# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-25-007735
**Filing Date:** 2025-11
**Character Count:** 101244
**Document Hash:** 78d738604ce1036f4ea14dc2035e8a0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007735.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007735

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251528315

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

## Series and Classes Contracts Data

### JPMorgan Active Value ETF (Series ID: S000072931)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000229631 | JPMorgan Active Value ETF | JAVA            |

## Nport-Ex

**JPMorgan Active Value ETF**

**Schedule of Portfolio Investments as of September 30, 2025**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS" <br> LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES <br> ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS <br> ADVERTISING OR SALES LITERATURE WITH THE GENERAL <br> PUBLIC. The list is submitted for the general information of the <br> shareholders of the Fund. It is not authorized for distribution to <br> prospective investors in the Fund unless preceded or accompanied by a <br> prospectus. The list has been created from the books and records of <br> the Fund. Holdings are available 60 days after the fund's fiscal quarter, <br> using a trade date accounting convention, by contacting the appropriate <br> service center. The list is subject to change without notice. The list is <br> for informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2025. |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 121250 | &nbsp;&nbsp;&nbsp;&nbsp; 26169387 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 106220 | &nbsp;&nbsp;&nbsp;&nbsp; 36221020 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21215 | &nbsp;&nbsp;&nbsp;&nbsp; 12926724 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 450175 | &nbsp;&nbsp;&nbsp;&nbsp; 75327783 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 146937 | &nbsp;&nbsp;&nbsp;&nbsp; 12414707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 163059621 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 229803 | &nbsp;&nbsp;&nbsp;&nbsp; 6503425 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 226245 | &nbsp;&nbsp;&nbsp;&nbsp; 13794158 |
| **Banks — 10.3%** | **Banks — 10.3%** | **Banks — 10.3%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2582667 | &nbsp;&nbsp;&nbsp;&nbsp; 133239790 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 177733 | &nbsp;&nbsp;&nbsp;&nbsp; 18039899 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 196574 | &nbsp;&nbsp;&nbsp;&nbsp; 13469250 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 376723 | &nbsp;&nbsp;&nbsp;&nbsp; 16783010 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 31016 | &nbsp;&nbsp;&nbsp;&nbsp; 55492587 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 530619 | &nbsp;&nbsp;&nbsp;&nbsp; 11997296 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 108051 | &nbsp;&nbsp;&nbsp;&nbsp; 21353039 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 507874 | &nbsp;&nbsp;&nbsp;&nbsp; 24545550 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1644900 | &nbsp;&nbsp;&nbsp;&nbsp; 137875518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 432795939 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 105781 | &nbsp;&nbsp;&nbsp;&nbsp; 14855884 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 225270 | &nbsp;&nbsp;&nbsp;&nbsp; 52159016 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41876 | &nbsp;&nbsp;&nbsp;&nbsp; 23545618 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 56054 | &nbsp;&nbsp;&nbsp;&nbsp; 21952989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97657623 |
| **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp; 73831 | &nbsp;&nbsp;&nbsp;&nbsp; 13195815 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 381359 | &nbsp;&nbsp;&nbsp;&nbsp; 83734995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 96930810 |
| **Building Products — 1.4%** | **Building Products — 1.4%** | **Building Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1014065 | &nbsp;&nbsp;&nbsp;&nbsp; 60539681 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11506 | &nbsp;&nbsp;&nbsp;&nbsp; 5652323 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 104187 | &nbsp;&nbsp;&nbsp;&nbsp; 16658459 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 105684 | &nbsp;&nbsp;&nbsp;&nbsp; 11515329 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13835 | &nbsp;&nbsp;&nbsp;&nbsp; 16129812 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 113887 | &nbsp;&nbsp;&nbsp;&nbsp; 19457594 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 463703 | &nbsp;&nbsp;&nbsp;&nbsp; 44269725 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 38462 | &nbsp;&nbsp;&nbsp;&nbsp; 30629214 |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 128546 | &nbsp;&nbsp;&nbsp;&nbsp; 8409479 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 216470 | &nbsp;&nbsp;&nbsp;&nbsp; 34410071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 187132006 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 123835 | &nbsp;&nbsp;&nbsp;&nbsp; 33772281 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 399081 | &nbsp;&nbsp;&nbsp;&nbsp; 11421698 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 821710 | &nbsp;&nbsp;&nbsp;&nbsp; 13015887 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1028625 | &nbsp;&nbsp;&nbsp;&nbsp; 34592659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92802525 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 46942 | &nbsp;&nbsp;&nbsp;&nbsp; 10772250 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| &nbsp;&nbsp;&nbsp; Amrize Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 268668 | &nbsp;&nbsp;&nbsp;&nbsp; 13038458 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 96946 | &nbsp;&nbsp;&nbsp;&nbsp; 29822529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42860987 |
| **Consumer Finance — 2.2%** | **Consumer Finance — 2.2%** | **Consumer Finance — 2.2%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 174404 | &nbsp;&nbsp;&nbsp;&nbsp; 57930033 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 163864 | &nbsp;&nbsp;&nbsp;&nbsp; 34834209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92764242 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 110114 | &nbsp;&nbsp;&nbsp;&nbsp; 10268130 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 71946 | &nbsp;&nbsp;&nbsp;&nbsp; 7485262 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 201628 | &nbsp;&nbsp;&nbsp;&nbsp; 20779782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38533174 |
| **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 754525 | &nbsp;&nbsp;&nbsp;&nbsp; 38043150 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 310748 | &nbsp;&nbsp;&nbsp;&nbsp; 6081338 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 64654 | &nbsp;&nbsp;&nbsp;&nbsp; 2780769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46905257 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 493315 | &nbsp;&nbsp;&nbsp;&nbsp; 13931216 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 540852 | &nbsp;&nbsp;&nbsp;&nbsp; 23770445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37701661 |
| **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 129130 | &nbsp;&nbsp;&nbsp;&nbsp; 12033625 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 515588 | &nbsp;&nbsp;&nbsp;&nbsp; 38921738 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 348776 | &nbsp;&nbsp;&nbsp;&nbsp; 5259542 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 381352 | &nbsp;&nbsp;&nbsp;&nbsp; 36140729 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 202823 | &nbsp;&nbsp;&nbsp;&nbsp; 16357675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 108713309 |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 107887 | &nbsp;&nbsp;&nbsp;&nbsp; 40376710 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 319898 | &nbsp;&nbsp;&nbsp;&nbsp; 41964219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 82340929 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 93700 | &nbsp;&nbsp;&nbsp;&nbsp; 14924536 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 514447 | &nbsp;&nbsp;&nbsp;&nbsp; 42200087 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 128169 | &nbsp;&nbsp;&nbsp;&nbsp; 20987674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 78112297 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 406770 | &nbsp;&nbsp;&nbsp;&nbsp; 46575165 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 101528 | &nbsp;&nbsp;&nbsp;&nbsp; 51042187 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 24692 | &nbsp;&nbsp;&nbsp;&nbsp; 7112778 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 246992 | &nbsp;&nbsp;&nbsp;&nbsp; 16286652 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 165419 | &nbsp;&nbsp;&nbsp;&nbsp; 21327472 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 387433 | &nbsp;&nbsp;&nbsp;&nbsp; 10991474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 106760563 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 227518 | &nbsp;&nbsp;&nbsp;&nbsp; 14213049 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 553484 | &nbsp;&nbsp;&nbsp;&nbsp; 19654217 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 136995 | &nbsp;&nbsp;&nbsp;&nbsp; 32381508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52035725 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 70355 | &nbsp;&nbsp;&nbsp;&nbsp; 13168346 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 101281 | &nbsp;&nbsp;&nbsp;&nbsp; 9888064 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 439651 | &nbsp;&nbsp;&nbsp;&nbsp; 41872361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64928771 |
| **Health Care Providers & Services — 6.0%** | **Health Care Providers & Services — 6.0%** | **Health Care Providers & Services — 6.0%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142314 | &nbsp;&nbsp;&nbsp;&nbsp; 22337605 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19546 | &nbsp;&nbsp;&nbsp;&nbsp; 6108711 |
| &nbsp;&nbsp;&nbsp; Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp; 169347 | &nbsp;&nbsp;&nbsp;&nbsp; 48814273 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 282059 | &nbsp;&nbsp;&nbsp;&nbsp; 21264428 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51571 | &nbsp;&nbsp;&nbsp;&nbsp; 16663622 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 208460 | &nbsp;&nbsp;&nbsp;&nbsp; 54235038 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51484 | &nbsp;&nbsp;&nbsp;&nbsp; 14778997 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 67277 | &nbsp;&nbsp;&nbsp;&nbsp; 12821651 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 164345 | &nbsp;&nbsp;&nbsp;&nbsp; 56748328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 253772653 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 508604 | &nbsp;&nbsp;&nbsp;&nbsp; 35597194 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 752741 | &nbsp;&nbsp;&nbsp;&nbsp; 12811652 |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1913 | &nbsp;&nbsp;&nbsp;&nbsp; 10328804 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 434774 | &nbsp;&nbsp;&nbsp;&nbsp; 12569316 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 75001 | &nbsp;&nbsp;&nbsp;&nbsp; 14277190 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 91241 | &nbsp;&nbsp;&nbsp;&nbsp; 27727228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64902538 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 199176 | &nbsp;&nbsp;&nbsp;&nbsp; 25104143 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 84791 | &nbsp;&nbsp;&nbsp;&nbsp; 10931256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36035399 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 137338 | &nbsp;&nbsp;&nbsp;&nbsp; 21101984 |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 263496 | &nbsp;&nbsp;&nbsp;&nbsp; 40889309 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 64652 | &nbsp;&nbsp;&nbsp;&nbsp; 7403947 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 138947 | &nbsp;&nbsp;&nbsp;&nbsp; 12606661 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 61416 | &nbsp;&nbsp;&nbsp;&nbsp; 19022992 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 50702 | &nbsp;&nbsp;&nbsp;&nbsp; 14310639 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 96309 | &nbsp;&nbsp;&nbsp;&nbsp; 23783508 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 42678 | &nbsp;&nbsp;&nbsp;&nbsp; 11916551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81640351 |
| **Interactive Media & Services — 2.9%** | **Interactive Media & Services — 2.9%** | **Interactive Media & Services — 2.9%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; 442659 | &nbsp;&nbsp;&nbsp;&nbsp; 107809599 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 19192 | &nbsp;&nbsp;&nbsp;&nbsp; 14094221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 121903820 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 49707 | &nbsp;&nbsp;&nbsp;&nbsp; 14025327 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45387 | &nbsp;&nbsp;&nbsp;&nbsp; 22013603 |
| **Machinery — 3.4%** | **Machinery — 3.4%** | **Machinery — 3.4%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 136018 | &nbsp;&nbsp;&nbsp;&nbsp; 14563447 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44999 | &nbsp;&nbsp;&nbsp;&nbsp; 19006228 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 46223 | &nbsp;&nbsp;&nbsp;&nbsp; 21135929 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 157810 | &nbsp;&nbsp;&nbsp;&nbsp; 26327442 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 370237 | &nbsp;&nbsp;&nbsp;&nbsp; 19674394 |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 805432 | &nbsp;&nbsp;&nbsp;&nbsp; 19990822 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28596 | &nbsp;&nbsp;&nbsp;&nbsp; 21680058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 142378320 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 897933 | &nbsp;&nbsp;&nbsp;&nbsp; 28213055 |
| **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 200771 | &nbsp;&nbsp;&nbsp;&nbsp; 6603358 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 456936 | &nbsp;&nbsp;&nbsp;&nbsp; 5574619 |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 322091 | &nbsp;&nbsp;&nbsp;&nbsp; 12632409 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 109922 | &nbsp;&nbsp;&nbsp;&nbsp; 9267524 |
| &nbsp;&nbsp;&nbsp; Rio Tinto plc, ADR (Australia) | &nbsp;&nbsp;&nbsp;&nbsp; 165100 | &nbsp;&nbsp;&nbsp;&nbsp; 10898251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44976161 |
| **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 279705 | &nbsp;&nbsp;&nbsp;&nbsp; 20491188 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 450864 | &nbsp;&nbsp;&nbsp;&nbsp; 27579351 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180061 | &nbsp;&nbsp;&nbsp;&nbsp; 15027891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63098430 |
| **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 250906 | &nbsp;&nbsp;&nbsp;&nbsp; 38963193 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 494269 | &nbsp;&nbsp;&nbsp;&nbsp; 46752904 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 427091 | &nbsp;&nbsp;&nbsp;&nbsp; 47885443 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 538911 | &nbsp;&nbsp;&nbsp;&nbsp; 29332926 |
| &nbsp;&nbsp;&nbsp; Equinor ASA, ADR (Norway) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 423884 | &nbsp;&nbsp;&nbsp;&nbsp; 10334292 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 167578 | &nbsp;&nbsp;&nbsp;&nbsp; 17803487 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 248232 | &nbsp;&nbsp;&nbsp;&nbsp; 27988158 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 467826 | &nbsp;&nbsp;&nbsp;&nbsp; 17608970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 236669373 |
| **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 179314 | &nbsp;&nbsp;&nbsp;&nbsp; 10176070 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp; 848706 | &nbsp;&nbsp;&nbsp;&nbsp; 27082208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37258278 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 758720 | &nbsp;&nbsp;&nbsp;&nbsp; 34218272 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 16039 | &nbsp;&nbsp;&nbsp;&nbsp; 12237757 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 387498 | &nbsp;&nbsp;&nbsp;&nbsp; 71849879 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 366254 | &nbsp;&nbsp;&nbsp;&nbsp; 30739698 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, ADR (Denmark) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183118 | &nbsp;&nbsp;&nbsp;&nbsp; 10161218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159206824 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 38426 | &nbsp;&nbsp;&nbsp;&nbsp; 2960723 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30015 | &nbsp;&nbsp;&nbsp;&nbsp; 5797998 |
| **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 78025 | &nbsp;&nbsp;&nbsp;&nbsp; 12623665 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 157044 | &nbsp;&nbsp;&nbsp;&nbsp; 38585711 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp; 13900 | &nbsp;&nbsp;&nbsp;&nbsp; 13456451 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 94426 | &nbsp;&nbsp;&nbsp;&nbsp; 15799358 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp; 213320 | &nbsp;&nbsp;&nbsp;&nbsp; 48579364 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 173291 | &nbsp;&nbsp;&nbsp;&nbsp; 8544979 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp; 48871 | &nbsp;&nbsp;&nbsp;&nbsp; 13649181 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 161078 | &nbsp;&nbsp;&nbsp;&nbsp; 29594861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 180833570 |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 69141 | &nbsp;&nbsp;&nbsp;&nbsp; 35811581 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42229 | &nbsp;&nbsp;&nbsp;&nbsp; 10008273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45819854 |
| **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 52591 | &nbsp;&nbsp;&nbsp;&nbsp; 10114301 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 55459 | &nbsp;&nbsp;&nbsp;&nbsp; 43437707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53552008 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 4706 | &nbsp;&nbsp;&nbsp;&nbsp; 20189870 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 74427 | &nbsp;&nbsp;&nbsp;&nbsp; 30157076 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140275 | &nbsp;&nbsp;&nbsp;&nbsp; 35252510 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 132036 | &nbsp;&nbsp;&nbsp;&nbsp; 14234801 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 204757 | &nbsp;&nbsp;&nbsp;&nbsp; 29595577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 129429834 |
| **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 544766 | &nbsp;&nbsp;&nbsp;&nbsp; 13379453 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 196160 | &nbsp;&nbsp;&nbsp;&nbsp; 22009152 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 182295 | &nbsp;&nbsp;&nbsp;&nbsp; 43032558 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 912422 | &nbsp;&nbsp;&nbsp;&nbsp; 109545385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 187966548 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 298918 | &nbsp;&nbsp;&nbsp;&nbsp; 23844689 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 76897 | &nbsp;&nbsp;&nbsp;&nbsp; 5362028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29206717 |
| **Tobacco — 2.3%** | **Tobacco — 2.3%** | **Tobacco — 2.3%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 594368 | &nbsp;&nbsp;&nbsp;&nbsp; 96406490 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
| &nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp; 252415 | &nbsp;&nbsp;&nbsp;&nbsp; 30542215 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37788 | &nbsp;&nbsp;&nbsp;&nbsp; 7992162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38534377 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 104207 | &nbsp;&nbsp;&nbsp;&nbsp; 4157859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,728,544,250)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 4187853247 |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.09% (b) (c) <br>(Cost $23,819,718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23819718 | &nbsp;&nbsp;&nbsp;&nbsp; 23819718 |

---

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** | **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.20% (b) (c) <br>(Cost $16,115,349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16115349 | &nbsp;&nbsp;&nbsp;&nbsp; 16115349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $39,935,067)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 39935067 |
| **Total Investments — 100.3%** <br>**(Cost $3,768,479,317)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **4227788314** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(13782449)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4214005865** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at September 30, 2025. The total value of securities on loan at September 30, 2025 is $15,570,033.

(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 September 30, 2025.

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**A. Valuation of Investments**— Investments are valued in accordance with U.S. generally accepted accounting principles ("GAAP") and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value ("NAV") of the Fund is calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $4227788314 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4227788314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**B. Investment Transactions with Affiliates**— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers.

------

**JPMorgan Active Value ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>| **Shares at** <br>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending <br> Money Market Fund Agency <br> SL Class Shares, 4.20% <br> (a) (b)<br>| $— | $31766201 | $15650852 | $— | $— | $16115349 | 16115349 | $34998 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.09% (a) (b)<br>| 128506160 | 56325107 | 161011549 |  |  | 23819718 | 23819718 | 890575 |  |
| **Total** | $128506160 | $88091308 | $176662401 | $— | $— | $39935067 |  | $925573 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of September 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** J.P. Morgan Exchange-Traded Fund Trust

- **b. Investment Company Act file number:** 811-22903

- **c. CIK number of Registrant:** 0001485894

- **d. LEI of Registrant:** 5493001E1K1DVWDV2464

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **Telephone number:** 844-457-6383

**Item A.2. Information about the Series.**

- **a. Name of Series:** JPMorgan Active Value ETF

- **b. EDGAR series identifier (if any):** S000072931

- **c. LEI of Series:** 549300WXH93S1D430S16

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4231566649.11

**Total Liabilities:** $17560786.49

**Net Assets:** $4214005862.62

**Cash Not Reported:** $219134.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229631 | 0.23%                | 3.53%                | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3171609.11              | $673218.03                                 |
| Month 2  | $-75267.42               | $129671428.20                              |
| Month 3  | $5261835.42              | $60251042.84                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                          | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Host Hotels & Resorts, Inc.                   | Host Hotels & Resorts, Inc.                                           | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    752741 | NS      | $12811651.82  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp. plc                               | Eaton Corp. plc                                                       | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |    107887 | NS      | $40376709.75  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock, Inc.                               | Blackrock, Inc.                                                       | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     13835 | NS      | $16129811.45  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                             | Exxon Mobil Corp.                                                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    248232 | NS      | $27988158.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co.                          | Vulcan Materials Co.                                                  | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     96946 | NS      | $29822528.52  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.   | Taiwan Semiconductor Manufacturing Co. Ltd.                           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     48871 | NS      | $13649181.59  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                 | Walmart, Inc.                                                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    201628 | NS      | $20779781.68  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                    | Chubb Ltd.                                                            | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     50702 | NS      | $14310639.50  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                    | PG&E Corp.                                                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    348776 | NS      | $5259542.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                              | Amazon.com, Inc.                                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    381359 | NS      | $83734995.63  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp.                                  | Gentex Corp.                                                          | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    229803 | NS      | $6503424.90   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                        | Northrop Grumman Corp.                                                | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     21215 | NS      | $12926723.80  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.            | BJ's Wholesale Club Holdings, Inc.                                    | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    110114 | NS      | $10268130.50  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                      | Bristol-Myers Squibb Co.                                              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    758720 | NS      | $34218272.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                               | Eli Lilly & Co.                                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     16039 | NS      | $12237757.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                | Alphabet, Inc., Class C                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    442659 | NS      | $107809599.45 | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins, Inc.                                 | Cummins, Inc.                                                         | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     44999 | NS      | $19006227.63  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                       | Boston Scientific Corp.                                               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    101281 | NS      | $9888064.03   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.         | International Business Machines Corp.                                 | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     49707 | NS      | $14025327.12  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                       | Republic Services, Inc., Class A                                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     46942 | NS      | $10772250.16  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                           | Expand Energy Corp.                                                   | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    167578 | NS      | $17803486.72  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                                  | Fiserv, Inc.                                                          | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    165419 | NS      | $21327471.67  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                          | NextEra Energy, Inc.                                                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    515588 | NS      | $38921738.12  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                        | Southwest Airlines Co.                                                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    848706 | NS      | $27082208.46  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                              | Boeing Co. (The)                                                      | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    121250 | NS      | $26169387.50  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                          | American Express Co.                                                  | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    174404 | NS      | $57930032.64  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                         | MGIC Investment Corp.                                                 | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    387433 | NS      | $10991474.21  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    387498 | NS      | $71849879.16  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                             | Merck & Co., Inc.                                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    366254 | NS      | $30739698.22  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                                    | AT&T, Inc.                                                            | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    493315 | NS      | $13931215.60  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                         | Range Resources Corp.                                                 | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    467826 | NS      | $17608970.64  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                        | Becton Dickinson & Co.                                                | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     70355 | NS      | $13168345.35  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.                | Hewlett Packard Enterprise Co.                                        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    544766 | NS      | $13379452.96  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                       | Progressive Corp. (The)                                               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     96309 | NS      | $23783507.55  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                               | ASML Holding NV (Registered)                                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     13900 | NS      | $13456451.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                        | Home Depot, Inc. (The)                                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     74427 | NS      | $30157076.13  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica, Inc.                                | Comerica, Inc.                                                        | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |    196574 | NS      | $13469250.48  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                 | Newmont Corp.                                                         | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    109922 | NS      | $9267523.82   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)                    | Travelers Cos., Inc. (The)                                            | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     42678 | NS      | $11916551.16  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                    | Performance Food Group Co.                                            | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     71946 | NS      | $7485261.84   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                        | General Dynamics Corp.                                                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |    106220 | NS      | $36221020.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co.                                   | Deere & Co.                                                           | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     46223 | NS      | $21135928.98  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                                  | Ventas, Inc.                                                          | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    508604 | NS      | $35597193.96  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                        | Freeport-McMoRan, Inc.                                                | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    322091 | NS      | $12632409.02  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                            | Southern Co. (The)                                                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    381352 | NS      | $36140729.04  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                               | Citigroup, Inc.                                                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    177733 | NS      | $18039899.50  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corp.                                 | Sandisk Corp.                                                         | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    196160 | NS      | $22009152.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp.                               | TD SYNNEX Corp.                                                       | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    128169 | NS      | $20987673.75  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                                | AutoZone, Inc.                                                        | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      4706 | NS      | $20189869.44  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                      | Darden Restaurants, Inc.                                              | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     75001 | NS      | $14277190.36  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group, Inc.                            | Zillow Group, Inc., Class C                                           | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |     38426 | NS      | $2960723.30   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                          | Meta Platforms, Inc., Class A                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     19192 | NS      | $14094220.96  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                 | Medtronic plc                                                         | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    439651 | NS      | $41872361.24  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.              | Air Products and Chemicals, Inc.                                      | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    123835 | NS      | $33772281.20  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                   | Capital One Financial Corp.                                           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    163864 | NS      | $34834209.12  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co.                 | Graphic Packaging Holding Co.                                         | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310748 | NS      | $6081338.36   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp.                          | Carrier Global Corp.                                                  | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   1014065 | NS      | $60539680.50  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.             | Philip Morris International, Inc.                                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    594368 | NS      | $96406489.60  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp.                                | Carnival Corp.                                                        | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |    434774 | NS      | $12569316.34  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                       | Arch Capital Group Ltd.                                               | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |    138947 | NS      | $12606661.31  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                 | Comcast Corp., Class A                                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    897933 | NS      | $28213054.86  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                             | Xcel Energy, Inc.                                                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    202823 | NS      | $16357674.95  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                         | Cardinal Health, Inc.                                                 | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    142314 | NS      | $22337605.44  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.         | Public Service Enterprise Group, Inc.                                 | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    180061 | NS      | $15027891.06  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone, Inc.                              | Blackstone, Inc.                                                      | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    113887 | NS      | $19457593.95  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co.                      | Arthur J Gallagher & Co.                                              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     61416 | NS      | $19022991.84  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                    | US Bancorp                                                            | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    507874 | NS      | $24545550.42  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                             | Wells Fargo & Co.                                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1644900 | NS      | $137875518.00 | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                 | PepsiCo, Inc.                                                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    105781 | NS      | $14855883.64  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning, Inc.                                 | Corning, Inc.                                                         | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    514447 | NS      | $42200087.41  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                           | Fifth Third Bancorp                                                   | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    376723 | NS      | $16783009.65  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs, Inc.                        | Cleveland-Cliffs, Inc.                                                | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    456936 | NS      | $5574619.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                      | Berkshire Hathaway, Inc., Class B                                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    101528 | NS      | $51042186.72  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                | Morgan Stanley                                                        | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    216470 | NS      | $34410071.20  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay, Inc.                                  | Corpay, Inc.                                                          | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     24692 | NS      | $7112777.52   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd.                   | Axalta Coating Systems Ltd.                                           | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | BM        |    399081 | NS      | $11421698.22  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                  | Advanced Micro Devices, Inc.                                          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     78025 | NS      | $12623664.75  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                                    | Ball Corp.                                                            | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    754525 | NS      | $38043150.50  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp.                                    | AGCO Corp.                                                            | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    136018 | NS      | $14563447.26  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                  | Vertex Pharmaceuticals, Inc.                                          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     56054 | NS      | $21952988.56  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                             | Lowe's Cos., Inc.                                                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    140275 | NS      | $35252510.25  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                          | Analog Devices, Inc.                                                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    157044 | NS      | $38585710.80  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co. (The)                            | Chemours Co. (The)                                                    | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    821710 | NS      | $13015886.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                    | Alibaba Group Holding Ltd.                                            | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     73831 | NS      | $13195814.63  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                     | EQT Corp.                                                             | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    538911 | NS      | $29332925.73  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                 | Chevron Corp.                                                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250906 | NS      | $38963192.74  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                             | Cigna Group (The)                                                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    169347 | NS      | $48814272.75  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                       | Mohawk Industries, Inc.                                               | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     84791 | NS      | $10931255.72  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc               | Seagate Technology Holdings plc                                       | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |    182295 | NS      | $43032557.70  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines, Inc.                         | Delta Air Lines, Inc.                                                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    179314 | NS      | $10176069.50  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                | ConocoPhillips                                                        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    494269 | NS      | $46752904.71  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares, Inc.               | First Citizens BancShares, Inc., Class A                              | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     31016 | NS      | $55492586.56  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                    | Charles Schwab Corp. (The)                                            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    463703 | NS      | $44269725.41  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                  | Lennar Corp., Class A                                                 | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    199176 | NS      | $25104143.04  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                 | Rio Tinto plc                                                         | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    165100 | NS      | $10898251.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology, Inc.                       | Micron Technology, Inc.                                               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     94426 | NS      | $15799358.32  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp.                              | CMS Energy Corp.                                                      | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    279705 | NS      | $20491188.30  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                          | TJX Cos., Inc. (The)                                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    204757 | NS      | $29595576.78  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                    | Ameriprise Financial, Inc.                                            | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     11506 | NS      | $5652322.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                   | AvalonBay Communities, Inc.                                           | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     30015 | NS      | $5797997.55   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                    | Procter & Gamble Co. (The)                                            | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    137338 | NS      | $21101983.70  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                  | Verizon Communications, Inc.                                          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    540852 | NS      | $23770445.40  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)               | Goldman Sachs Group, Inc. (The)                                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     38462 | NS      | $30629213.70  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                         | Walt Disney Co. (The)                                                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    406770 | NS      | $46575165.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                  | Humana, Inc.                                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    208460 | NS      | $54235038.20  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp. plc                    | Gates Industrial Corp. plc                                            | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | GB        |    805432 | NS      | $19990822.24  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                               | Microsoft Corp.                                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     69141 | NS      | $35811580.95  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron, Inc.                                 | Textron, Inc.                                                         | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    146937 | NS      | $12414707.13  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics, Inc.                       | Quest Diagnostics, Inc.                                               | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     67277 | NS      | $12821650.66  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp.                         | Ares Management Corp.                                                 | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    104187 | NS      | $16658459.43  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp.                                   | Alcoa Corp.                                                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    200771 | NS      | $6603358.19   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                         | Bank of America Corp.                                                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   2582667 | NS      | $133239790.53 | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                                | Prologis, Inc.                                                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     64652 | NS      | $7403947.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                    | NIKE, Inc., Class B                                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     76897 | NS      | $5362027.81   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings, Inc.                        | Labcorp Holdings, Inc.                                                | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51484 | NS      | $14778997.04  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)           | Bank of New York Mellon Corp. (The)                                   | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    105684 | NS      | $11515328.64  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp.                                     | CDW Corp.                                                             | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     93700 | NS      | $14924536.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                          | Emerson Electric Co.                                                  | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |    319898 | NS      | $41964219.64  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp.                           | First Horizon Corp.                                                   | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    530619 | NS      | $11997295.59  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co.                                        | 3M Co.                                                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |    263496 | NS      | $40889309.28  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund    | JPMorgan U.S. Government Money Market Fund, Class IM                  | CUSIP: 4812C2270<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | STIV             | RF                | US        |  23819718 | NS      | $23819718.16  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                   | Equinor ASA                                                           | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    423884 | NS      | $10334291.92  | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| RTX Corp.                                     | RTX Corp.                                                             | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    450175 | NS      | $75327782.75  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                         | Elevance Health, Inc.                                                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     51571 | NS      | $16663621.52  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                  | Mondelez International, Inc., Class A                                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    227518 | NS      | $14213049.46  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                  | AbbVie, Inc.                                                          | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    225270 | NS      | $52159015.80  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd.                                   | Amrize Ltd.                                                           | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               | CORP              | CH        |    268668 | NS      | $13038458.04  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                        | ON Semiconductor Corp.                                                | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    173291 | NS      | $8544979.21   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                           | Union Pacific Corp.                                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    136995 | NS      | $32381508.15  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                         | NXP Semiconductors NV                                                 | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    213320 | NS      | $48579363.60  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                         | Western Digital Corp.                                                 | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    912422 | NS      | $109545385.32 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.               | Regeneron Pharmaceuticals, Inc.                                       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     41876 | NS      | $23545618.52  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International, Inc.                     | WESCO International, Inc.                                             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     37788 | NS      | $7992162.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                        | Booking Holdings, Inc.                                                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1913 | NS      | $10328803.51  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                           | EOG Resources, Inc.                                                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    427091 | NS      | $47885442.92  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities Lending Money Market Fund | JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares | CUSIP: 46645V642<br>LEI: 5493002FD4HXUJXMRO62 | Long             | STIV             | RF                | US        |  16115349 | NS      | $16115349.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                      | UnitedHealth Group, Inc.                                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    164345 | NS      | $56748328.50  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                            | General Motors Co.                                                    | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    226245 | NS      | $13794157.65  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                     | Essential Utilities, Inc.                                             | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    104207 | NS      | $4157859.30   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                | Thermo Fisher Scientific, Inc.                                        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     45387 | NS      | $22013602.74  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                     | O'Reilly Automotive, Inc.                                             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    132036 | NS      | $14234801.16  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp.                                   | Dover Corp.                                                           | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    157810 | NS      | $26327442.30  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                            | AerCap Holdings NV                                                    | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    252415 | NS      | $30542215.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                         | Parker-Hannifin Corp.                                                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     28596 | NS      | $21680057.40  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                              | McDonald's Corp.                                                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     91241 | NS      | $27727227.49  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                          | Kontoor Brands, Inc.                                                  | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |    298918 | NS      | $23844688.86  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                         | Dominion Energy, Inc.                                                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    450864 | NS      | $27579350.88  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                              | CVS Health Corp.                                                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    282059 | NS      | $21264428.01  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                         | Silgan Holdings, Inc.                                                 | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     64654 | NS      | $2780768.54   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                 | Entergy Corp.                                                         | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    129130 | NS      | $12033624.70  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                     | FMC Corp.                                                             | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |   1028625 | NS      | $34592658.75  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                          | American Tower Corp.                                                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     52591 | NS      | $10114301.12  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp.                                | M&T Bank Corp.                                                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    108051 | NS      | $21353038.62  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                                 | Cencora, Inc.                                                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     19546 | NS      | $6108711.38   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                              | Novo Nordisk A/S                                                      | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    183118 | NS      | $10161217.82  | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Flowserve Corp.                               | Flowserve Corp.                                                       | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    370237 | NS      | $19674394.18  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                       | Texas Instruments, Inc.                                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    161078 | NS      | $29594860.94  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                              | Salesforce, Inc.                                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     42229 | NS      | $10008273.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc.  | Fidelity National Information Services, Inc.                          | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    246992 | NS      | $16286652.48  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp.                                     | CSX Corp.                                                             | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    553484 | NS      | $19654216.84  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group, Inc.               | Jefferies Financial Group, Inc.                                       | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    128546 | NS      | $8409479.32   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                 | Equinix, Inc.                                                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     55459 | NS      | $43437707.16  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** J.P. Morgan Exchange-Traded Fund Trust

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer