JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
Schedule of Portfolio Investments as of May 31, 2025
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2025.
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 98.6%
U.S. Treasury Notes
1.25%, 6/30/2028
237,000
219,123
4.00%, 6/30/2028
222,000
222,867
1.00%, 7/31/2028
214,000
195,827
4.13%, 7/31/2028
218,000
219,626
2.88%, 8/15/2028
59,000
57,218
1.13%, 8/31/2028
275,000
252,065
4.38%, 8/31/2028
157,000
159,330
1.25%, 9/30/2028
145,000
133,145
4.63%, 9/30/2028
363,000
371,352
1.38%, 10/31/2028
366,000
336,791
4.88%, 10/31/2028
252,000
259,826
3.13%, 11/15/2028
363,000
354,053
1.50%, 11/30/2028
409,000
377,255
4.38%, 11/30/2028
73,000
74,126
1.38%, 12/31/2028
407,000
373,057
3.75%, 12/31/2028
352,000
350,281
1.75%, 1/31/2029
56,000
51,916
4.00%, 1/31/2029
283,000
283,873
2.63%, 2/15/2029
159,000
152,044
4.25%, 2/28/2029
68,000
68,799
2.38%, 3/31/2029
128,000
121,040
4.13%, 3/31/2029
79,000
79,592
2.88%, 4/30/2029
222,000
213,692
4.63%, 4/30/2029
275,000
281,972
2.38%, 5/15/2029
157,000
148,224
2.75%, 5/31/2029
204,000
195,258
4.50%, 5/31/2029
442,000
451,358
3.25%, 6/30/2029
94,000
91,617
4.25%, 6/30/2029
443,000
448,347
2.63%, 7/31/2029
4,000
3,802
4.00%, 7/31/2029
415,000
416,102
1.63%, 8/15/2029
207,000
189,009
3.13%, 8/31/2029
198,000
191,774
3.63%, 8/31/2029
449,000
443,598
3.50%, 9/30/2029
451,000
443,248
3.88%, 9/30/2029
166,000
165,566
4.00%, 10/31/2029
37,000
37,085
4.13%, 10/31/2029
90,000
90,650
1.75%, 11/15/2029
210,000
191,625
3.88%, 11/30/2029
2,000
1,994
4.13%, 11/30/2029
89,000
89,671
3.88%, 12/31/2029
12,000
11,960
4.38%, 12/31/2029
94,000
95,645
3.50%, 1/31/2030
10,000
9,806
4.25%, 1/31/2030
93,000
94,148
1.50%, 2/15/2030
204,000
182,763
4.00%, 2/28/2030
264,000
264,567
3.63%, 3/31/2030
222,000
218,644
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — continued
4.00%, 3/31/2030
93,000
93,160
3.50%, 4/30/2030
164,000
160,528
3.88%, 4/30/2030
88,000
87,649
0.63%, 5/15/2030
518,000
440,624
3.75%, 5/31/2030
281,000
278,069
3.75%, 6/30/2030
73,000
72,213
4.00%, 7/31/2030
311,000
311,073
0.63%, 8/15/2030
540,000
455,077
4.13%, 8/31/2030
214,000
215,220
4.63%, 9/30/2030
150,000
154,377
4.88%, 10/31/2030
221,000
230,073
0.88%, 11/15/2030
429,000
363,393
4.38%, 11/30/2030
170,000
172,849
3.75%, 12/31/2030
288,000
283,826
4.00%, 1/31/2031
331,000
330,185
1.13%, 2/15/2031
525,000
448,506
4.63%, 4/30/2031
1,000
1,029
1.63%, 5/15/2031
404,000
351,985
4.63%, 5/31/2031
19,000
19,541
4.25%, 6/30/2031
344,000
346,876
4.13%, 7/31/2031
346,000
346,487
1.25%, 8/15/2031
647,000
546,412
3.75%, 8/31/2031
351,000
344,049
3.63%, 9/30/2031
353,000
343,361
1.38%, 11/15/2031
637,000
537,917
1.88%, 2/15/2032
596,000
516,890
2.88%, 5/15/2032
410,000
378,097
2.75%, 8/15/2032
354,000
322,486
4.13%, 11/15/2032
368,000
366,376
3.50%, 2/15/2033
354,000
337,116
3.38%, 5/15/2033
356,000
335,127
3.88%, 8/15/2033
406,000
394,930
4.50%, 11/15/2033
576,000
584,595
4.00%, 2/15/2034
379,000
370,310
4.38%, 5/15/2034
637,000
638,792
3.88%, 8/15/2034
644,000
620,454
4.25%, 11/15/2034
541,000
535,674
4.63%, 2/15/2035
285,000
290,344
Total U.S. Treasury Obligations
(Cost $22,330,553)
22,311,001
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (a) (b)
(Cost $97,721)
97,709
97,729
Total Investments — 99.1%
(Cost $22,428,274)
22,408,730
Other Assets in Excess of Liabilities — 0.9%
211,967
NET ASSETS — 100.0%
22,620,697
 
Percentages indicated are based on net assets.
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(b)
The rate shown is the current yield as of May 31, 2025.
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values 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: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
U.S. Treasury Obligations
$—
$22,311,001
$—
$22,311,001
Short-Term Investments
Investment Companies
97,729
—
—
97,729
Total Investments in Securities
$97,729
$22,311,001
$—
$22,408,730
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended May 31, 2025
Security Description
Value at
February 28,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2025
Shares at
May 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 4.38%  (a) (b)
$88,310
$242,666
$233,254
$9
$(2
)
$97,729
97,709
$429
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2025.