. *
17,157
2,280,165
 
77,532,346
Specialized REITs — 1.1%
CubeSmart
205,056
7,392,269
Four Corners Property Trust, Inc.
166,402
3,837,230
Gaming and Leisure Properties, Inc.
64,868
2,898,951
Lamar Advertising Co., Class A
36,959
4,678,270
Millrose Properties, Inc., Class A
51,028
1,524,206
PotlatchDeltic Corp.
30,355
1,207,522
Rayonier, Inc.
66,156
1,432,278
 
22,970,726
Specialty Retail — 3.5%
Abercrombie & Fitch Co., Class A *
20,100
2,529,987
Advance Auto Parts, Inc. (a)
27,298
1,072,811
American Eagle Outfitters, Inc.
133,115
3,510,243
Asbury Automotive Group, Inc. *
7,093
1,649,335
AutoNation, Inc. *
18,247
3,767,641
Bath & Body Works, Inc.
139,905
2,809,292
Boot Barn Holdings, Inc. *
13,764
2,428,933
Buckle, Inc. (The)
56,287
3,006,851
Burlington Stores, Inc. *
32,879
9,497,099
Chewy, Inc., Class A *
92,094
3,043,707
Dick's Sporting Goods, Inc. (a)
21,773
4,310,401
Five Below, Inc. *
28,258
5,322,677
Floor & Decor Holdings, Inc., Class A *
28,261
1,720,812
GameStop Corp., Class A * (a)
172,857
3,470,969
Gap, Inc. (The)
96,676
2,474,906
Group 1 Automotive, Inc.
4,144
1,629,835
INVESTMENTS
SHARES
VALUE($)
 
Specialty Retail — continued
Lithia Motors, Inc., Class A
11,082
3,682,881
Murphy USA, Inc.
7,744
3,124,859
Penske Automotive Group, Inc.
17,754
2,810,281
Signet Jewelers Ltd. (a)
48,539
4,022,912
Sonic Automotive, Inc., Class A
8,182
506,138
Urban Outfitters, Inc. *
38,857
2,924,378
Valvoline, Inc. *
56,846
1,651,945
Victoria's Secret & Co. *
66,894
3,623,648
 
74,592,541
Technology Hardware, Storage & Peripherals — 0.4%
Pure Storage, Inc., Class A *
139,766
9,365,720
Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd. *
134,465
3,280,946
Crocs, Inc. *
24,240
2,073,005
Kontoor Brands, Inc.
22,063
1,347,829
PVH Corp.
26,138
1,751,769
VF Corp. (a)
144,682
2,615,850
Wolverine World Wide, Inc.
100,671
1,827,178
 
12,896,577
Trading Companies & Distributors — 1.3%
Applied Industrial Technologies, Inc.
13,872
3,561,913
Boise Cascade Co.
30,014
2,209,030
Core & Main, Inc., Class A *
9,316
484,153
DNOW, Inc. *
190,253
2,520,852
DXP Enterprises, Inc. *
41,010
4,502,488
GATX Corp.
21,146
3,586,362
MSC Industrial Direct Co., Inc., Class A
24,674
2,075,083
Rush Enterprises, Inc., Class A
21,091
1,137,649
Watsco, Inc. (a)
5,544
1,868,051
WESCO International, Inc.
21,838
5,342,448
 
27,288,029
Water Utilities — 0.1%
American States Water Co.
19,018
1,378,424
California Water Service Group
25,094
1,087,323
Essential Utilities, Inc.
12,980
497,913
 
2,963,660
Wireless Telecommunication Services — 0.1%
Gogo, Inc. *
120,194
560,104
Telephone and Data Systems, Inc.
44,320
1,817,120
 
2,377,224
Total Common Stocks
(Cost $1,770,197,064)
2,062,566,616
SEE NOTES TO FINANCIAL STATEMENTS.
 
40
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS 
NO. OF
WARRANTS
VALUE($)
Warrants — 0.0% ^
Specialty Retail — 0.0% ^
GameStop Corp. expiring 10/30/2026, price
32.00 USD (United States) *
(Cost $—)
17,102
51,477
 
SHARES
Short-Term Investments — 7.3%
Investment Companies — 2.0%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73% (b) (c)
(Cost $42,704,357)
42,704,357
42,704,357
Investment of Cash Collateral from Securities Loaned — 5.3%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares,
3.82% (b) (c)
(Cost $110,478,334)
110,478,334
110,478,334
Total Short-Term Investments
(Cost $153,182,691)
153,182,691
Total Investments — 105.1%
(Cost $1,923,379,755)
2,215,800,784
Liabilities in Excess of Other Assets —
(5.1)%
(106,563,611
)
NET ASSETS — 100.0%
2,109,237,173
 
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
December 31, 2025. The total value of securities on
loan at December 31, 2025 is $107,068,677.
 
(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 December
31, 2025.
 
Futures contracts outstanding as of December 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index
85
03/20/2026
USD
10,618,200
(319,863
)
S&P MidCap 400 E-Mini Index
92
03/20/2026
USD
30,593,680
(556,141
)
 
(876,004
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
41
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 2.2%
Boeing Co. (The) *
239
51,892
GE Aerospace
346
106,578
Howmet Aerospace, Inc.
852
174,677
RTX Corp.
1,095
200,823
TransDigm Group, Inc.
65
86,440
 
620,410
Air Freight & Logistics — 0.4%
FedEx Corp.
253
73,082
United Parcel Service, Inc., Class B
281
27,872
 
100,954
Automobile Components — 0.1%
Aptiv plc *
179
13,620
Automobiles — 2.0%
Tesla, Inc. *
1,257
565,298
Banks — 3.7%
Bank of America Corp.
5,528
304,040
Citigroup, Inc.
1,229
143,412
Fifth Third Bancorp
2,448
114,591
Regions Financial Corp.
623
16,883
Truist Financial Corp.
1,480
72,831
US Bancorp
1,804
96,261
Wells Fargo & Co.
2,950
274,940
 
1,022,958
Beverages — 1.3%
Coca-Cola Co. (The)
1,304
91,163
Keurig Dr Pepper, Inc.
2,623
73,470
PepsiCo, Inc.
1,402
201,215
 
365,848
Biotechnology — 2.0%
AbbVie, Inc.
1,297
296,352
Gilead Sciences, Inc.
255
31,299
Neurocrine Biosciences, Inc. *
138
19,573
Regeneron Pharmaceuticals, Inc.
135
104,202
Vertex Pharmaceuticals, Inc. *
215
97,472
 
548,898
Broadline Retail — 4.1%
Amazon.com, Inc. *
4,961
1,145,098
Building Products — 1.0%
Allegion plc
116
18,470
Carrier Global Corp.
1,229
64,940
INVESTMENTS
SHARES
VALUE($)
 
Building Products — continued
Masco Corp.
639
40,551
Trane Technologies plc
414
161,129
 
285,090
Capital Markets — 2.4%
Ameriprise Financial, Inc.
89
43,640
Charles Schwab Corp. (The)
1,951
194,925
CME Group, Inc.
505
137,905
Goldman Sachs Group, Inc. (The)
83
72,957
Interactive Brokers Group, Inc., Class A
194
12,476
Intercontinental Exchange, Inc.
207
33,526
LPL Financial Holdings, Inc.
47
16,787
Morgan Stanley
202
35,861
Raymond James Financial, Inc.
185
29,709
Robinhood Markets, Inc., Class A *
102
11,536
State Street Corp.
490
63,215
 
652,537
Chemicals — 1.1%
Corteva, Inc.
219
14,680
DuPont de Nemours, Inc.
177
7,115
Ecolab, Inc.
414
108,683
Linde plc
274
116,831
LyondellBasell Industries NV, Class A
219
9,483
PPG Industries, Inc.
355
36,373
Sherwin-Williams Co. (The)
71
23,006
 
316,171
Commercial Services & Supplies — 0.0% ^
Rollins, Inc.
137
8,223
Communications Equipment — 0.5%
Arista Networks, Inc. *
679
88,969
Cisco Systems, Inc.
146
11,247
Motorola Solutions, Inc.
101
38,715
 
138,931
Construction & Engineering — 0.1%
Quanta Services, Inc.
74
31,232
Construction Materials — 0.3%
CRH plc
107
13,354
Martin Marietta Materials, Inc.
69
42,963
Vulcan Materials Co.
133
37,934
 
94,251
SEE NOTES TO FINANCIAL STATEMENTS.
 
42
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Finance — 0.8%
American Express Co.
265
98,037
Capital One Financial Corp.
472
114,394
 
212,431
Consumer Staples Distribution & Retail — 1.2%
Costco Wholesale Corp.
139
119,865
Walmart, Inc.
1,825
203,323
 
323,188
Containers & Packaging — 0.0% ^
Ball Corp.
133
7,045
Diversified Telecommunication Services — 0.6%
AT&T, Inc.
4,840
120,226
Verizon Communications, Inc.
814
33,154
 
153,380
Electric Utilities — 1.8%
Entergy Corp.
800
73,944
NextEra Energy, Inc.
2,123
170,434
NRG Energy, Inc.
116
18,472
PG&E Corp.
1,981
31,835
Southern Co. (The)
1,554
135,509
Xcel Energy, Inc.
870
64,258
 
494,452
Electrical Equipment — 1.0%
AMETEK, Inc.
108
22,173
Eaton Corp. plc
386
122,945
Emerson Electric Co.
429
56,937
GE Vernova, Inc.
130
84,964
 
287,019
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A
997
134,735
Jabil, Inc.
60
13,681
Keysight Technologies, Inc. *
60
12,191
 
160,607
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A
1,331
60,614
Entertainment — 1.3%
Netflix, Inc. *
1,863
174,675
Walt Disney Co. (The)
1,454
165,422
Warner Bros Discovery, Inc. *
360
10,375
 
350,472
INVESTMENTS
SHARES
VALUE($)
 
Financial Services — 5.0%
Affirm Holdings, Inc. *
81
6,029
Apollo Global Management, Inc.
540
78,170
Berkshire Hathaway, Inc., Class B *
805
404,633
Corpay, Inc. *
234
70,418
Fidelity National Information Services, Inc.
1,231
81,812
Klarna Group plc (United Kingdom) *
47
1,359
Mastercard, Inc., Class A
617
352,233
Toast, Inc., Class A *
517
18,359
Visa, Inc., Class A
1,063
372,805
WEX, Inc. *
94
14,004
 
1,399,822
Food Products — 0.5%
Bunge Global SA
70
6,236
Mondelez International, Inc., Class A
2,380
128,115
 
134,351
Ground Transportation — 0.4%
CSX Corp.
192
6,960
Uber Technologies, Inc. *
309
25,248
Union Pacific Corp.
366
84,663
 
116,871
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories
314
39,341
Align Technology, Inc. *
37
5,778
Becton Dickinson & Co.
92
17,854
Boston Scientific Corp. *
944
90,010
Dexcom, Inc. *
267
17,721
Edwards Lifesciences Corp. *
976
83,204
GE HealthCare Technologies, Inc.
220
18,044
Hologic, Inc. *
126
9,386
Intuitive Surgical, Inc. *
67
37,946
Medline, Inc., Class A *
275
11,550
Medtronic plc
1,590
152,735
ResMed, Inc.
18
4,336
Stryker Corp.
433
152,187
 
640,092
Health Care Providers & Services — 1.6%
Cigna Group (The)
273
75,138
CVS Health Corp.
601
47,695
Elevance Health, Inc.
73
25,590
HCA Healthcare, Inc.
73
34,081
Humana, Inc.
201
51,482
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
43
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
McKesson Corp.
62
50,858
UnitedHealth Group, Inc.
487
160,764
 
445,608
Health Care REITs — 0.6%
Ventas, Inc.
1,207
93,397
Welltower, Inc.
416
77,214
 
170,611
Hotels, Restaurants & Leisure — 3.0%
Booking Holdings, Inc.
18
96,396
Carnival Corp. *
2,262
69,082
Chipotle Mexican Grill, Inc., Class A *
2,327
86,099
Domino's Pizza, Inc.
16
6,669
DoorDash, Inc., Class A *
253
57,299
Expedia Group, Inc.
266
75,361
Hilton Worldwide Holdings, Inc.
469
134,720
McDonald's Corp.
598
182,767
Royal Caribbean Cruises Ltd.
58
16,177
Yum! Brands, Inc.
646
97,727
 
822,297
Household Durables — 0.1%
Lennar Corp., Class A
310
31,868
Household Products — 0.4%
Church & Dwight Co., Inc.
323
27,084
Procter & Gamble Co. (The)
556
79,680
 
106,764
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
123
19,844
Industrial Conglomerates — 0.6%
3M Co.
956
153,056
Industrial REITs — 0.2%
Prologis, Inc.
366
46,724
Insurance — 1.7%
Aon plc, Class A
182
64,224
Arch Capital Group Ltd. *
499
47,864
Arthur J Gallagher & Co.
448
115,938
Chubb Ltd.
288
89,891
MetLife, Inc.
320
25,261
Principal Financial Group, Inc.
85
7,498
Progressive Corp. (The)
448
102,018
Travelers Cos., Inc. (The)
110
31,907
 
484,601
INVESTMENTS
SHARES
VALUE($)
 
Interactive Media & Services — 8.1%
Alphabet, Inc., Class A
2,753
861,689
Alphabet, Inc., Class C
1,971
618,500
Meta Platforms, Inc., Class A
1,159
765,044
 
2,245,233
IT Services — 0.8%
Accenture plc, Class A
289
77,539
Cognizant Technology Solutions Corp., Class A
1,121
93,043
Gartner, Inc. *
35
8,830
International Business Machines Corp.
121
35,841
VeriSign, Inc.
29
7,045
 
222,298
Life Sciences Tools & Services — 0.5%
Danaher Corp.
538
123,159
Thermo Fisher Scientific, Inc.
22
12,748
Waters Corp. *
29
11,015
 
146,922
Machinery — 1.3%
Caterpillar, Inc.
70
40,101
Cummins, Inc.
65
33,179
Deere & Co.
293
136,412
Ingersoll Rand, Inc.
539
42,700
Otis Worldwide Corp.
710
62,018
PACCAR, Inc.
248
27,158
Westinghouse Air Brake Technologies Corp.
35
7,471
 
349,039
Media — 0.5%
Charter Communications, Inc., Class A * (a)
96
20,040
Comcast Corp., Class A
2,779
83,064
Omnicom Group, Inc.
260
20,995
 
124,099
Metals & Mining — 0.3%
Newmont Corp.
373
37,244
Nucor Corp.
171
27,892
Steel Dynamics, Inc.
138
23,384
 
88,520
Multi-Utilities — 0.4%
Ameren Corp.
273
27,262
Dominion Energy, Inc.
199
11,659
Sempra
923
81,492
 
120,413
SEE NOTES TO FINANCIAL STATEMENTS.
 
44
J.P. Morgan Exchange-Traded Funds
December 31, 2025
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 2.6%
Cheniere Energy, Inc.
19
3,693
Chevron Corp.
614
93,580
ConocoPhillips
1,045
97,822
Diamondback Energy, Inc.
381
57,276
EOG Resources, Inc.
1,111
116,666
EQT Corp.
446
23,906
Exxon Mobil Corp.
2,727
328,167
 
721,110
Passenger Airlines — 0.2%
Delta Air Lines, Inc.
453
31,438
United Airlines Holdings, Inc. *
237
26,502
 
57,940
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.
2,549
137,493
Eli Lilly & Co.
324
348,196
Johnson & Johnson
1,548
320,359
Merck & Co., Inc.
498
52,420
Zoetis, Inc.
93
11,701
 
870,169
Professional Services — 0.3%
Leidos Holdings, Inc.
471
84,968
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *
145
23,315
Residential REITs — 0.1%
Equity LifeStyle Properties, Inc.
441
26,729
Invitation Homes, Inc.
238
6,614
 
33,343
Semiconductors & Semiconductor Equipment — 14.3%
Advanced Micro Devices, Inc. *
619
132,565
Analog Devices, Inc.
599
162,449
Broadcom, Inc.
2,192
758,651
Intel Corp. *
627
23,136
Lam Research Corp.
1,003
171,694
Microchip Technology, Inc.
233
14,847
Micron Technology, Inc.
708
202,070
NVIDIA Corp.
12,056
2,248,444
NXP Semiconductors NV (Netherlands)
456
98,979
QUALCOMM, Inc.
111
18,987
Texas Instruments, Inc.
810
140,527
 
3,972,349
INVESTMENTS
SHARES
VALUE($)
 
Software — 10.4%
Adobe, Inc. *
81
28,349
AppLovin Corp., Class A *
108
72,773
Autodesk, Inc. *
98
29,009
Cadence Design Systems, Inc. *
193
60,328
Crowdstrike Holdings, Inc., Class A *
75
35,157
Fortinet, Inc. *
315
25,014
Intuit, Inc.
232
153,682
Microsoft Corp.
3,737
1,807,288
Oracle Corp.
996
194,130
Palantir Technologies, Inc., Class A *
798
141,845
Palo Alto Networks, Inc. *
115
21,183
Roper Technologies, Inc.
17
7,567
Salesforce, Inc.
451
119,474
ServiceNow, Inc. *
1,218
186,585
 
2,882,384
Specialized REITs — 0.8%
American Tower Corp.
494
86,732
Equinix, Inc.
94
72,019
Extra Space Storage, Inc.
92
11,980
SBA Communications Corp.
252
48,744
 
219,475
Specialty Retail — 1.8%
AutoZone, Inc. *
18
61,047
Best Buy Co., Inc.
43
2,878
Burlington Stores, Inc. *
186
53,726
Home Depot, Inc. (The)
121
41,636
Lowe's Cos., Inc.
814
196,304
O'Reilly Automotive, Inc. *
176
16,053
Ross Stores, Inc.
592
106,643
TJX Cos., Inc. (The)
38
5,837
Tractor Supply Co.
353
17,654
 
501,778
Technology Hardware, Storage & Peripherals — 7.6%
Apple, Inc.
7,160
1,946,518
Hewlett Packard Enterprise Co.
659
15,829
Seagate Technology Holdings plc
346
95,285
Western Digital Corp.
346
59,605
 
2,117,237
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B
801
51,032
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
45
JPMorgan U.S. Research Enhanced Large Cap ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Ralph Lauren Corp.
19
6,718
Tapestry, Inc.
97
12,394
 
70,144
Tobacco — 0.7%
Altria Group, Inc.
683
39,382
Philip Morris International, Inc.
911
146,124
 
185,506
Trading Companies & Distributors — 0.1%
United Rentals, Inc.
49
39,657
Total Common Stocks
(Cost $22,906,923)
27,607,135
Short-Term Investments — 0.4%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.73% (b) (c)
(Cost $80,714)
80,714
80,714
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.82% (b) (c)
(Cost $18,814)
18,814
18,814
Total Short-Term Investments
(Cost $99,528)
99,528
Total Investments — 99.9%
(Cost $23,006,451)
27,706,663
Other Assets in Excess of Liabilities — 0.1%
40,219
NET ASSETS — 100.0%
27,746,882
 
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)
The security or a portion of this security is on loan at
December 31, 2025. The total value of securities on
loan at December 31, 2025 is $18,370.
 
(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 December
31, 2025.
 
Futures contracts outstanding as of December 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
3
03/20/2026
USD
103,395
61
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
46
J.P. Morgan Exchange-Traded Funds
December 31, 2025
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.1%
Automobiles — 5.4%
Rivian Automotive, Inc., Class A * (a)
2,509,730
49,466,778
Tesla, Inc. *
276,046
124,143,407
 
173,610,185
Banks — 1.0%
NU Holdings Ltd., Class A (Brazil) *
1,905,711
31,901,602
Broadline Retail — 7.1%
Alibaba Group Holding Ltd., ADR (China)
433,994
63,614,841
Amazon.com, Inc. *
268,990
62,088,272
MercadoLibre, Inc. (Brazil) *
18,881
38,031,243
Sea Ltd., ADR (Singapore) *
482,537
61,557,245
 
225,291,601
Capital Markets — 4.1%
Coinbase Global, Inc., Class A *
133,209
30,123,883
Robinhood Markets, Inc., Class A *
884,516
100,038,760
 
130,162,643
Communications Equipment — 4.6%
Arista Networks, Inc. *
129,150
16,922,525
Ciena Corp. *
409,081
95,671,773
Lumentum Holdings, Inc. * (a)
88,651
32,675,872
 
145,270,170
Diversified Telecommunication Services — 0.4%
Lumen Technologies, Inc. *
1,681,198
13,062,908
Electrical Equipment — 1.3%
Vicor Corp. *
386,074
42,313,710
Electronic Equipment, Instruments & Components — 0.6%
Fabrinet (Thailand) *
23,149
10,539,277
TTM Technologies, Inc. *
107,794
7,437,786
 
17,977,063
Entertainment — 7.4%
Netflix, Inc. *
695,120
65,174,451
Spotify Technology SA *
72,172
41,911,002
Take-Two Interactive Software, Inc. *
507,244
129,869,682
 
236,955,135
Ground Transportation — 0.2%
Uber Technologies, Inc. *
95,084
7,769,314
Health Care Technology — 0.9%
Veeva Systems, Inc., Class A *
133,783
29,864,379
INVESTMENTS
SHARES
VALUE($)
 
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings, Inc.
7,199
38,553,021
DoorDash, Inc., Class A *
154,588
35,011,090
 
73,564,111
Insurance — 1.0%
Lemonade, Inc. * (a)
466,041
33,172,798
Interactive Media & Services — 8.5%
Alphabet, Inc., Class C
445,528
139,806,687
Meta Platforms, Inc., Class A
125,858
83,077,607
Reddit, Inc., Class A *
162,226
37,290,891
Snap, Inc., Class A *
1,234,919
9,965,796
 
270,140,981
IT Services — 9.7%
Cloudflare, Inc., Class A *
177,545
35,002,997
Shopify, Inc., Class A (Canada) *
597,600
96,195,672
Snowflake, Inc., Class A *
571,086
125,273,425
Twilio, Inc., Class A *
364,236
51,808,928
 
308,281,022
Life Sciences Tools & Services — 1.0%
Tempus AI, Inc. * (a)
549,385
32,441,184
Machinery — 0.5%
Symbotic, Inc. * (a)
247,972
14,754,334
Media — 0.5%
EchoStar Corp., Class A * (a)
159,134
17,297,866
Semiconductors & Semiconductor Equipment — 22.7%
Advanced Micro Devices, Inc. *
191,933
41,104,371
Allegro MicroSystems, Inc. (Japan) *
419,222
11,059,076
ASML Holding NV (Registered), NYRS
(Netherlands)
43,675
46,726,136
Broadcom, Inc.
317,119
109,754,886
Credo Technology Group Holding Ltd. *
512,779
73,783,770
First Solar, Inc. *
92,881
24,263,304
Lam Research Corp.
598,506
102,452,257
MACOM Technology Solutions Holdings,
Inc. *
44,906
7,691,500
Micron Technology, Inc.
162,464
46,368,850
NVIDIA Corp.
814,386
151,882,989
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
358,529
108,953,378
 
724,040,517
Software — 19.4%
AppLovin Corp., Class A *
78,648
52,994,595
Cadence Design Systems, Inc. *
80,458
25,149,562
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
47
JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Crowdstrike Holdings, Inc., Class A *
74,602
34,970,434
Datadog, Inc., Class A *
142,709
19,406,997
Figma, Inc., Class A * (a)
592,450
22,139,856
HubSpot, Inc. *
95,122
38,172,459
Intuit, Inc.
92,462
61,248,678
Microsoft Corp.
137,642
66,566,424
Oracle Corp.
431,863
84,174,417
Palantir Technologies, Inc., Class A *
175,500
31,195,125
Palo Alto Networks, Inc. *
188,712
34,760,750
ServiceNow, Inc. *
519,491
79,580,826
ServiceTitan, Inc., Class A * (a)
263,976
28,113,444
Zoom Communications, Inc., Class A *
489,064
42,201,333
 
620,674,900
Specialty Retail — 0.5%
Warby Parker, Inc., Class A *
680,864
14,836,027
Total Common Stocks
(Cost $2,614,288,284)
3,163,382,450
Short-Term Investments — 4.6%
Investment Companies — 1.0%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73% (b) (c)
(Cost $29,689,252)
29,689,252
29,689,252
Investment of Cash Collateral from Securities Loaned — 3.6%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares,
3.82% (b) (c)
(Cost $115,480,344)
115,480,344
115,480,344
Total Short-Term Investments
(Cost $145,169,596)
145,169,596
Total Investments — 103.7%
(Cost $2,759,457,880)
3,308,552,046
Liabilities in Excess of Other Assets —
(3.7)%
(116,662,977
)
NET ASSETS — 100.0%
3,191,889,069
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
NYRS
New York Registry Shares
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at December
31, 2025. The total value of securities on loan at December 31,
2025 is $112,496,990.
(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 December 31, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
48
J.P. Morgan Exchange-Traded Funds
December 31, 2025
STATEMENTS OF ASSETS AND LIABILITIES
AS OF December 31, 2025 (Unaudited)
 
 
JPMorgan
Active
Growth ETF
JPMorgan
Active Small Cap
Value ETF
JPMorgan
Active
Value ETF
JPMorgan
Equity Premium
Income ETF
ASSETS:
Investments in non-affiliates, at value
$8,389,594,320
$22,718,730
$5,172,481,807
$40,882,112,487
Investments in affiliates, at value
132,802,121
439,053
42,829,575
770,979,057
Investments of cash collateral received from securities
loaned, at value (See Note 2.C.)
9,865,023
—
23,173,867
14,827,675
Cash
—
1
8,451
—
Receivables:
Investment securities sold
—
—
—
1,167,440,914
Fund shares sold
132,405
—
406,282
99,586,466
Interest from non-affiliates
—
—
—
132,310,178
Dividends from non-affiliates
1,040,817
34,451
5,554,220
42,265,867
Dividends from affiliates
396,455
1,784
148,245
1,722,629
Securities lending income (See Note 2.C.)
2,363
—
1,938
1,680
Total Assets
8,533,833,504
23,194,019
5,244,604,385
43,111,246,953
LIABILITIES:
Payables:
Distributions
—
—
—
309,779,054
Investment securities purchased
60,088
—
356,833
1,191,237,531
Collateral received on securities loaned (See Note 2.C.)
9,865,023
—
23,173,867
14,827,675
Fund shares redeemed
—
—
—
1,382,687
Accrued liabilities:
Management fees (See Note 3.A.)
3,089,234
15,018
1,854,259
11,981,902
Total Liabilities
13,014,345
15,018
25,384,959
1,529,208,849
Net Assets
$8,520,819,159
$23,179,001
$5,219,219,426
$41,582,038,104
NET ASSETS:
Paid-in-Capital
$7,400,309,275
$21,691,204
$4,752,389,264
$42,248,588,298
Total distributable earnings (loss)
1,120,509,884
1,487,797
466,830,162
(666,550,194
)
Total Net Assets
$8,520,819,159
$23,179,001
$5,219,219,426
$41,582,038,104
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
91,850,000
400,000
72,750,000
727,000,000
Net asset value, per share
$92.77
$57.95
$71.74
$57.20
Cost of investments in non-affiliates
$7,028,377,046
$21,502,139
$4,702,832,085
$34,433,952,256
Cost of investments in affiliates
132,802,121
439,053
42,829,575
770,979,057
Investment securities on loan, at value (See Note 2.C.)
9,490,754
—
22,279,236
14,402,987
Cost of investment of cash collateral (See Note 2.C.)
9,865,023
—
23,173,867
14,827,675
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
49
STATEMENTS OF ASSETS AND LIABILITIES
AS OF December 31, 2025 (Unaudited) (continued)
 
 
JPMorgan
Fundamental Data
Science Large
Core ETF
JPMorgan
Fundamental Data
Science Mid
Core ETF
JPMorgan
Fundamental Data
Science Small
Core ETF
JPMorgan
Nasdaq Equity
Premium Income ETF
ASSETS:
Investments in non-affiliates, at value
$14,623,934
$6,714,925
$6,885,605
$32,040,108,565
Investments in affiliates, at value
71,337
280,381
304,581
671,465,344
Investments of cash collateral received from securities
loaned, at value (See Note 2.C.)
72,184
140,936
405,718
60,213,004
Deposits at broker for futures contracts
—
27,000
33,000
—
Receivables:
Investment securities sold
—
—
15,808
1,090,976,596
Fund shares sold
—
—
—
102,943,191
Interest from non-affiliates
—
—
—
178,955,772
Dividends from non-affiliates
8,045
6,990
6,648
6,961,700
Dividends from affiliates
259
931
1,023
1,013,024
Securities lending income (See Note 2.C.)
—
6
30
5,266
Variation margin on futures contracts
2
—
—
—
Total Assets
14,775,761
7,171,169
7,652,413
34,152,642,462
LIABILITIES:
Payables:
Due to custodian
—
—
1
56,512
Distributions
—
—
—
322,284,742
Investment securities purchased
—
—
42,643
1,139,961,787
Collateral received on securities loaned (See Note 2.C.)
72,184
140,936
405,718
60,213,004
Variation margin on futures contracts
—
3,108
2,303
—
Accrued liabilities:
Management fees (See Note 3.A.)
3,738
2,073
2,457
9,355,256
Total Liabilities
75,922
146,117
453,122
1,531,871,301
Net Assets
$14,699,839
$7,025,052
$7,199,291
$32,620,771,161
NET ASSETS:
Paid-in-Capital
$11,393,150
$6,547,521
$6,472,377
$30,490,045,133
Total distributable earnings (loss)
3,306,689
477,531
726,914
2,130,726,028
Total Net Assets
$14,699,839
$7,025,052
$7,199,291
$32,620,771,161
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
225,000
120,000
120,000
561,625,000
Net asset value, per share
$65.33
$58.54
$59.99
$58.08
Cost of investments in non-affiliates
$12,106,763
$6,240,080
$6,160,545
$25,613,739,118
Cost of investments in affiliates
71,337
280,381
304,581
671,465,344
Investment securities on loan, at value (See Note 2.C.)
69,546
136,399
392,899
58,297,577
Cost of investment of cash collateral (See Note 2.C.)
72,184
140,936
405,718
60,213,004
SEE NOTES TO FINANCIAL STATEMENTS.
 
50
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
JPMorgan
Small & Mid Cap
Enhanced Equity ETF
JPMorgan U.S. Research
Enhanced Large Cap ETF
JPMorgan
U.S. Tech
Leaders ETF
ASSETS:
Investments in non-affiliates, at value
$2,062,618,093
$27,607,135
$3,163,382,450
Investments in affiliates, at value
42,704,357
80,714
29,689,252
Investments of cash collateral received from securities loaned, at
value (See Note 2.C.)
110,478,334
18,814
115,480,344
Cash
—
—
1
Deposits at broker for futures contracts
2,880,000
46,000
—
Receivables:
Fund shares sold
129,970
—
103,999
Dividends from non-affiliates
1,746,285
17,877
390,742
Dividends from affiliates
143,840
437
97,920
Tax reclaims
3,694
—
—
Securities lending income (See Note 2.C.)
11,932
1
20,204
Total Assets
2,220,716,505
27,770,978
3,309,164,912
LIABILITIES:
Payables:
Due to custodian
2
—
—
Investment securities purchased
—
—
82,760
Collateral received on securities loaned (See Note 2.C.)
110,478,334
18,814
115,480,344
Variation margin on futures contracts
426,103
769
—
Accrued liabilities:
Investment advisory fees
267,589
—
—
Administration fees
135,648
—
—
Printing and mailing costs
11,731
—
—
Management fees (See Note 3.A.)
—
4,513
1,712,739
Custodian and accounting fees
14,105
—
—
Trustees’ and Chief Compliance Officer’s fees
40
—
—
Other
145,780
—
—
Total Liabilities
111,479,332
24,096
117,275,843
Net Assets
$2,109,237,173
$27,746,882
$3,191,889,069
NET ASSETS:
Paid-in-Capital
$1,780,795,790
$22,974,361
$2,772,661,903
Total distributable earnings (loss)
328,441,383
4,772,521
419,227,166
Total Net Assets
$2,109,237,173
$27,746,882
$3,191,889,069
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
32,773,634
450,000
35,450,000
Net asset value, per share
$64.36
$61.66
$90.04
Cost of investments in non-affiliates
$1,770,197,064
$22,906,923
$2,614,288,284
Cost of investments in affiliates
42,704,357
80,714
29,689,252
Investment securities on loan, at value (See Note 2.C.)
107,068,677
18,370
112,496,990
Cost of investment of cash collateral (See Note 2.C.)
110,478,334
18,814
115,480,344
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
51
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)
 
 
JPMorgan
Active
Growth ETF
JPMorgan
Active Small Cap
Value ETF
JPMorgan
Active
Value ETF
JPMorgan
Equity Premium
Income ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$920
$920
$1,533
$1,383,041,264
Interest income from affiliates
—
—
—
105,687
Dividend income from non-affiliates
18,278,519
245,156
39,888,527
275,924,281
Dividend income from affiliates
2,277,264
10,546
1,413,298
8,113,349
Income from securities lending (net) (See Note 2.C.)
60,211
278
36,675
3,537
Total investment income
20,616,914
256,900
41,340,033
1,667,188,118
EXPENSES:
Management fees (See Note 3.A.)
16,647,791
88,929
9,459,997
72,263,301
Interest expense to affiliates
—
—
4,754
14,361
Total expenses
16,647,791
88,929
9,464,751
72,277,662
Net investment income (loss)
3,969,123
167,971
31,875,282
1,594,910,456
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(120,337,019
)
120,422
(70,633,889
)
(730,770,756
)
In-kind redemptions of investments in
non-affiliates (See Note 4)
207,830,710
295,064
268,305,377
483,367,032
Net realized gain (loss)
87,493,691
415,486
197,671,488
(247,403,724
)
Change in net unrealized appreciation/depreciation on
investments in non-affiliates
436,078,461
417,153
200,684,967
824,040,344
Net realized/unrealized gains (losses)
523,572,152
832,639
398,356,455
576,636,620
Change in net assets resulting from operations
$527,541,275
$1,000,610
$430,231,737
$2,171,547,076
SEE NOTES TO FINANCIAL STATEMENTS.
 
52
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
JPMorgan
Fundamental Data
Science Large
Core ETF
JPMorgan
Fundamental Data
Science Mid
Core ETF
JPMorgan
Fundamental Data
Science Small
Core ETF
JPMorgan
Nasdaq Equity
Premium Income ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$1,205
$1,317
$1,598
$1,557,391,547
Interest income from affiliates
—
—
1
81,426
Dividend income from non-affiliates
80,497
43,533
40,993
82,115,679
Dividend income from affiliates
2,318
6,051
6,308
5,145,302
Income from securities lending (net) (See Note 2.C.)
—
22
384
8,808
Total investment income
84,020
50,923
49,284
1,644,742,762
EXPENSES:
Management fees (See Note 3.A.)
21,409
12,064
13,921
53,435,488
Interest expense to affiliates
—
—
—
56,513
Total expenses
21,409
12,064
13,921
53,492,001
Net investment income (loss)
62,611
38,859
35,363
1,591,250,761
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(10,918
)
(80,285
)
(45,446
)
(974,104,861
)
In-kind redemptions of investments in
non-affiliates (See Note 4)
841,827
186,292
191,413
1,237,803,854
Futures contracts
6,654
27,723
53,279
—
Net realized gain (loss)
837,563
133,730
199,246
263,698,993
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
587,339
175,415
584,557
1,963,423,564
Futures contracts
(2,190
)
(11,441
)
(18,070
)
—
Change in net unrealized appreciation/depreciation
585,149
163,974
566,487
1,963,423,564
Net realized/unrealized gains (losses)
1,422,712
297,704
765,733
2,227,122,557
Change in net assets resulting from operations
$1,485,323
$336,563
$801,096
$3,818,373,318
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
53
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)
 
 
JPMorgan
Small & Mid Cap
Enhanced Equity ETF
JPMorgan U.S. Research
Enhanced Large Cap ETF
JPMorgan
U.S. Tech
Leaders ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$82,739
$1,432
$920
Interest income from affiliates
2
44
95
Dividend income from non-affiliates
13,119,307
142,646
2,557,013
Dividend income from affiliates
975,731
3,861
723,926
Income from securities lending (net) (See Note 2.C.)
46,863
1
368,276
Total investment income
14,224,642
147,984
3,650,230
EXPENSES:
Management fees (See Note 3.A.)
—
25,061
8,633,082
Investment advisory fees
2,530,992
—
—
Administration fees
759,301
—
—
Custodian and accounting fees
38,756
—
—
Interest expense to non-affiliates
4,789
—
—
Interest expense to affiliates
544
—
952
Professional fees
27,658
—
—
Trustees’ and Chief Compliance Officer’s fees
14,403
—
—
Printing and mailing costs
58,609
—
—
Registration and filing fees
4,802
—
—
Other
4,679
—
—
Total expenses
3,444,533
25,061
8,634,034
Less fees waived
(31,809
)
—
—
Less expense reimbursements
(1,007,515
)
—
—
Net expenses
2,405,209
25,061
8,634,034
Net investment income (loss)
11,819,433
122,923
(4,983,804
)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(2,999,502
)
132,281
(73,030,273
)
In-kind redemptions of investments in non-affiliates (See Note 4)
79,760,636
(11
)
67,013,687
Futures contracts
7,077,873
25,506
—
Net realized gain (loss)
83,839,007
157,776
(6,016,586
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
90,458,837
2,208,550
152,140,415
Futures contracts
(2,580,297
)
(7,605
)
—
Change in net unrealized appreciation/depreciation
87,878,540
2,200,945
152,140,415
Net realized/unrealized gains (losses)
171,717,547
2,358,721
146,123,829
Change in net assets resulting from operations
$183,536,980
$2,481,644
$141,140,025
SEE NOTES TO FINANCIAL STATEMENTS.
 
54
J.P. Morgan Exchange-Traded Funds
December 31, 2025
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
 
JPMorgan
Active
Growth ETF
JPMorgan
Active Small Cap
Value ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$3,969,123
$11,847,042
$167,971
$270,947
Net realized gain (loss)
87,493,691
128,636,370
415,486
(40,123
)
Change in net unrealized appreciation/depreciation
436,078,461
512,498,816
417,153
197,060
Change in net assets resulting from operations
527,541,275
652,982,228
1,000,610
427,884
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(13,236,845
)
(4,426,088
)
(333,032
)
(230,259
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
1,620,490,792
3,648,605,986
(1,140,910
)
10,293,648
NET ASSETS:
Change in net assets
2,134,795,222
4,297,162,126
(473,332
)
10,491,273
Beginning of period
6,386,023,937
2,088,861,811
23,652,333
13,161,060
End of period
$8,520,819,159
$6,386,023,937
$23,179,001
$23,652,333
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$2,297,612,236
$4,841,821,292
$292,628
$10,589,899
Cost of shares redeemed
(677,121,444
)
(1,193,215,306
)
(1,433,538
)
(296,251
)
Total change in net assets resulting from capital
transactions
$1,620,490,792
$3,648,605,986
$(1,140,910
)
$10,293,648
SHARE TRANSACTIONS:
Issued
25,250,000
61,475,000
5,000
185,000
Redeemed
(7,550,000
)
(15,100,000
)
(25,000
)
(5,000
)
Net increase (decrease) in shares from share transactions
17,700,000
46,375,000
(20,000
)
180,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
55
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan
Active
Value ETF
JPMorgan Equity
Premium Income ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income (loss)
$31,875,282
$41,442,731
$1,594,910,456
$3,125,621,900
Net realized gain (loss)
197,671,488
(12,260,190
)
(247,403,724
)
(1,139,569,105
)
Change in net unrealized appreciation/depreciation
200,684,967
180,151,470
824,040,344
930,727,894
Change in net assets resulting from operations
430,231,737
209,334,011
2,171,547,076
2,916,780,689
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(36,472,150
)
(38,123,372
)
(1,898,298,072
)
(3,027,394,985
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
1,146,701,881
2,241,634,909
315,230,567
7,348,590,046
NET ASSETS:
Change in net assets
1,540,461,468
2,412,845,548
588,479,571
7,237,975,750
Beginning of period
3,678,757,958
1,265,912,410
40,993,558,533
33,755,582,783
End of period
$5,219,219,426
$3,678,757,958
$41,582,038,104
$40,993,558,533
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$1,968,932,511
$3,028,591,219
$2,245,313,420
$9,516,871,009
Cost of shares redeemed
(822,230,630
)
(786,956,310
)
(1,930,082,853
)
(2,168,280,963
)
Total change in net assets resulting from capital
transactions
$1,146,701,881
$2,241,634,909
$315,230,567
$7,348,590,046
SHARE TRANSACTIONS:
Issued
28,300,000
46,975,000
39,400,000
164,950,000
Redeemed
(11,675,000
)
(12,225,000
)
(33,925,000
)
(38,675,000
)
Net increase in shares from share transactions
16,625,000
34,750,000
5,475,000
126,275,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
56
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
JPMorgan
Fundamental Data
Science Large
Core ETF
JPMorgan
Fundamental Data
Science Mid
Core ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Period Ended
June 30, 2025 (a)
Six Months Ended
December 31, 2025
(Unaudited)
Period Ended
June 30, 2025 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$62,611
$125,533
$38,859
$79,933
Net realized gain (loss)
837,563
119,894
133,730
374,375
Change in net unrealized appreciation/depreciation
585,149
1,932,022
163,974
306,623
Change in net assets resulting from operations
1,485,323
2,177,449
336,563
760,931
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(81,275
)
(114,917
)
(55,325
)
(73,579
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(37,958
)
11,271,217
18,166
6,038,296
NET ASSETS:
Change in net assets
1,366,090
13,333,749
299,404
6,725,648
Beginning of period
13,333,749
—
6,725,648
—
End of period
$14,699,839
$13,333,749
$7,025,052
$6,725,648
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$3,191,414
$12,676,509
$1,170,346
$12,153,691
Cost of shares redeemed
(3,229,372
)
(1,405,292
)
(1,152,180
)
(6,115,395
)
Total change in net assets resulting from capital
transactions
$(37,958
)
$11,271,217
$18,166
$6,038,296
SHARE TRANSACTIONS:
Issued
50,000
250,000
20,000
240,000
Redeemed
(50,000
)
(25,000
)
(20,000
)
(120,000
)
Net increase in shares from share transactions
—
225,000
—
120,000
(a)
Commencement of operations was August 7, 2024.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
57
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan
Fundamental Data
Science Small
Core ETF
JPMorgan Nasdaq Equity Premium Income ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Period Ended
June 30, 2025 (a)
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income (loss)
$35,363
$55,801
$1,591,250,761
$2,429,445,645
Net realized gain (loss)
199,246
256,365
263,698,993
(2,355,493,342
)
Change in net unrealized appreciation/depreciation
566,487
149,565
1,963,423,564
1,940,514,246
Change in net assets resulting from operations
801,096
461,731
3,818,373,318
2,014,466,549
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(57,566
)
(50,574
)
(1,845,683,225
)
(2,289,840,737
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
4,822
6,039,782
2,596,233,911
13,082,585,313
NET ASSETS:
Change in net assets
748,352
6,450,939
4,568,924,004
12,807,211,125
Beginning of period
6,450,939
—
28,051,847,157
15,244,636,032
End of period
$7,199,291
$6,450,939
$32,620,771,161
$28,051,847,157
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$601,781
$8,753,823
$5,320,973,872
$15,205,843,149
Cost of shares redeemed
(596,959
)
(2,714,041
)
(2,724,739,961
)
(2,123,257,836
)
Total change in net assets resulting from capital
transactions
$4,822
$6,039,782
$2,596,233,911
$13,082,585,313
SHARE TRANSACTIONS:
Issued
10,000
170,000
93,325,000
279,975,000
Redeemed
(10,000
)
(50,000
)
(47,525,000
)
(38,975,000
)
Net increase in shares from share transactions
—
120,000
45,800,000
241,000,000
(a)
Commencement of operations was August 7, 2024.
SEE NOTES TO FINANCIAL STATEMENTS.
 
58
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
JPMorgan
Small & Mid Cap
Enhanced Equity ETF
JPMorgan U.S. Research
Enhanced Large Cap ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
Six Months Ended
December 31, 2025
(Unaudited)
Period Ended
June 30, 2025 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$11,819,433
$19,989,861
$122,923
$60,301
Net realized gain (loss)
83,839,007
69,081,627
157,776
80,662
Change in net unrealized appreciation/depreciation
87,878,540
(39,734,973
)
2,200,945
2,499,328
Change in net assets resulting from operations
183,536,980
49,336,515
2,481,644
2,640,291
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(23,554,685
)
(15,116,192
)
(213,780
)
(44,740
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
109,754,448
677,440,475
3,019,012
19,864,455
NET ASSETS:
Change in net assets
269,736,743
711,660,798
5,286,876
22,460,006
Beginning of period
1,839,500,430
1,127,839,632
22,460,006
—
End of period
$2,109,237,173
$1,839,500,430
$27,746,882
$22,460,006
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$284,056,746
$939,331,249
$3,019,012
$21,121,034
Cost of shares redeemed
(174,302,298
)
(261,890,774
)
—
(1,256,579
)
Total change in net assets resulting from capital
transactions
$109,754,448
$677,440,475
$3,019,012
$19,864,455
SHARE TRANSACTIONS:
Issued
4,475,000
15,600,000
50,000
425,000
Redeemed
(2,750,000
)
(4,475,000
)
—
(25,000
)
Net increase in shares from share transactions
1,725,000
11,125,000
50,000
400,000
(a)
Commencement of operations was March 13, 2025.
SEE NOTES TO FINANCIAL STATEMENTS.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
59
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan
U.S. Tech
Leaders ETF
 
Six Months Ended
December 31, 2025
(Unaudited)
Year Ended
June 30, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$(4,983,804
)
$(2,607,629
)
Net realized gain (loss)
(6,016,586
)
(55,423,701
)
Change in net unrealized appreciation/depreciation
152,140,415
329,763,562
Change in net assets resulting from operations
141,140,025
271,732,232
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
1,093,446,657
1,145,750,964
NET ASSETS:
Change in net assets
1,234,586,682
1,417,483,196
Beginning of period
1,957,302,387
539,819,191
End of period
$3,191,889,069
$1,957,302,387
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$1,226,013,534
$1,352,729,391
Cost of shares redeemed
(132,566,877
)
(206,978,427
)
Total change in net assets resulting from capital transactions
$1,093,446,657
$1,145,750,964
SHARE TRANSACTIONS:
Issued
13,725,000
18,450,000
Redeemed
(1,450,000
)
(3,075,000
)
Net increase in shares from share transactions
12,275,000
15,375,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
60
J.P. Morgan Exchange-Traded Funds
December 31, 2025
THIS PAGE IS INTENTIONALLY LEFT BLANK
 
 
 
61
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Active Growth ETF
Six Months Ended December 31, 2025 (Unaudited)
$86.12
$0.05
$6.75
$6.80
$(0.15
)
$—
$(0.15
)
Year Ended June 30, 2025
75.21
0.23
10.76
10.99
(0.08
)
—
(0.08
)
Year Ended June 30, 2024
55.72
0.14
19.45
19.59
(0.10
)
—
(0.10
)
August 8, 2022 (f) through June 30, 2023
49.95
0.19
5.65
5.84
(0.07
)
—
(0.07
)
JPMorgan Active Small Cap Value ETF
Six Months Ended December 31, 2025 (Unaudited)
56.32
0.41
2.04
2.45
(0.82
)
—
(0.82
)
Year Ended June 30, 2025
54.84
0.82
1.37
2.19
(0.71
)
—
(0.71
)
Year Ended June 30, 2024
49.26
0.75
5.42
6.17
(0.59
)
—
(0.59
)
March 7, 2023 (f) through June 30, 2023
50.00
0.23
(0.97
)
(0.74
)
—
—
—
JPMorgan Active Value ETF
Six Months Ended December 31, 2025 (Unaudited)
65.55
0.51
6.23
6.74
(0.55
)
—
(0.55
)
Year Ended June 30, 2025
59.22
1.08
6.17
7.25
(0.92
)
—
(0.92
)
Year Ended June 30, 2024
53.14
1.06
5.95
7.01
(0.93
)
—
(0.93
)
Year Ended June 30, 2023
47.81
0.98
5.09
6.07
(0.74
)
—
(0.74
)
October 4, 2021 (f) through June 30, 2022
49.50
0.63
(1.78
)
(1.15
)
(0.47
)
(0.07
)
(0.54
)
JPMorgan Equity Premium Income ETF
Six Months Ended December 31, 2025 (Unaudited)
56.82
2.21
0.80
3.01
(2.63
)
—
(2.63
)
Year Ended June 30, 2025
56.71
4.83
(0.05
)
4.78
(4.67
)
—
(4.67
)
Year Ended June 30, 2024
55.29
4.16
1.42
5.58
(4.16
)
—
(4.16
)
Year Ended June 30, 2023
55.45
5.84
0.04
5.88
(6.04
)
—
(6.04
)
Year Ended June 30, 2022
60.50
6.11
(6.20
)
(0.09
)
(4.96
)
—
(4.96
)
Year Ended June 30, 2021
50.76
5.17
9.42
14.59
(4.85
)
—
(4.85
)
JPMorgan Fundamental Data Science Large Core ETF
Six Months Ended December 31, 2025 (Unaudited)
59.26
0.28
6.15
6.43
(0.36
)
—
(0.36
)
August 7, 2024 (f) through June 30, 2025
50.00
0.56
9.21
9.77
(0.51
)
—
(0.51
)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all
dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The closing price was used to
calculate the market price return.
(f)
Commencement of operations.
(g)
Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
 
62
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return(c)(d)
Market
price
total
return(c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Portfolio
turnover
rate(c)
$92.77
$92.80
7.89
%
7.99
%
$8,520,819,159
0.44
%
0.10
%
22
%
86.12
86.07
14.62
14.64
6,386,023,937
0.43
0.29
47
75.21
75.15
35.21
35.05
2,088,861,811
0.44
0.22
30
55.72
55.74
11.73
11.77
(g)
358,030,378
0.44
0.45
60
57.95
58.01
4.33
4.44
23,179,001
0.74
1.39
24
56.32
56.32
3.93
3.99
23,652,333
0.74
1.43
43
54.84
54.81
12.54
12.38
13,161,060
0.74
1.43
27
49.26
49.30
(1.48
)
(1.40
)(g)
10,836,656
0.74
1.57
13
71.74
71.72
10.30
10.35
5,219,219,426
0.44
1.47
47
65.55
65.50
12.28
12.12
3,678,757,958
0.43
1.70
111
59.22
59.26
13.29
13.35
1,265,912,410
0.44
1.90
87
53.14
53.15
12.79
13.04
418,442,628
0.44
1.91
80
47.81
47.71
(2.37
)
(2.57
)(g)
44,225,127
0.44
1.64
56
57.20
57.24
5.43
5.45
41,582,038,104
0.35
7.70
93
56.82
56.85
8.65
8.77
40,993,558,533
0.35
8.38
172
56.71
56.68
10.58
10.44
33,755,582,783
0.35
7.50
174
55.29
55.33
11.30
11.37
28,046,696,328
0.35
10.69
190
55.45
55.45
(0.49
)
(0.62
)
10,206,410,953
0.35
10.23
195
60.50
60.57
30.22
29.90
1,916,419,087
0.35
8.89
195
65.33
65.36
10.87
10.84
14,699,839
0.30
0.87
8
59.26
59.30
19.59
19.67
(g)
13,333,749
0.30
1.12
15
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
63
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Fundamental Data Science Mid Core ETF
Six Months Ended December 31, 2025 (Unaudited)
$56.05
$0.32
$2.63
$2.95
$(0.46
)
$—
$(0.46
)
August 7, 2024 (f) through June 30, 2025
50.00
0.67
5.99
6.66
(0.61
)
—
(0.61
)
JPMorgan Fundamental Data Science Small Core ETF
Six Months Ended December 31, 2025 (Unaudited)
53.76
0.29
6.42
6.71
(0.48
)
—
(0.48
)
August 7, 2024 (f) through June 30, 2025
50.00
0.48
3.72
4.20
(0.44
)
—
(0.44
)
JPMorgan Nasdaq Equity Premium Income ETF
Six Months Ended December 31, 2025 (Unaudited)
54.38
2.98
4.15
7.13
(3.43
)
—
(3.43
)
Year Ended June 30, 2025
55.47
6.45
(1.43
)
5.02
(6.11
)
—
(6.11
)
Year Ended June 30, 2024
48.33
5.25
6.75
12.00
(4.86
)
—
(4.86
)
Year Ended June 30, 2023
45.46
6.04
2.47
8.51
(5.64
)
—
(5.64
)
May 3, 2022 (f) through June 30, 2022
50.00
1.11
(5.27
)
(4.16
)
(0.38
)
—
(0.38
)
JPMorgan Small & Mid Cap Enhanced Equity ETF (h) (i)
Six Months Ended December 31, 2025 (Unaudited)
59.25
0.37
5.46
5.83
(0.72
)
—
(0.72
)
Year Ended June 30, 2025
56.61
0.76
2.45
3.21
(0.57
)
—
(0.57
)
Year Ended June 30, 2024
50.12
0.70
6.46
7.16
(0.67
)
—
(0.67
)
Year Ended June 30, 2023
45.83
0.67
6.67
7.34
(0.66
)
(2.39
)
(3.05
)
Year Ended June 30, 2022
62.87
0.70
(8.03
)
(7.33
)
(0.66
)
(9.05
)
(9.71
)
Year Ended June 30, 2021
41.41
0.63
23.22
23.85
(0.63
)
(1.76
)
(2.39
)
JPMorgan U.S. Research Enhanced Large Cap ETF
Six Months Ended December 31, 2025 (Unaudited)
56.15
0.29
5.72
6.01
(0.33
)
(0.17
)
(0.50
)
March 13, 2025 (f) through June 30, 2025
50.00
0.18
6.08
6.26
(0.11
)
—
(0.11
)
JPMorgan U.S. Tech Leaders ETF
Six Months Ended December 31, 2025 (Unaudited)
84.46
(0.17
)
5.75
5.58
—
—
—
Year Ended June 30, 2025
69.21
(0.19
)
15.44
15.25
—
—
—
October 4, 2023 (f) through June 30, 2024
50.00
(0.14
)
19.35
19.21
—
—
—
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all
dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The closing price was used to
calculate the market price return.
(f)
Commencement of operations.
(g)
Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
JPMorgan Small & Mid Cap Enhanced Equity ETF acquired all of the assets and liabilities of JPMorgan Market Expansion Enhanced Index Fund (the "Acquired
Fund") in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Acquired Fund’s Class R6 Shares
have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Acquired Fund’s Class R6
Shares for the period July 1, 2020 up through the reorganization.
(i)
Per Share amounts reflect the conversion of the JPMorgan Small & Mid Cap Enhanced Equity ETF as of the close of business on May 6, 2022. See Note 1.
(j)
JPMorgan Small & Mid Cap Enhanced Equity ETF acquired all of the assets and liabilities of the Acquired Fund in a reorganization that occurred as of the close of
business on May 6, 2022. Market price returns are calculated using the official closing price of the JPMorgan Small & Mid Cap Enhanced Equity ETF on the listing
exchange as of the time that the JPMorgan Small & Mid Cap Enhanced Equity ETF's net asset value ("NAV") is calculated. Prior to the JPMorgan Small & Mid Cap
Enhanced Equity ETF's listing on May 9, 2022, the NAV performance of the Class R6 and the Class I Shares of the Acquired Fund are used as proxy market price
returns.
 
64
J.P. Morgan Exchange-Traded Funds
December 31, 2025
 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return(c)(d)
Market
price
total
return(c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate(c)
$58.54
$58.57
5.27
%
5.29
%
$7,025,052
0.34
%
1.11
%
0.34
%
11
%
56.05
56.07
13.34
13.38
(g)
6,725,648
0.35
1.35
0.35
29
59.99
60.05
12.48
12.72
7,199,291
0.39
1.00
0.39
13
53.76
53.70
8.40
8.28
(g)
6,450,939
0.40
1.00
0.40
36
58.08
58.12
13.47
13.51
32,620,771,161
0.35
10.39
0.35
89
54.38
54.40
9.77
9.75
28,051,847,157
0.35
11.91
0.35
168
55.47
55.50
26.44
26.41
15,244,636,032
0.35
10.20
0.35
168
48.33
48.37
20.81
20.11
3,956,996,062
0.35
13.49
0.35
162
45.46
45.76
(8.37
)
(7.77
)(g)
101,155,729
0.35
14.59
0.35
12
64.36
64.38
9.84
9.95
(j)
2,109,237,173
0.24
1.17
0.34
15
59.25
59.21
5.65
5.52
(j)
1,839,500,430
0.24
1.28
0.35
37
56.61
56.64
14.36
14.33
(j)
1,127,839,632
0.24
1.32
0.35
26
50.12
50.16
16.61
16.73
(j)
854,560,372
0.24
1.38
0.24
29
45.83
45.82
(13.80
)
(13.81
)(j)
833,993,386
0.25
1.21
0.36
27
62.87
62.87
58.97
58.97
(j)
766,008,977
0.25
1.18
0.35
35
61.66
61.70
10.72
10.72
27,746,882
0.20
0.98
0.20
11
56.15
56.19
12.53
12.61
(g)
22,460,006
0.20
1.18
0.20
6
90.04
90.07
6.61
6.64
3,191,889,069
0.65
(0.37
)
0.65
23
84.46
84.46
22.03
21.96
1,957,302,387
0.64
(0.26
)
0.64
68
69.21
69.25
38.42
38.50
(g)
539,819,191
0.65
(0.30
)
0.65
32
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
65
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 11 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:  
 
Diversification Classification
JPMorgan Active Growth ETF
Non-Diversified
JPMorgan Active Small Cap Value ETF
Diversified
JPMorgan Active Value ETF
Diversified
JPMorgan Equity Premium Income ETF
Diversified
JPMorgan Fundamental Data Science Large Core ETF
Non-Diversified
JPMorgan Fundamental Data Science Mid Core ETF
Diversified
JPMorgan Fundamental Data Science Small Core ETF
Diversified
JPMorgan Nasdaq Equity Premium Income ETF
Non-Diversified
JPMorgan Small & Mid Cap Enhanced Equity ETF
Diversified
JPMorgan U.S. Research Enhanced Large Cap ETF
Diversified
JPMorgan U.S. Tech Leaders ETF
Diversified
The investment objective of JPMorgan Active Growth ETF (“Active Growth ETF”), JPMorgan Active Small Cap Value ETF (“Active Small Cap Value ETF”), JPMorgan Active Value ETF (“Active Value ETF”), JPMorgan Fundamental Data Science Large Core ETF (“Fundamental Data Science Large Core ETF”), JPMorgan Fundamental Data Science Mid Core ETF (“Fundamental Data Science Mid Core ETF”), JPMorgan Fundamental Data Science Small Core ETF (“Fundamental Data Science Small Core ETF”), and JPMorgan U.S. Tech Leaders ETF ("U.S. Tech Leaders ETF") is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Equity Premium Income ETF (“Equity Premium Income ETF”) and JPMorgan Nasdaq Equity Premium Income ETF (“Nasdaq Equity Premium Income ETF”) is to seek current income while maintaining prospects for capital appreciation.
The investment objective of JPMorgan Small & Mid Cap Enhanced Equity ETF (“Small & Mid Cap Enhanced Equity ETF”) is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid- capitalization equity markets.
The investment objective of JPMorgan U.S. Research Enhanced Large Cap ETF (“U.S. Research Enhanced Large Cap ETF”) is to seek to provide capital appreciation.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded at market price on an exchange as follows: 
 
Listing Exchange
Active Growth ETF
NYSE Arca, Inc.
Active Small Cap Value ETF
NYSE Arca, Inc.
Active Value ETF
NYSE Arca, Inc.
Equity Premium Income ETF
NYSE Arca, Inc.
Fundamental Data Science Large Core ETF
The NASDAQ Stock Market® LLC
Fundamental Data Science Mid Core ETF
The NASDAQ Stock Market® LLC
Fundamental Data Science Small Core ETF
The NASDAQ Stock Market® LLC
Nasdaq Equity Premium Income ETF
The NASDAQ Stock Market® LLC
Small & Mid Cap Enhanced Equity ETF
NYSE Arca, Inc.
U.S. Research Enhanced Large Cap ETF
NYSE Arca, Inc.
U.S. Tech Leaders ETF
The NASDAQ Stock Market® LLC
Market prices for the Funds' shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation
 
66
J.P. Morgan Exchange-Traded Funds
December 31, 2025
Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' 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 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 Funds 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 Funds. 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
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 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 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 Funds’ 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 securities, interest rates, prepayment speeds, credit risk, etc.).
•
Level 3 — Significant unobservable inputs (including the Funds’ own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
67
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):  
Active Growth ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$8,532,261,464
$—
$—
$8,532,261,464
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
Active Small Cap Value ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$23,157,783
$—
$—
$23,157,783
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
Active Value ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$5,238,485,249
$—
$—
$5,238,485,249
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
Equity Premium Income ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$35,133,929,410
$—
$—
$35,133,929,410
Equity Linked Notes
—
5,748,183,077
—
5,748,183,077
Short-Term Investments
Investment Companies
770,979,057
—
—
770,979,057
Investment of Cash Collateral from Securities
Loaned
14,827,675
—
—
14,827,675
Total Short-Term Investments
785,806,732
—
—
785,806,732
Total Investments in Securities
$35,919,736,142
$5,748,183,077
$—
$41,667,919,219
 
Fundamental Data Science Large Core ETF 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$14,767,455
$—
$—
$14,767,455
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
Fundamental Data Science Mid Core ETF 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$7,136,242
$—
$—
$7,136,242
 
68
J.P. Morgan Exchange-Traded Funds
December 31, 2025
Fundamental Data Science Mid Core ETF (continued)
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(4,248
)
$—
$—
$(4,248
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
Fundamental Data Science Small Core ETF 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$6,885,431
$—
$—
$6,885,431
Rights
—
—
174
174
Short-Term Investments
Investment Companies
304,581
—
—
304,581
Investment of Cash Collateral from Securities Loaned
405,718
—
—
405,718
Total Short-Term Investments
710,299
—
—
710,299
Total Investments in Securities
$7,595,730
$—
$174
$7,595,904
Depreciation in Other Financial Instruments
Futures Contracts
$(9,008
)
$—
$—
$(9,008
)
 
Nasdaq Equity Premium Income ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$26,572,185,669
$—
$—
$26,572,185,669
Equity Linked Notes
—
5,467,922,896
—
5,467,922,896
Short-Term Investments
Investment Companies
671,465,344
—
—
671,465,344
Investment of Cash Collateral from Securities
Loaned
60,213,004
—
—
60,213,004
Total Short-Term Investments
731,678,348
—
—
731,678,348
Total Investments in Securities
$27,303,864,017
$5,467,922,896
$—
$32,771,786,913
 
Small & Mid Cap Enhanced Equity ETF 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$2,215,800,784
$—
$—
$2,215,800,784
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(876,004
)
$—
$—
$(876,004
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
69
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
U.S. Research Enhanced Large Cap ETF 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$27,706,663
$—
$—
$27,706,663
Appreciation in Other Financial Instruments
Futures Contracts (a)
$61
$—
$—
$61
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
U.S. Tech Leaders ETF 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$3,308,552,046
$—
$—
$3,308,552,046
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of December 31, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
 
70
J.P. Morgan Exchange-Traded Funds
December 31, 2025
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2025. 
 
Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
Active Growth ETF
$9,490,754
$(9,490,754
)
$—
Active Value ETF
22,279,236
(22,279,236
)
—
Equity Premium Income ETF
14,402,987
(14,402,987
)
—
Fundamental Data Science Large Core ETF
69,546
(69,546
)
—
Fundamental Data Science Mid Core ETF
136,399
(136,399
)
—
Fundamental Data Science Small Core ETF
392,899
(392,899
)
—
Nasdaq Equity Premium Income ETF
58,297,577
(58,297,577
)
—
Small & Mid Cap Enhanced Equity ETF
107,068,677
(107,068,677
)
—
U.S. Research Enhanced Large Cap ETF
18,370
(18,370
)
—
U.S. Tech Leaders ETF
112,496,990
(112,496,990
)
—
 
 
*
Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
Active Small Cap Value ETF did not have any securities out on loan at December 31, 2025.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below. 
Active Growth ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund
Agency SL Class Shares,
3.82%  (a) (b)
$—
$144,859,375
$134,994,352
$—
$—
$9,865,023
9,865,023
$179,144
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 3.73%
 (a) (b)
79,016,524
143,931,746
90,146,149
—
—
132,802,121
132,802,121
2,277,264
—
Total
$79,016,524
$288,791,121
$225,140,501
$—
$—
$142,667,144
$2,456,408
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
71
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
Active Small Cap Value ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73%  (a) (b)
$427,069
$2,707,337
$2,695,353
$—
$—
$439,053
439,053
$10,546
$—
 
 
(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 December 31, 2025.
 
Active Value ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 3.82%
 (a) (b)
$—
$229,599,022
$206,425,155
$—
$—
$23,173,867
23,173,867
$237,877
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 3.73%
 (a) (b)
128,506,160
211,535,828
297,212,413
—
—
42,829,575
42,829,575
1,413,298
—
Total
$128,506,160
$441,134,850
$503,637,568
$—
$—
$66,003,442
$1,651,175
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Equity Premium Income ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities
Lending Money
Market Fund Agency
SL Class Shares,
3.82%  (a) (b)
$—
$320,538,177
$305,710,502
$—
$—
$14,827,675
14,827,675
$58,638
*
$—
JPMorgan
U.S. Government
Money Market Fund
Class IM Shares,
3.73%  (a) (b)
279,447,397
4,962,550,782
4,471,019,122
—
—
770,979,057
770,979,057
8,113,349
—
Total
$279,447,397
$5,283,088,959
$4,776,729,624
$—
$—
$785,806,732
$8,171,987
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
72
J.P. Morgan Exchange-Traded Funds
December 31, 2025
Fundamental Data Science Large Core ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 3.82%
 (a) (b)
$—
$485,742
$413,558
$—
$—
$72,184
72,184
$232
*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73%  (a) (b)
145,460
201,225
275,348
—
—
71,337
71,337
2,318
—
Total
$145,460
$686,967
$688,906
$—
$—
$143,521
$2,550
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Fundamental Data Science Mid Core ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 3.82%
 (a) (b)
$—
$409,841
$268,905
$—
$—
$140,936
140,936
$539
*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73%  (a) (b)
288,084
243,044
250,747
—
—
280,381
280,381
6,051
—
Total
$288,084
$652,885
$519,652
$—
$—
$421,317
$6,590
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Fundamental Data Science Small Core ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 3.82%
 (a) (b)
$19,588
$1,864,261
$1,478,131
$—
$—
$405,718
405,718
$2,992
*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73%  (a) (b)
270,795
330,942
297,156
—
—
304,581
304,581
6,308
—
Total
$290,383
$2,195,203
$1,775,287
$—
$—
$710,299
$9,300
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
73
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
Nasdaq Equity Premium Income ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities
Lending Money
Market Fund Agency
SL Class Shares,
3.82%  (a) (b)
$—
$171,412,258
$111,199,254
$—
$—
$60,213,004
60,213,004
$312,741
*
$—
JPMorgan
U.S. Government
Money Market Fund
Class IM Shares,
3.73%  (a) (b)
321,794,479
4,991,874,264
4,642,203,399
—
—
671,465,344
671,465,344
5,145,302
—
Total
$321,794,479
$5,163,286,522
$4,753,402,653
$—
$—
$731,678,348
$5,458,043
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Small & Mid Cap Enhanced Equity ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund
Agency SL Class Shares,
3.82%  (a) (b)
$29,423,749
$295,203,448
$214,148,863
$—
$—
$110,478,334
110,478,334
$1,026,441
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 3.73%
 (a) (b)
53,186,146
164,220,940
174,702,729
—
—
42,704,357
42,704,357
975,731
—
Total
$82,609,895
$459,424,388
$388,851,592
$—
$—
$153,182,691
$2,002,172
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
74
J.P. Morgan Exchange-Traded Funds
December 31, 2025
U.S. Research Enhanced Large Cap ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 3.82%
 (a) (b)
$—
$23,921
$5,107
$—
$—
$18,814
18,814
$20
*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.73%  (a) (b)
197,499
249,594
366,379
—
—
80,714
80,714
3,861
—
Total
$197,499
$273,515
$371,486
$—
$—
$99,528
$3,881
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Tech Leaders ETF 
For the six months ended December 31, 2025
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2025
Shares at
December 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund
Agency SL Class Shares,
3.82%  (a) (b)
$36,055,385
$473,017,259
$393,592,300
$—
$—
$115,480,344
115,480,344
$1,401,812
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 3.73%
 (a) (b)
17,475,661
261,922,123
249,708,532
—
—
29,689,252
29,689,252
723,926
—
Total
$53,531,046
$734,939,382
$643,300,832
$—
$—
$145,169,596
$2,125,738
$—
 
 
(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 December 31, 2025.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
E. Futures Contracts— Fundamental Data Science Large Core ETF, Fundamental Data Science Mid Core ETF, Fundamental Data Science Small Core ETF, Small & Mid Cap Enhanced Equity ETF and U.S. Research Enhanced Large Cap ETF used index futures contracts to manage and hedge equity price risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
75
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2025: 
 
Fundamental Data
Science Large
Core ETF
Fundamental Data
Science Mid
Core ETF
Fundamental Data
Science Small
Core ETF
Small & Mid Cap
Enhanced
Equity ETF
U.S. Research
Enhanced Large Cap ETF
Futures Contracts:
Average Notional Balance Long
$41,910
$301,362
$307,222
$51,824,162
$193,458
Ending Notional Balance Long
—
265,968
299,820
41,211,880
103,395
F. Equity-Linked Notes— Equity Premium Income ETF and Nasdaq Equity Premium Income ETF invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as Interest income from non-affiliates on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. A Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.
As of December 31, 2025, Equity Premium Income ETF and Nasdaq Equity Premium Income ETF had outstanding ELNs as listed on the SOIs.
G. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
H. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
I. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least monthly for Equity Premium Income ETF and Nasdaq Equity Premium Income ETF, at least quarterly for Active Value ETF, Fundamental Data Science Large Core ETF, Fundamental Data Science Mid Core ETF, Fundamental Data Science Small Core ETF and U.S. Research Enhanced Large Cap ETF, and at least annually for Active Growth ETF, Active Small Cap Value ETF, Small & Mid Cap Enhanced Equity ETF and U.S. Tech Leaders ETF. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
J. Segment Reporting — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.
 
76
J.P. Morgan Exchange-Traded Funds
December 31, 2025
K. Recent Accounting Pronouncement — In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements, with the exception of U.S. Research Enhanced Large Cap ETF. For U.S. Research Enhanced Large Cap ETF, management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund’s net assets or results of operation.
3. Fees and Other Transactions with Affiliates
A. Management Fee—JPMIM manages the investments of each Fund. For each Fund other than Small & Mid Cap Enhanced Equity ETF, the investments are managed pursuant to a Management Agreement, under which JPMIM is responsible for substantially all of each Fund’s expenses as described below. JPMIM also manages the investments of Small & Mid Cap Enhanced Equity ETF pursuant to an Investment Advisory Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate: 
 
 
Active Growth ETF
0.44
%
Active Small Cap Value ETF
0.74
Active Value ETF
0.44
Equity Premium Income ETF
0.35
Fundamental Data Science Large Core ETF
0.30
Fundamental Data Science Mid Core ETF
0.35
Fundamental Data Science Small Core ETF
0.40
Nasdaq Equity Premium Income ETF
0.35
Small & Mid Cap Enhanced Equity ETF
0.25
U.S. Research Enhanced Large Cap ETF
0.20
U.S. Tech Leaders ETF
0.65
Under each Management Agreement applicable to each Fund except Small & Mid Cap Enhanced Equity ETF, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee— JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
Pursuant to a separate Administration Agreement, the Administrator provides certain administration services to Small & Mid Cap Enhanced Equity ETF. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of Small & Mid Cap Enhanced Equity ETF's average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund’s average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective rate was 0.075% of Small & Mid Cap Enhanced Equity ETF's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees for Small & Mid Cap Enhanced Equity ETF as outlined in Note 3.E.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM (a portion of the administration fee for the Small & Mid Cap Enhanced Equity ETF).
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM, for the Funds except Small & Mid Cap Enhanced Equity ETF, pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
For Small & Mid Cap Enhanced Equity ETF, the Fund pays JPMCB directly. The amounts for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. The amounts paid for transfer agency services are included in Transfer agency fees on the Statements of Operations.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
77
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services— The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for its distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements— The Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse Small & Mid Cap Enhanced Equity ETF to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of Small & Mid Cap Enhanced Equity ETF's average daily net assets. The expense limitation agreement was in effect for the six months ended December 31, 2025 and the contractual expense limitation is in place until at least October 31, 2026.
For the six months ended December 31, 2025, Small & Mid Cap Enhanced Equity ETF’s service providers waived fees and/or reimbursed expenses for Small & Mid Cap Enhanced Equity ETF as follows. None of these parties expect Small & Mid Cap Enhanced Equity ETF to repay any such waived fees and/or reimbursed expenses in future years. 
 
 
 
Contractual
Reimbursements
Small & Mid Cap Enhanced Equity ETF
$1,007,515
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). For each Fund, except Small & Mid Cap Enhanced Equity ETF, the fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A. For Small & Mid Cap Enhanced Equity ETF, the Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Small & Mid Cap Enhanced Equity ETF’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expects Small & Mid Cap Enhanced Equity ETF to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 were as follows: 
 
 
Small & Mid Cap Enhanced Equity ETF
$31,809
F. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A. for the Funds except Small & Mid Cap Enhanced Equity ETF. Small & Mid Cap Enhanced Equity ETF, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Board's independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The below Funds used related party broker-dealers during the six months ended December 31, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows: 
 
Brokerage Commissions
Equity Premium Income ETF
$28,891
Nasdaq Equity Premium Income ETF
23,094
Small & Mid Cap Enhanced Equity ETF
14,185
 
78
J.P. Morgan Exchange-Traded Funds
December 31, 2025
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended December 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Active Growth ETF
$1,639,814,893
$1,648,294,304
Active Small Cap Value ETF
5,492,070
5,663,777
Active Value ETF
2,207,844,200
1,984,683,598
Equity Premium Income ETF
38,206,611,675
37,916,816,806
Fundamental Data Science Large Core ETF
1,188,668
1,383,961
Fundamental Data Science Mid Core ETF
719,381
992,688
Fundamental Data Science Small Core ETF
853,457
874,408
Nasdaq Equity Premium Income ETF
28,107,485,435
27,024,135,148
Small & Mid Cap Enhanced Equity ETF
437,461,018
286,503,006
U.S. Research Enhanced Large Cap ETF
2,983,787
2,866,501
U.S. Tech Leaders ETF
693,628,803
610,874,265
During the six months ended December 31, 2025, there were no purchases or sales of U.S. Government securities.
For the six months ended December 31, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-Kind
Purchases
In-Kind
Sales
Active Growth ETF
$2,237,551,972
$668,272,988
Active Small Cap Value ETF
281,884
1,401,785
Active Value ETF
1,816,806,170
812,317,379
Equity Premium Income ETF
1,410,783,623
1,620,132,365
Fundamental Data Science Large Core ETF
3,017,434
2,785,010
Fundamental Data Science Mid Core ETF
1,066,334
761,965
Fundamental Data Science Small Core ETF
571,102
534,278
Nasdaq Equity Premium Income ETF
3,875,285,362
2,388,304,633
Small & Mid Cap Enhanced Equity ETF
128,908,857
163,998,386
U.S. Research Enhanced Large Cap ETF
2,926,823
—
U.S. Tech Leaders ETF
1,116,048,889
125,390,369
During the six months ended December 31, 2025, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
79
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2025 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Active Growth ETF
$7,171,044,190
$1,430,264,545
$69,047,271
$1,361,217,274
Active Small Cap Value ETF
21,941,192
2,477,851
1,261,260
1,216,591
Active Value ETF
4,768,835,527
534,818,100
65,168,378
469,649,722
Equity Premium Income ETF
35,219,758,988
7,217,945,088
769,784,857
6,448,160,231
Fundamental Data Science Large Core ETF
12,250,284
2,799,481
282,310
2,517,171
Fundamental Data Science Mid Core ETF
6,661,397
825,285
354,688
470,597
Fundamental Data Science Small Core ETF
6,870,844
1,103,544
387,492
716,052
Nasdaq Equity Premium Income ETF
26,345,417,466
6,860,652,090
434,282,643
6,426,369,447
Small & Mid Cap Enhanced Equity ETF
1,923,379,755
399,111,738
107,566,713
291,545,025
U.S. Research Enhanced Large Cap ETF
23,006,451
5,088,558
388,285
4,700,273
U.S. Tech Leaders ETF
2,759,457,880
621,605,795
72,511,629
549,094,166
At June 30, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains: 
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Active Growth ETF
$69,992,070
$1,013,493
Active Small Cap Value ETF
25,077
10,949
Active Value ETF
29,730,093
8,677,997
Equity Premium Income ETF
5,101,154,175
247,580,523
Fundamental Data Science Large Core ETF
6,775
—
Fundamental Data Science Mid Core ETF
8,527
—
Fundamental Data Science Small Core ETF
19,554
—
Nasdaq Equity Premium Income ETF
1,796,362,075
29,384,698
Small & Mid Cap Enhanced Equity ETF
7,209,850
4,980,426
U.S. Tech Leaders ETF
24,406,066
—
Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of: 
 
Net Capital Losses (Gains)
Specified
Ordinary Losses
Late Year
Ordinary Loss Deferral
 
Short-Term
Long-Term
Active Growth ETF
$211,138,958
$13,302,961
$—
$—
Active Small Cap Value ETF
35,194
(12,640
)
—
—
Active Value ETF
99,989,682
4,380,090
—
—
Equity Premium Income ETF
2,190,734,394
(877,380,392
)
—
—
Fundamental Data Science Large Core ETF
29,633
(6,610
)
—
—
Fundamental Data Science Mid Core ETF
88,031
8,414
—
—
Fundamental Data Science Small Core ETF
137,922
4,160
92
—
Nasdaq Equity Premium Income ETF
2,609,359,538
103,459,635
—
—
Small & Mid Cap Enhanced Equity ETF
31,130,040
(1,163,141
)
—
—
U.S. Tech Leaders ETF
79,453,654
7,333,668
—
1,764,284
 
80
J.P. Morgan Exchange-Traded Funds
December 31, 2025
During the year ended June 30, 2025, the following Fund utilized capital loss carryforwards as follows: 
 
Capital Loss Utilized
 
Long-Term
Equity Premium Income ETF
$198,581,664
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds' registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount plus at least 105% for the Funds of the market value of undelivered Deposit Instruments, which is held in a segregated account at the Fund's custodian. The value of the collateral, if any, is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities, on the Statements of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.
7. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2025.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2025.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
 
December 31, 2025
J.P. Morgan Exchange-Traded Funds
81
NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2025 (Unaudited) (continued)
As of December 31, 2025, J.P. Morgan Investor Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows: 
 
J.P. Morgan
Investor
Funds
Small & Mid Cap Enhanced Equity ETF
31.4
%
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of December 31, 2025, the Adviser owned shares representing more than 10% of net assets of the following Funds: 
 
% of Ownership
Active Small Cap Value ETF
50
%
Fundamental Data Science Large Core ETF
89
Fundamental Data Science Mid Core ETF
83
Fundamental Data Science Small Core ETF
83
U.S. Research Enhanced Large Cap ETF
44
Significant shareholder transactions by the Adviser may impact the Funds' performance.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
Equity Premium Income ETF's and Nasdaq Equity Premium Income ETF's investments in ELNs entail varying degrees of risks. The Funds are subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Funds may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Funds from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.
 
82
J.P. Morgan Exchange-Traded Funds
December 31, 2025
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2025. All rights reserved. December 2025.
SAN-ETF-1225
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statements of Operations within the Funds' Financial Statements.
Statement Regarding Basis for Approval of Management Agreements and Investment Advisory Agreement
Board Approval of Management Agreements
JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF and JPMorgan U.S. Tech Leaders ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the management agreements for JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF, JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF, JPMorgan Fundamental Data Science Small Core ETF, JPMorgan Nasdaq Equity Premium Income ETF and JPMorgan U.S. Tech Leaders ETF (each a “Fund,” and collectively, the “Funds”) whose semi-annual report is contained herein (each a “Management Agreement” and collectively, the “Management Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 14, 2025.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Funds’ performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the
“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Management Agreement. The Trustees took into account information furnished throughout the year at
Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:
•
The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•
The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;
•
The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
•
Information about the structure and distribution strategy for each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•
The administration services provided by the Adviser in its role as Administrator;
•
Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
•
The overall reputation and capabilities of the Adviser and its affiliates;
•
The commitment of the Adviser to provide high quality service to the Funds;
•
Their overall confidence in the Adviser’s integrity; and
•
The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is
difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund except for certain enumerated contractual exclusions under a “unitary fee” structure. The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the
appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.’s (“JPMDS”), an affiliate of the Adviser which serves as the Funds’ distributor and principal underwriter, ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Funds’ shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund (if applicable). The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about each Fund’s performance throughout the year. For the JPMorgan Fundamental Data Science Large Core ETF, JPMorgan Fundamental Data Science Mid Core ETF and JPMorgan Fundamental Data Science Small Core ETF, each of which launched in 2024 and therefore was not included in the Broadridge comparison discussed below, the Trustees discussed each Fund’s performance (on both a relative and absolute basis). The Trustees also considered each Fund’s investment strategy and processes,
portfolio management teams and competitive positioning against peer funds. The Trustees also discussed the performance and the investment strategy of each of these Funds with the Adviser. Based on these discussions and various other factors, the Trustees concluded each Fund’s performance was satisfactory.
For the JPMorgan Active Growth ETF, JPMorgan Active Small Cap Value ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF, JPMorgan Nasdaq Equity Premium Income ETF and JPMorgan U.S. Tech Leaders ETF, the Trustees received and considered absolute and/or relative performance information for the Funds with at least one-year of performance history in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in each Fund’s Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:
The Trustees noted that the JPMorgan Active Growth ETF’s performance was in the second quintile of the Universe for the one-year period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was satisfactory.
The Trustees noted that the JPMorgan Active Small Cap Value ETF’s performance was in the third quintile of the Universe for the one-year period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was satisfactory.
The Trustees noted that the JPMorgan Active Value ETF’s performance was in the third and second quintiles of the Universe for the one- and three-year periods ended
December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the JPMorgan Equity Premium Income ETF’s performance was in the fourth and third quintiles of the Universe for the one- and three-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the JPMorgan Nasdaq Equity Premium Income ETF’s performance was in the first quintile of the Universe for the one-year period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was satisfactory.
The Trustees noted that the JPMorgan U.S. Tech Leaders ETF’s performance was in the second quintile of the Universe for the one-year period ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was satisfactory.
Management Fees and Expense Ratios
The Trustees considered the contractual and net management fee rates paid by each Fund to the Adviser and compared the rates to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations
in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan Active Growth ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Active Small Cap Value ETF’s net management fee was in the fourth quintile of both the Peer Group and Universe, and that the actual total expenses were in the third and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Active Value ETF’s net management fee and actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Equity Premium Income ETF’s net management fee and actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Fundamental Data Science Large Core ETF’s net management fee was in the second quintile of both the Peer Group and Universe, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Fundamental Data Science Mid Core ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Fundamental Data Science Small Core ETF’s net management fee was in the second quintile of both the Peer Group and Universe, and that
the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Nasdaq Equity Premium Income ETF’s net management fee and actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan U.S. Tech Leaders ETF’s net management fee was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
Board Approval of Investment Advisory Agreement
JPMorgan Small & Mid Cap Enhanced Equity ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreement for the JPMorgan Small & Mid Cap Enhanced Equity ETF (the “Fund”) whose semi-annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.
As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Fund’s performance as compared to the performance of its peers and benchmark, and analyses by the Adviser of the Fund’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Fund’s objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory
Agreement with representatives of the Adviser, counsel to the Fund, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under its Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:
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The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
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The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;
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The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
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Information about the structure and distribution strategy for the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
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The administration services provided by the Adviser in its role as Administrator;
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Their knowledge of the nature and quality of the services
provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
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The overall reputation and capabilities of the Adviser and its affiliates;
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The commitment of the Adviser to provide high quality service to the Fund;
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Their overall confidence in the Adviser’s integrity; and
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The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.
The Trustees also considered that the Adviser earns fees from the Fund for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver (“Fee Cap”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception, prior to reaching scale. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMorgan Distribution Services, Inc.’s (“JPMDS”), an affiliate of the Adviser which serves as the Fund’s distributor and principal underwriter, ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Cap and from the Adviser’s reinvestment in its
operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund (if applicable). The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about the Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent
consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the second, first and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Advisory Fee and Expense Ratio
The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”). The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratio for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fee and expense ratio are summarized below:
The Trustees noted that the Fund’s net advisory fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.