JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
Schedule of Portfolio Investments as of July 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 Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Australia — 61.2%
ANZ Group Holdings Ltd.
8,069,047
158,342,944
APA Group
3,509,517
18,875,538
Aristocrat Leisure Ltd.
1,681,090
75,274,014
ASX Ltd.
520,797
23,344,274
Atlas Arteria Ltd.
2,732,264
9,025,170
BHP Group Ltd.
12,998,227
328,273,307
BlueScope Steel Ltd.
1,178,820
17,871,268
Brambles Ltd.
3,693,144
56,503,074
Cochlear Ltd.
167,412
34,177,669
Coles Group Ltd.
3,600,729
47,939,984
Commonwealth Bank of Australia
4,505,024
511,453,431
Computershare Ltd.
1,490,359
40,119,581
Dexus, REIT
2,893,636
13,063,641
Fortescue Ltd.
4,265,982
48,266,439
Goodman Group, REIT
5,170,005
115,593,404
GPT Group (The), REIT
5,148,396
16,771,461
Insurance Australia Group Ltd.
6,424,305
36,062,335
Lottery Corp. Ltd. (The)
5,988,080
20,768,956
Macquarie Group Ltd.
977,504
135,370,070
Medibank Pvt Ltd.
7,409,201
24,216,273
Mirvac Group, REIT
10,615,700
15,231,308
National Australia Bank Ltd.
8,270,205
205,238,802
Northern Star Resources Ltd.
3,859,091
38,341,345
Orica Ltd.
1,311,165
17,905,348
Origin Energy Ltd.
4,634,776
34,657,984
Pro Medicus Ltd.
148,099
30,412,811
Qantas Airways Ltd.
1,994,800
13,834,620
QBE Insurance Group Ltd.
4,062,451
60,263,298
Ramsay Health Care Ltd. (a)
498,129
12,331,031
REA Group Ltd.
137,199
20,899,662
Reece Ltd. (a)
931,524
8,065,663
Rio Tinto Ltd.
998,698
71,025,369
Santos Ltd.
8,283,254
41,680,421
Scentre Group, REIT
13,963,876
33,418,896
SEEK Ltd.
873,058
13,467,517
SGH Ltd.
536,530
17,548,475
Sigma Healthcare Ltd.
14,969,219
27,649,890
Sonic Healthcare Ltd.
1,251,092
22,092,850
South32 Ltd.
12,185,241
22,786,898
Stockland, REIT
6,415,877
22,746,134
Suncorp Group Ltd.
2,908,582
38,988,880
Telstra Group Ltd.
10,879,864
34,675,009
TPG Telecom Ltd.
1,145,518
4,063,139
Transurban Group
8,308,459
73,528,405
Vicinity Ltd., REIT
9,748,739
15,349,390
Washington H Soul Pattinson & Co. Ltd. (a)
668,796
17,375,357
Wesfarmers Ltd.
3,052,944
166,994,659
Westpac Banking Corp.
9,249,984
199,708,440
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Australia — continued
WiseTech Global Ltd.
464,506
35,181,756
Woodside Energy Group Ltd.
5,108,279
86,444,296
Woolworths Group Ltd.
3,286,474
66,347,662
 
3,199,568,148
China — 1.1%
Budweiser Brewing Co. APAC Ltd. (b)
4,560,300
4,787,144
Wharf Holdings Ltd. (The)
2,575,000
7,331,369
Wilmar International Ltd.
4,853,900
10,986,117
Wuxi Biologics Cayman, Inc. * (b)
9,407,500
38,251,210
 
61,355,840
Hong Kong — 16.6%
AIA Group Ltd.
28,774,600
268,299,325
CK Asset Holdings Ltd.
5,045,500
23,119,501
CK Infrastructure Holdings Ltd.
1,646,500
11,596,284
CLP Holdings Ltd.
4,867,000
42,244,486
Hang Seng Bank Ltd.
1,858,400
27,070,762
Henderson Land Development Co. Ltd.
3,580,700
12,529,861
HKT Trust & HKT Ltd.
9,605,000
15,123,816
Hong Kong & China Gas Co. Ltd.
29,368,789
26,213,500
Hong Kong Exchanges & Clearing Ltd.
3,209,600
173,699,740
Jardine Matheson Holdings Ltd.
455,900
24,756,005
Link, REIT
6,892,500
38,403,321
MTR Corp. Ltd.
4,249,500
15,286,602
Power Assets Holdings Ltd.
3,669,000
24,157,057
Sino Land Co. Ltd.
9,770,000
11,261,874
Sun Hung Kai Properties Ltd.
4,568,500
54,262,241
Swire Pacific Ltd., Class A
913,500
8,257,434
Swire Pacific Ltd., Class B
1,955,000
3,071,418
Swire Properties Ltd.
2,790,800
7,479,936
Techtronic Industries Co. Ltd.
3,943,500
47,155,006
WH Group Ltd. (b)
20,986,691
21,010,582
Wharf Real Estate Investment Co. Ltd.
3,823,000
12,137,312
 
867,136,063
Macau — 0.8%
Galaxy Entertainment Group Ltd.
6,060,000
29,552,587
Sands China Ltd.
6,009,379
14,547,318
 
44,099,905
New Zealand — 1.2%
Auckland International Airport Ltd.
4,085,415
18,122,586
Fisher & Paykel Healthcare Corp. Ltd.
1,484,440
32,180,997
Meridian Energy Ltd.
3,461,955
11,624,795
 
61,928,378
Singapore — 12.5%
CapitaLand Ascendas, REIT
9,779,028
20,938,146
CapitaLand Integrated Commercial Trust, REIT
13,166,177
22,230,597
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Singapore — continued
CapitaLand Investment Ltd.
5,918,800
12,605,881
DBS Group Holdings Ltd.
5,480,100
201,144,264
Genting Singapore Ltd.
15,329,600
8,647,185
Jardine Cycle & Carriage Ltd.
159,400
3,227,820
Keppel Ltd.
3,809,200
24,747,774
Mapletree Pan Asia Commercial Trust, REIT
6,044,800
5,989,821
Oversea-Chinese Banking Corp. Ltd.
8,765,900
113,598,758
Singapore Airlines Ltd.
3,721,100
19,435,930
Singapore Exchange Ltd.
2,205,600
27,044,192
Singapore Technologies Engineering Ltd.
4,200,600
28,258,634
Singapore Telecommunications Ltd.
22,076,900
65,792,418
United Overseas Bank Ltd.
3,609,700
100,287,347
 
653,948,767
United Kingdom — 0.9%
CK Hutchison Holdings Ltd.
7,172,500
46,685,831
United States — 4.9%
CSL Ltd.
1,299,607
224,811,536
James Hardie Industries plc, CHDI * (a)
1,156,358
30,351,446
 
255,162,982
Total Common Stocks
(Cost $4,686,350,700)
5,189,885,914
Short-Term Investments — 0.4%
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (c) (d)(Cost $19,463,822)
19,463,822
19,463,822
Total Investments — 99.6%
(Cost $4,705,814,522)
5,209,349,736
Other Assets in Excess of Liabilities — 0.4%
18,615,460
NET ASSETS — 100.0%
5,227,965,196
 
Percentages indicated are based on net assets.
 
Abbreviations
 
APAC
Asia Pacific
CHDI
Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at July 31, 2025. The total value of securities on loan at July 31, 2025 is $18,246,320.
(b)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that
are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(d)
The rate shown is the current yield as of July 31, 2025.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
Summary of Investments by Industry, July 31, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
29.1
%
Metals & Mining
10.1
Insurance
8.2
Capital Markets
6.9
Biotechnology
4.3
Broadline Retail
3.2
Hotels, Restaurants & Leisure
2.9
Real Estate Management & Development
2.7
Industrial REITs
2.6
Oil, Gas & Consumable Fuels
2.5
Diversified Telecommunication Services
2.3
Consumer Staples Distribution & Retail
2.2
Electric Utilities
2.2
Industrial Conglomerates
2.1
Transportation Infrastructure
1.9
Retail REITs
1.7
Diversified REITs
1.6
Health Care Equipment & Supplies
1.3
Health Care Providers & Services
1.2
Commercial Services & Supplies
1.1
Others (each less than 1.0%)
9.5
Short-Term Investments
0.4
Futures contracts outstanding as of July 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Singapore Index
459
08/28/2025
SGD
14,782,105
(319,126
)
SPI 200 Index
153
09/18/2025
AUD
21,255,505
333,703
 
14,577
 
Abbreviations
 
AUD
Australian Dollar
MSCI
Morgan Stanley Capital International
SGD
Singapore Dollar
SPI
Australian Securities Exchange
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$3,199,568,148
$—
$3,199,568,148
China
7,331,369
54,024,471
—
61,355,840
Hong Kong
—
867,136,063
—
867,136,063
Macau
—
44,099,905
—
44,099,905
New Zealand
61,928,378
—
—
61,928,378
Singapore
—
653,948,767
—
653,948,767
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
United Kingdom
$—
$46,685,831
$—
$46,685,831
United States
—
255,162,982
—
255,162,982
Total Common Stocks
69,259,747
5,120,626,167
—
5,189,885,914
Short-Term Investments
Investment of Cash Collateral from Securities
Loaned
19,463,822
—
—
19,463,822
Total Investments in Securities
$88,723,569
$5,120,626,167
$—
$5,209,349,736
Appreciation in Other Financial Instruments
Futures Contracts
$333,703
$—
$—
$333,703
Depreciation in Other Financial Instruments
Futures Contracts
$(319,126
)
$—
$—
$(319,126
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$14,577
$—
$—
$14,577
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 July 31, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
July 31,
2025
Shares at
July 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 4.37%
 (a) (b)
$35,199,421
$268,813,130
$284,548,729
$—
$—
$19,463,822
19,463,822
$1,085,057
$—
 
 
(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 July 31, 2025.