JPMorgan BetaBuilders U.S. Small Cap Equity 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 U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.0%
Aerospace & Defense — 2.0%
AAR Corp. *
11,952
892,934
AeroVironment, Inc. *
11,365
3,041,729
Cadre Holdings, Inc.
8,717
288,271
Kratos Defense & Security Solutions, Inc. *
58,812
3,452,265
Mercury Systems, Inc. *
18,415
968,445
Moog, Inc., Class A
10,054
1,946,253
V2X, Inc. *
6,093
288,686
 
10,878,583
Air Freight & Logistics — 0.1%
Hub Group, Inc., Class A
20,023
701,205
Automobile Components — 2.4%
Adient plc *
29,910
641,270
Dana, Inc.
46,385
738,449
Dorman Products, Inc. *
9,320
1,124,179
Fox Factory Holding Corp. *
14,343
435,597
Garrett Motion, Inc. (Switzerland)
42,229
550,666
Gentherm, Inc. *
10,557
338,246
Goodyear Tire & Rubber Co. (The) *
91,837
944,084
LCI Industries
8,619
818,805
Mobileye Global, Inc., Class A (Israel) *
55,310
787,614
Modine Manufacturing Co. *
17,650
2,374,984
Patrick Industries, Inc.
11,508
1,119,038
Phinia, Inc.
13,960
707,772
QuantumScape Corp. *
147,501
1,268,509
Visteon Corp. *
8,763
974,008
XPEL, Inc. * (a)
7,677
250,961
 
13,074,182
Automobiles — 0.2%
Harley-Davidson, Inc.
40,381
982,470
Winnebago Industries, Inc.
8,825
262,279
 
1,244,749
Banks — 10.0%
1st Source Corp.
6,621
396,068
Amalgamated Financial Corp.
5,838
169,244
Ameris Bancorp
22,243
1,520,309
Associated Banc-Corp.
58,535
1,448,156
Atlantic Union Bankshares Corp.
46,894
1,486,540
Axos Financial, Inc. *
17,598
1,519,587
Banc of California, Inc.
50,146
728,120
BancFirst Corp.
7,373
918,086
Bancorp, Inc. (The) *
16,242
1,025,845
Bank of Hawaii Corp.
13,955
863,535
BankUnited, Inc.
25,041
913,245
Banner Corp.
11,210
695,861
Berkshire Hills Bancorp, Inc.
16,461
405,599
Brookline Bancorp, Inc.
29,863
308,186
Cathay General Bancorp
22,783
1,030,247
City Holding Co.
5,044
615,872
Columbia Financial, Inc. *
9,705
139,655
Community Financial System, Inc.
18,166
957,348
Community Trust Bancorp, Inc.
5,650
304,987
Customers Bancorp, Inc. *
10,413
663,829
CVB Financial Corp.
43,435
811,800
Dime Community Bancshares, Inc.
14,482
401,296
Eastern Bankshares, Inc.
68,054
1,051,434
Enterprise Financial Services Corp.
12,937
713,993
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Banks — continued
FB Financial Corp.
12,109
590,435
First Bancorp
13,822
692,344
First BanCorp (Puerto Rico)
52,127
1,085,805
First Busey Corp.
30,598
682,947
First Commonwealth Financial Corp.
33,872
559,227
First Financial Bancorp
31,150
755,076
First Hawaiian, Inc.
42,909
1,040,543
First Interstate BancSystem, Inc., Class A
31,330
901,991
First Merchants Corp.
19,115
728,664
Flagstar Financial, Inc.
106,467
1,202,012
Fulton Financial Corp.
64,756
1,162,370
German American Bancorp, Inc.
13,053
501,496
Hilltop Holdings, Inc.
14,455
427,868
Hope Bancorp, Inc.
43,577
435,334
Independent Bank Corp.
14,327
910,481
International Bancshares Corp.
19,057
1,299,306
Lakeland Financial Corp.
8,946
566,908
Live Oak Bancshares, Inc.
12,684
400,941
National Bank Holdings Corp., Class A
12,030
445,832
NBT Bancorp, Inc.
15,942
659,680
Nicolet Bankshares, Inc.
4,878
629,262
Northwest Bancshares, Inc.
46,876
548,449
OceanFirst Financial Corp.
19,648
329,693
OFG Bancorp (Puerto Rico)
14,904
635,209
Origin Bancorp, Inc.
10,509
384,104
Pacific Premier Bancorp, Inc.
32,613
706,724
Park National Corp.
5,219
844,800
Pathward Financial, Inc.
8,364
632,528
Preferred Bank
4,222
383,442
Provident Financial Services, Inc.
43,008
783,606
Renasant Corp.
32,774
1,200,839
Republic Bancorp, Inc., Class A
2,977
204,996
S&T Bancorp, Inc.
12,331
451,808
Seacoast Banking Corp. of Florida
28,245
796,227
ServisFirst Bancshares, Inc.
19,285
1,516,765
Simmons First National Corp., Class A
48,632
932,276
Southside Bancshares, Inc.
9,975
293,664
Stellar Bancorp, Inc.
17,521
517,395
Stock Yards Bancorp, Inc.
9,288
694,371
Texas Capital Bancshares, Inc. *
15,295
1,284,321
Towne Bank
23,666
829,020
TriCo Bancshares
10,726
441,053
Triumph Financial, Inc. *
7,687
436,007
Trustmark Corp.
20,283
755,542
United Community Banks, Inc.
40,321
1,229,791
Veritex Holdings, Inc.
16,778
532,198
WaFd, Inc.
26,806
780,189
WesBanco, Inc.
32,146
968,559
Westamerica BanCorp
8,499
407,102
WSFS Financial Corp.
19,181
1,051,886
 
55,339,928
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A *
2,986
618,341
Vita Coco Co., Inc. (The) *
14,585
514,267
 
1,132,608
Biotechnology — 6.4%
ACADIA Pharmaceuticals, Inc. *
44,016
1,048,901
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Biotechnology — continued
ADMA Biologics, Inc. *
83,219
1,556,195
Agios Pharmaceuticals, Inc. *
20,464
761,670
Akero Therapeutics, Inc. *
22,623
1,105,134
Amicus Therapeutics, Inc. *
90,932
544,683
Apellis Pharmaceuticals, Inc. *
28,404
634,545
Apogee Therapeutics, Inc. *
9,124
349,084
Arcellx, Inc. *
13,570
968,762
Arcus Biosciences, Inc. *
24,377
222,562
Arcutis Biotherapeutics, Inc. *
38,551
562,074
Ardelyx, Inc. *
79,156
335,621
Arrowhead Pharmaceuticals, Inc. *
42,739
675,276
Aurinia Pharmaceuticals, Inc. (Canada) *
42,405
392,034
Avidity Biosciences, Inc. *
33,311
1,222,847
Beam Therapeutics, Inc. * (b)
32,567
641,896
Bicara Therapeutics, Inc. * (b)
10,176
113,055
BioCryst Pharmaceuticals, Inc. *
68,655
558,852
Biohaven Ltd. *
32,217
486,477
CareDx, Inc. *
19,328
237,444
Catalyst Pharmaceuticals, Inc. *
40,722
868,600
Celldex Therapeutics, Inc. *
18,643
409,773
CG oncology, Inc. *
19,461
519,414
Crinetics Pharmaceuticals, Inc. *
32,864
939,582
Day One Biopharmaceuticals, Inc. *
24,452
164,073
Denali Therapeutics, Inc. *
47,709
659,815
Disc Medicine, Inc. *
8,324
497,442
Dynavax Technologies Corp. *
37,153
407,940
Dyne Therapeutics, Inc. *
39,860
392,621
Geron Corp. *
191,499
220,224
GRAIL, Inc. * (b)
8,924
305,290
Ideaya Biosciences, Inc. *
29,976
729,916
ImmunityBio, Inc. * (b)
80,049
196,921
Immunovant, Inc. *
24,568
395,053
Intellia Therapeutics, Inc. * (b)
34,894
406,166
Iovance Biotherapeutics, Inc. * (b)
92,294
237,196
Janux Therapeutics, Inc. *
13,717
329,414
Krystal Biotech, Inc. *
9,225
1,419,451
Kymera Therapeutics, Inc. *
16,994
743,487
MannKind Corp. *
105,478
398,707
Metsera, Inc. * (b)
5,366
177,024
Mirum Pharmaceuticals, Inc. *
13,844
715,458
MoonLake Immunotherapeutics *
10,215
515,245
Nuvalent, Inc., Class A *
14,235
1,115,312
OmniAb Operations, Inc. ‡ *
2,112
—
Protagonist Therapeutics, Inc. *
18,679
1,006,051
PTC Therapeutics, Inc. *
25,180
1,312,130
Recursion Pharmaceuticals, Inc., Class A * (b)
110,157
655,434
Rhythm Pharmaceuticals, Inc. *
16,911
1,441,325
Rocket Pharmaceuticals, Inc. *
30,679
93,571
Scholar Rock Holding Corp. *
24,997
926,139
Soleno Therapeutics, Inc. *
10,857
938,805
Spyre Therapeutics, Inc. *
13,857
235,153
Syndax Pharmaceuticals, Inc. *
28,295
280,686
Travere Therapeutics, Inc. *
29,794
460,317
Twist Bioscience Corp. *
21,195
711,516
Vera Therapeutics, Inc. *
16,783
348,919
Veracyte, Inc. *
25,605
601,974
Vericel Corp. *
17,886
624,937
Vir Biotechnology, Inc. *
32,292
163,720
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Biotechnology — continued
Viridian Therapeutics, Inc. *
25,085
439,489
Xencor, Inc. *
21,061
175,228
 
35,596,630
Building Products — 1.6%
American Woodmark Corp. *
5,179
272,467
Apogee Enterprises, Inc.
6,984
293,258
AZZ, Inc.
10,059
1,101,461
CSW Industrials, Inc.
5,874
1,524,186
Gibraltar Industries, Inc. *
10,425
688,363
Griffon Corp.
14,241
1,157,366
Hayward Holdings, Inc. *
71,872
1,105,391
Janus International Group, Inc. *
38,583
330,656
Masterbrand, Inc. *
43,274
477,312
Resideo Technologies, Inc. *
49,580
1,353,534
Tecnoglass, Inc.
8,509
663,957
 
8,967,951
Capital Markets — 2.7%
Acadian Asset Management, Inc.
9,820
410,378
Artisan Partners Asset Management, Inc., Class A
24,865
1,125,141
BGC Group, Inc., Class A
126,149
1,169,401
DigitalBridge Group, Inc.
54,021
580,186
Donnelley Financial Solutions, Inc. *
8,945
473,727
Moelis & Co., Class A
26,491
1,858,079
Piper Sandler Cos.
5,460
1,721,647
PJT Partners, Inc., Class A
7,912
1,413,241
StepStone Group, Inc., Class A
22,616
1,342,486
StoneX Group, Inc. *
15,484
1,505,664
Victory Capital Holdings, Inc., Class A
16,368
1,127,919
Virtu Financial, Inc., Class A
28,762
1,269,555
Virtus Investment Partners, Inc.
2,242
433,401
WisdomTree, Inc.
42,377
562,343
 
14,993,168
Chemicals — 1.5%
Ashland, Inc.
15,769
813,050
Chemours Co. (The)
52,955
634,401
Hawkins, Inc.
6,804
1,110,957
Huntsman Corp.
55,764
540,911
Ingevity Corp. *
11,685
488,316
Innospec, Inc.
8,460
675,954
Minerals Technologies, Inc.
10,370
603,015
Olin Corp.
39,658
751,123
Perimeter Solutions, Inc. *
47,603
767,836
PureCycle Technologies, Inc. * (b)
46,512
623,726
Quaker Chemical Corp.
4,947
566,036
Stepan Co.
7,309
371,078
Tronox Holdings plc
39,495
125,989
 
8,072,392
Commercial Services & Supplies — 2.3%
ABM Industries, Inc.
20,579
949,309
ACV Auctions, Inc., Class A *
55,101
782,985
Brady Corp., Class A
15,205
1,073,017
BrightView Holdings, Inc. *
20,293
323,673
Brink's Co. (The)
14,741
1,287,479
Cimpress plc (Ireland) *
5,400
298,674
CoreCivic, Inc. *
38,647
774,486
Driven Brands Holdings, Inc. *
22,013
372,020
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Commercial Services & Supplies — continued
GEO Group, Inc. (The) *
47,128
1,221,558
Healthcare Services Group, Inc. *
24,086
313,359
HNI Corp.
16,283
837,597
MillerKnoll, Inc.
23,879
453,223
OPENLANE, Inc. *
35,719
880,116
Pitney Bowes, Inc.
60,064
682,327
Steelcase, Inc., Class A
33,255
343,524
UniFirst Corp.
5,121
875,845
Vestis Corp.
46,493
281,748
VSE Corp.
6,546
1,024,711
 
12,775,651
Communications Equipment — 0.9%
Calix, Inc. *
20,903
1,184,991
CommScope Holding Co., Inc. *
73,081
599,264
Digi International, Inc. *
12,335
402,244
Extreme Networks, Inc. *
47,361
836,395
Harmonic, Inc. *
40,052
340,843
NetScout Systems, Inc. *
23,908
512,110
Viasat, Inc. *
36,749
603,786
Viavi Solutions, Inc. *
73,855
742,243
 
5,221,876
Construction & Engineering — 2.7%
Argan, Inc.
4,625
1,133,032
Centuri Holdings, Inc. *
5,975
130,255
Construction Partners, Inc., Class A *
16,683
1,682,481
Dycom Industries, Inc. *
9,896
2,660,144
Everus Construction Group, Inc. *
18,106
1,344,552
Granite Construction, Inc.
14,718
1,390,409
IES Holdings, Inc. *
2,993
1,056,739
MYR Group, Inc. *
5,326
1,030,581
Primoris Services Corp.
19,020
1,791,113
Sterling Infrastructure, Inc. *
10,861
2,906,295
 
15,125,601
Construction Materials — 0.3%
Knife River Corp. *
18,153
1,497,260
United States Lime & Minerals, Inc.
3,835
381,889
 
1,879,149
Consumer Finance — 1.2%
Bread Financial Holdings, Inc.
16,257
996,554
Encore Capital Group, Inc. *
7,519
277,301
Enova International, Inc. *
8,541
893,047
LendingClub Corp. *
39,514
616,023
Navient Corp.
24,600
318,324
Nelnet, Inc., Class A
4,096
511,058
PROG Holdings, Inc.
14,135
450,058
Upstart Holdings, Inc. *
29,610
2,420,322
 
6,482,687
Consumer Staples Distribution & Retail — 0.6%
Andersons, Inc. (The)
11,698
420,192
Chefs' Warehouse, Inc. (The) *
13,014
892,240
Grocery Outlet Holding Corp. *
31,951
420,795
Ingles Markets, Inc., Class A
5,159
324,656
PriceSmart, Inc.
8,320
894,400
Weis Markets, Inc.
5,103
369,508
 
3,321,791
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Containers & Packaging — 0.3%
Greif, Inc., Class A
8,548
542,200
O-I Glass, Inc. *
52,321
680,696
TriMas Corp.
11,736
419,327
 
1,642,223
Diversified Consumer Services — 1.7%
Adtalem Global Education, Inc. *
13,146
1,502,193
Coursera, Inc. *
40,804
515,763
Frontdoor, Inc. *
25,610
1,498,185
Graham Holdings Co., Class B
1,183
1,128,795
KinderCare Learning Cos., Inc. *
11,039
106,085
Laureate Education, Inc., Class A *
43,941
993,067
Mister Car Wash, Inc. *
37,467
216,372
OneSpaWorld Holdings Ltd. (Bahamas)
33,186
734,074
Strategic Education, Inc.
7,895
585,375
Stride, Inc. *
14,350
1,840,100
Udemy, Inc. *
29,316
223,095
 
9,343,104
Diversified REITs — 0.4%
Alexander & Baldwin, Inc.
25,878
465,287
American Assets Trust, Inc.
16,981
323,148
Broadstone Net Lease, Inc.
61,583
1,000,108
Global Net Lease, Inc.
70,900
495,591
 
2,284,134
Diversified Telecommunication Services — 0.4%
Cogent Communications Holdings, Inc.
15,852
722,693
Globalstar, Inc. *
17,585
413,072
Iridium Communications, Inc.
34,684
848,371
Liberty Latin America Ltd., Class C (Puerto Rico) *
38,433
274,411
 
2,258,547
Electric Utilities — 0.8%
Hawaiian Electric Industries, Inc. *
61,524
659,537
MGE Energy, Inc.
13,023
1,106,174
Oklo, Inc. *
32,065
2,455,858
 
4,221,569
Electrical Equipment — 1.6%
Atkore, Inc.
11,546
889,273
Bloom Energy Corp., Class A *
71,577
2,676,264
Enovix Corp. *
52,193
699,386
NuScale Power Corp. * (b)
46,216
2,320,505
Plug Power, Inc. * (b)
304,682
457,023
Powell Industries, Inc. (b)
3,301
782,667
Sunrun, Inc. *
75,044
769,952
Vicor Corp. *
8,228
365,652
 
8,960,722
Electronic Equipment, Instruments & Components — 2.5%
Benchmark Electronics, Inc.
11,393
438,631
Crane NXT Co.
19,230
1,141,108
CTS Corp.
10,224
400,679
ePlus, Inc. *
8,983
581,919
IPG Photonics Corp. *
9,247
692,508
Itron, Inc. *
16,230
2,021,284
Knowles Corp. *
28,837
585,679
Mirion Technologies, Inc. *
73,901
1,651,687
Napco Security Technologies, Inc.
12,351
377,076
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
OSI Systems, Inc. *
5,627
1,243,623
PAR Technology Corp. *
14,245
865,811
PC Connection, Inc.
3,763
231,763
Plexus Corp. *
9,069
1,156,298
Rogers Corp. *
5,916
387,971
TTM Technologies, Inc. *
33,589
1,587,080
Vishay Intertechnology, Inc.
36,456
597,514
 
13,960,631
Energy Equipment & Services — 2.0%
Archrock, Inc.
60,919
1,423,068
Atlas Energy Solutions, Inc. (b)
26,389
343,057
Cactus, Inc., Class A
24,286
1,027,541
Helix Energy Solutions Group, Inc. *
46,109
273,426
Helmerich & Payne, Inc.
33,483
542,759
Kodiak Gas Services, Inc.
18,655
603,116
Liberty Energy, Inc.
55,691
687,227
Noble Corp. plc
44,793
1,200,900
Oceaneering International, Inc. *
35,681
774,278
Patterson-UTI Energy, Inc.
121,977
720,884
RPC, Inc.
31,267
145,391
Seadrill Ltd. (Norway) *
20,845
607,840
Tidewater, Inc. *
16,562
828,266
Transocean Ltd. *
246,865
720,846
Valaris Ltd. *
21,766
1,058,481
 
10,957,080
Entertainment — 1.0%
AMC Entertainment Holdings, Inc., Class A * (b)
153,939
446,423
Atlanta Braves Holdings, Inc., Class A * (b)
3,547
167,064
Atlanta Braves Holdings, Inc., Class C *
16,588
739,161
Cinemark Holdings, Inc.
35,666
958,346
IMAX Corp. *
15,623
402,917
Liberty Media Corp-Liberty Live, Class A *
7,011
573,500
Liberty Media Corp-Liberty Live, Class C *
16,574
1,396,028
Madison Square Garden Entertainment Corp. *
14,162
535,182
Playtika Holding Corp.
25,473
113,482
Sphere Entertainment Co. *
8,646
372,210
Starz Entertainment Corp.
4,307
62,667
 
5,766,980
Financial Services — 2.1%
AvidXchange Holdings, Inc. *
66,932
659,950
Burford Capital Ltd.
67,465
866,925
Cannae Holdings, Inc.
20,174
431,320
Compass Diversified Holdings
22,210
141,922
EVERTEC, Inc. (Puerto Rico)
21,254
768,332
Federal Agricultural Mortgage Corp., Class C
3,053
525,940
Flywire Corp. *
37,755
411,152
HA Sustainable Infrastructure Capital, Inc.
42,448
1,102,375
Marqeta, Inc., Class A *
142,155
810,283
Merchants Bancorp
7,515
220,190
NCR Atleos Corp. *
26,103
798,752
NMI Holdings, Inc., Class A *
26,010
970,693
Payoneer Global, Inc. *
73,154
480,622
Rocket Cos., Inc., Class A (b)
87,286
1,289,214
Sezzle, Inc. *
6,721
1,040,680
Walker & Dunlop, Inc.
11,646
873,566
 
11,391,916
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Food Products — 0.8%
Cal-Maine Foods, Inc.
15,271
1,697,219
Fresh Del Monte Produce, Inc.
12,855
483,220
J & J Snack Foods Corp.
5,389
608,364
Seaboard Corp.
93
294,548
Tootsie Roll Industries, Inc.
6,246
236,911
TreeHouse Foods, Inc. *
16,079
309,038
Utz Brands, Inc.
25,847
336,786
WK Kellogg Co.
21,822
502,997
 
4,469,083
Gas Utilities — 0.3%
Chesapeake Utilities Corp.
8,038
963,595
Northwest Natural Holding Co.
14,368
573,571
 
1,537,166
Ground Transportation — 0.5%
ArcBest Corp.
7,657
559,956
Hertz Global Holdings, Inc. *
39,022
250,131
Marten Transport Ltd.
18,726
227,708
RXO, Inc. *
58,295
900,658
Schneider National, Inc., Class B
16,144
394,721
Werner Enterprises, Inc.
19,262
533,943
 
2,867,117
Health Care Equipment & Supplies — 2.8%
Alphatec Holdings, Inc. *
38,505
407,383
AtriCure, Inc. *
17,551
616,040
CONMED Corp.
10,983
561,780
Dentsply Sirona, Inc.
68,748
983,784
Enovis Corp. *
19,579
524,717
Envista Holdings Corp. *
60,456
1,142,014
Establishment Labs Holdings, Inc. (Costa Rica) *
8,589
360,351
ICU Medical, Inc. *
8,261
1,060,795
Integer Holdings Corp. *
12,286
1,333,154
Integra LifeSciences Holdings Corp. *
23,905
314,112
iRhythm Technologies, Inc. *
11,193
1,569,035
Kestra Medical Technologies Ltd. * (b)
8,344
137,676
LeMaitre Vascular, Inc.
7,374
599,064
LivaNova plc *
19,238
811,651
Neogen Corp. *
69,517
323,254
Novocure Ltd. *
36,029
416,856
Omnicell, Inc. *
15,574
482,950
PROCEPT BioRobotics Corp. *
19,026
922,951
QuidelOrtho Corp. *
23,528
541,615
STAAR Surgical Co. *
11,831
211,952
Tandem Diabetes Care, Inc. *
23,657
368,576
TransMedics Group, Inc. *
11,124
1,323,422
UFP Technologies, Inc. *
2,715
614,649
 
15,627,781
Health Care Providers & Services — 2.7%
Acadia Healthcare Co., Inc. *
32,599
709,680
AdaptHealth Corp. *
32,568
292,135
Addus HomeCare Corp. *
6,435
687,129
agilon health, Inc. *
109,942
196,796
Alignment Healthcare, Inc. *
38,916
536,263
Amedisys, Inc. *
11,465
1,130,449
Ardent Health, Inc. *
8,309
88,076
Astrana Health, Inc. *
14,165
337,977
BrightSpring Health Services, Inc. *
24,259
500,948
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
Brookdale Senior Living, Inc. *
77,660
601,865
Clover Health Investments Corp. * (b)
134,219
387,893
Concentra Group Holdings Parent, Inc.
42,291
844,551
GeneDx Holdings Corp. *
7,104
724,253
Guardant Health, Inc. *
41,341
1,694,154
LifeStance Health Group, Inc. *
55,961
222,725
National HealthCare Corp.
4,440
426,373
NeoGenomics, Inc. *
45,383
219,654
OPKO Health, Inc. *
129,126
165,281
PACS Group, Inc. *
15,684
173,465
Pediatrix Medical Group, Inc. *
29,544
361,914
Premier, Inc., Class A
29,011
623,156
Privia Health Group, Inc. *
39,247
766,102
Progyny, Inc. *
25,513
599,811
RadNet, Inc. *
23,281
1,274,169
Select Medical Holdings Corp.
38,166
564,475
Surgery Partners, Inc. *
25,680
563,676
US Physical Therapy, Inc.
5,229
382,501
 
15,075,471
Health Care REITs — 1.5%
American Healthcare REIT, Inc.
53,777
2,077,943
CareTrust REIT, Inc.
63,277
2,012,209
LTC Properties, Inc.
16,057
546,580
Medical Properties Trust, Inc. (b)
179,373
739,017
National Health Investors, Inc.
15,891
1,110,145
Sabra Health Care REIT, Inc.
77,233
1,392,511
Sila Realty Trust, Inc.
19,470
475,847
 
8,354,252
Health Care Technology — 0.4%
Certara, Inc. *
42,730
420,463
Evolent Health, Inc., Class A *
37,982
381,719
HealthStream, Inc.
8,295
216,997
Phreesia, Inc. *
19,097
514,855
Schrodinger, Inc. *
19,801
402,555
Teladoc Health, Inc. *
62,466
450,380
 
2,386,969
Hotel & Resort REITs — 0.7%
Apple Hospitality REIT, Inc.
79,835
938,061
DiamondRock Hospitality Co.
70,143
541,504
Park Hotels & Resorts, Inc.
71,866
766,091
Pebblebrook Hotel Trust
42,087
422,133
RLJ Lodging Trust
52,604
389,270
Sunstone Hotel Investors, Inc.
65,813
575,864
Xenia Hotels & Resorts, Inc.
33,569
426,662
 
4,059,585
Hotels, Restaurants & Leisure — 2.3%
Brinker International, Inc. *
15,720
2,477,472
Cheesecake Factory, Inc. (The) (b)
16,546
1,057,455
Cracker Barrel Old Country Store, Inc. (b)
7,880
488,560
First Watch Restaurant Group, Inc. *
14,062
243,132
Global Business Travel Group I *
35,896
230,811
Marriott Vacations Worldwide Corp.
10,440
777,467
Monarch Casino & Resort, Inc.
4,721
486,074
Papa John's International, Inc.
11,075
469,691
Penn Entertainment, Inc. *
50,696
915,570
Red Rock Resorts, Inc., Class A
18,024
1,105,772
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Sabre Corp. *
129,589
392,655
Shake Shack, Inc., Class A *
13,676
1,645,770
Six Flags Entertainment Corp. *
33,536
1,004,738
Sweetgreen, Inc., Class A *
35,011
450,942
United Parks & Resorts, Inc. * (b)
8,607
407,369
Wendy's Co. (The) (b)
55,570
547,364
 
12,700,842
Household Durables — 1.2%
Cavco Industries, Inc. *
2,606
1,051,964
Century Communities, Inc.
8,945
503,514
Green Brick Partners, Inc. *
11,046
684,189
La-Z-Boy, Inc.
13,655
491,170
Leggett & Platt, Inc.
47,706
455,592
LGI Homes, Inc. *
7,028
374,382
M/I Homes, Inc. *
8,856
1,064,403
Newell Brands, Inc.
134,745
755,920
Sonos, Inc. *
38,568
416,920
Tri Pointe Homes, Inc. *
29,075
895,510
 
6,693,564
Household Products — 0.5%
Central Garden & Pet Co. *
3,221
125,684
Central Garden & Pet Co., Class A *
17,608
625,436
Energizer Holdings, Inc.
22,468
505,979
Spectrum Brands Holdings, Inc.
9,013
482,286
WD-40 Co.
4,810
1,031,264
 
2,770,649
Industrial REITs — 0.2%
Innovative Industrial Properties, Inc.
9,965
515,191
LXP Industrial Trust
105,178
816,181
 
1,331,372
Insurance — 2.1%
AMERISAFE, Inc.
6,835
306,071
Baldwin Insurance Group, Inc. (The), Class A *
25,004
921,147
CNO Financial Group, Inc.
35,170
1,295,663
Employers Holdings, Inc.
7,962
328,671
F&G Annuities & Life, Inc.
7,391
235,847
Genworth Financial, Inc., Class A *
145,833
1,146,247
Goosehead Insurance, Inc., Class A
8,607
782,462
Horace Mann Educators Corp.
13,650
580,535
Lemonade, Inc. * (b)
19,204
723,607
Mercury General Corp.
8,817
610,577
Oscar Health, Inc., Class A * (b)
68,581
963,563
Palomar Holdings, Inc. *
9,299
1,232,025
Safety Insurance Group, Inc.
4,981
350,413
SiriusPoint Ltd. (Sweden) *
34,324
673,094
Skyward Specialty Insurance Group, Inc. *
10,785
545,505
Stewart Information Services Corp.
9,343
606,641
Trupanion, Inc. *
12,307
583,475
 
11,885,543
Interactive Media & Services — 0.7%
Cargurus, Inc. *
27,742
910,492
Grindr, Inc. (Singapore) *
11,645
203,555
IAC, Inc. *
24,097
947,012
TripAdvisor, Inc. *
40,105
701,436
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Interactive Media & Services — continued
Yelp, Inc. *
22,147
762,521
Ziff Davis, Inc. *
13,588
422,859
 
3,947,875
IT Services — 0.6%
Applied Digital Corp. * (b)
63,796
838,280
ASGN, Inc. *
15,085
756,362
DigitalOcean Holdings, Inc. *
22,177
617,851
DXC Technology Co. *
58,187
791,925
Fastly, Inc., Class A *
47,484
322,416
Grid Dynamics Holdings, Inc. *
22,689
215,319
 
3,542,153
Leisure Products — 0.6%
Peloton Interactive, Inc., Class A *
130,577
932,320
Polaris, Inc.
18,252
965,713
Topgolf Callaway Brands Corp. *
44,804
414,437
YETI Holdings, Inc. *
28,440
1,044,886
 
3,357,356
Life Sciences Tools & Services — 0.2%
10X Genomics, Inc., Class A *
36,885
496,103
Azenta, Inc. *
14,223
465,092
OmniAb, Inc. ‡ *
2,112
—
 
961,195
Machinery — 2.9%
Alamo Group, Inc.
3,624
806,630
Albany International Corp., Class A
10,720
580,917
Atmus Filtration Technologies, Inc.
5,682
221,087
Energy Recovery, Inc. *
19,415
261,132
Enerpac Tool Group Corp.
19,365
745,746
Enpro, Inc.
7,080
1,503,863
ESCO Technologies, Inc.
8,599
1,665,626
Gorman-Rupp Co. (The)
7,372
303,432
Greenbrier Cos., Inc. (The)
9,873
449,221
Helios Technologies, Inc.
11,201
410,965
Hillenbrand, Inc.
23,993
496,895
Hillman Solutions Corp. *
66,087
521,426
Kadant, Inc.
4,014
1,335,739
Kennametal, Inc.
27,292
675,750
Lindsay Corp.
3,871
528,430
Mueller Water Products, Inc., Class A
55,824
1,382,202
Standex International Corp.
4,102
675,763
Symbotic, Inc. * (b)
15,159
817,828
Tennant Co.
6,704
553,348
Terex Corp.
22,510
1,144,859
Trinity Industries, Inc.
26,953
628,005
Worthington Enterprises, Inc.
10,726
664,690
 
16,373,554
Marine Transportation — 0.2%
Matson, Inc.
10,575
1,129,198
Media — 1.0%
Cable One, Inc.
1,547
197,985
DoubleVerify Holdings, Inc. *
48,332
740,446
EchoStar Corp., Class A *
47,714
1,554,999
Ibotta, Inc., Class A *
5,394
196,072
Integral Ad Science Holding Corp. *
24,650
202,130
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Media — continued
John Wiley & Sons, Inc., Class A
15,502
598,377
Magnite, Inc. *
47,354
1,089,616
Newsmax, Inc. *
14,931
198,433
TEGNA, Inc.
53,450
892,615
 
5,670,673
Metals & Mining — 1.1%
Alpha Metallurgical Resources, Inc. *
3,910
461,654
Century Aluminum Co. *
17,589
372,535
Coeur Mining, Inc. *
224,244
1,948,680
Constellium SE *
45,614
625,368
Ivanhoe Electric, Inc. *
33,892
324,008
Kaiser Aluminum Corp.
5,371
415,232
Materion Corp.
6,981
735,099
Warrior Met Coal, Inc.
17,416
894,834
Worthington Steel, Inc.
10,885
332,210
 
6,109,620
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Apollo Commercial Real Estate Finance, Inc.
43,910
422,414
Arbor Realty Trust, Inc. (b)
67,798
756,626
ARMOUR Residential REIT, Inc. (b)
29,017
473,267
Chimera Investment Corp.
28,175
376,700
Franklin BSP Realty Trust, Inc.
29,247
295,395
Ladder Capital Corp.
40,785
445,372
MFA Financial, Inc.
33,516
304,660
PennyMac Mortgage Investment Trust
30,873
363,993
Redwood Trust, Inc.
42,569
232,427
Two Harbors Investment Corp.
35,111
342,332
 
4,013,186
Office REITs — 1.1%
COPT Defense Properties
40,147
1,095,210
Douglas Emmett, Inc.
54,717
829,510
Easterly Government Properties, Inc.
14,962
329,164
Empire State Realty Trust, Inc., Class A
48,292
349,634
Highwoods Properties, Inc.
36,646
1,063,100
JBG SMITH Properties (b)
25,880
548,138
Paramount Group, Inc. *
65,583
401,368
SL Green Realty Corp.
25,359
1,451,803
 
6,067,927
Oil, Gas & Consumable Fuels — 2.7%
BKV Corp. (Thailand) *
6,028
124,418
Calumet, Inc. * (b)
23,465
374,032
Civitas Resources, Inc.
27,998
850,019
CNX Resources Corp. *
50,438
1,528,776
Core Natural Resources, Inc.
18,075
1,334,116
Crescent Energy Co., Class A
48,811
451,014
CVR Energy, Inc.
10,841
290,322
Delek US Holdings, Inc.
21,855
488,896
Dorian LPG Ltd.
13,067
376,199
Gulfport Energy Corp. *
5,365
934,207
International Seaways, Inc.
13,381
533,902
Kinetik Holdings, Inc.
8,135
352,896
New Fortress Energy, Inc. * (b)
50,643
138,002
NextDecade Corp. *
56,637
643,396
Northern Oil & Gas, Inc.
29,297
825,003
PBF Energy, Inc., Class A
29,776
672,938
Peabody Energy Corp.
39,199
633,064
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Sitio Royalties Corp.
26,759
486,211
SM Energy Co.
37,257
1,027,921
Talos Energy, Inc. *
39,956
341,624
Uranium Energy Corp. *
150,649
1,306,127
Venture Global, Inc., Class A
34,467
528,379
World Kinect Corp.
19,534
532,692
 
14,774,154
Paper & Forest Products — 0.1%
Sylvamo Corp.
12,081
556,572
Passenger Airlines — 0.9%
Allegiant Travel Co. *
4,713
243,379
JetBlue Airways Corp. *
101,733
451,694
Joby Aviation, Inc. * (b)
172,013
2,865,737
SkyWest, Inc. *
13,873
1,608,713
 
5,169,523
Personal Care Products — 0.1%
Edgewell Personal Care Co.
15,792
398,432
Pharmaceuticals — 0.9%
Amneal Pharmaceuticals, Inc. *
43,980
343,924
Amphastar Pharmaceuticals, Inc. *
11,968
250,730
ANI Pharmaceuticals, Inc. *
6,428
407,214
Avadel Pharmaceuticals plc, ADR * (b)
31,301
328,974
Edgewise Therapeutics, Inc. *
27,932
398,310
Harmony Biosciences Holdings, Inc. *
15,102
531,288
Harrow, Inc. *
9,549
303,276
Innoviva, Inc. *
19,625
356,586
Ligand Pharmaceuticals, Inc. *
6,433
846,454
Supernus Pharmaceuticals, Inc. *
17,600
617,760
Tarsus Pharmaceuticals, Inc. *
10,304
400,001
WaVe Life Sciences Ltd. *
39,738
321,878
 
5,106,395
Professional Services — 2.3%
Alight, Inc., Class A
148,147
794,068
CBIZ, Inc. *
18,374
1,123,019
Concentrix Corp. (b)
14,462
751,590
CSG Systems International, Inc.
9,185
573,695
First Advantage Corp. *
27,995
484,034
Huron Consulting Group, Inc. *
6,072
801,990
ICF International, Inc.
6,225
522,215
Insperity, Inc.
12,318
733,906
Korn Ferry
17,408
1,233,705
Legalzoom.com, Inc. *
40,632
365,282
ManpowerGroup, Inc.
15,805
651,956
NV5 Global, Inc. *
18,872
423,676
UL Solutions, Inc., Class A
21,359
1,561,770
Upwork, Inc. *
41,932
501,507
Verra Mobility Corp. *
56,589
1,429,438
WNS Holdings Ltd. (United Kingdom) *
14,482
1,083,109
 
13,034,960
Real Estate Management & Development — 0.9%
Compass, Inc., Class A *
156,898
1,245,770
Cushman & Wakefield plc *
77,965
950,393
eXp World Holdings, Inc. (b)
29,438
317,342
Forestar Group, Inc. *
5,872
145,626
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Real Estate Management & Development — continued
Kennedy-Wilson Holdings, Inc.
36,836
269,640
Marcus & Millichap, Inc.
8,287
258,223
Newmark Group, Inc., Class A
51,382
779,465
St. Joe Co. (The)
14,507
732,603
 
4,699,062
Residential REITs — 0.3%
Apartment Investment and Management Co., Class A
47,398
398,617
Centerspace
5,652
307,638
Elme Communities
31,301
472,019
NexPoint Residential Trust, Inc.
7,373
229,890
Veris Residential, Inc.
28,893
406,814
 
1,814,978
Retail REITs — 1.2%
Acadia Realty Trust
46,387
868,365
Alexander's, Inc.
760
190,904
Curbline Properties Corp.
36,924
816,020
Getty Realty Corp.
18,652
518,339
InvenTrust Properties Corp.
26,330
725,918
Macerich Co. (The)
90,129
1,506,056
Saul Centers, Inc.
4,444
143,186
Tanger, Inc.
39,855
1,196,447
Urban Edge Properties
44,546
878,447
 
6,843,682
Semiconductors & Semiconductor Equipment — 2.4%
Ambarella, Inc. *
14,471
956,388
Axcelis Technologies, Inc. *
11,087
750,479
Diodes, Inc. *
15,726
776,393
FormFactor, Inc. *
27,741
788,122
Impinj, Inc. *
9,489
1,466,810
Kulicke & Soffa Industries, Inc. (Singapore)
16,929
554,594
MaxLinear, Inc. *
28,809
455,758
Photronics, Inc. *
21,947
446,841
Power Integrations, Inc.
19,347
938,716
Rigetti Computing, Inc. * (b)
97,250
1,410,125
Semtech Corp. *
30,876
1,577,763
SiTime Corp. *
7,614
1,544,500
Synaptics, Inc. *
13,943
874,226
Ultra Clean Holdings, Inc. *
15,046
338,836
Veeco Instruments, Inc. *
18,806
390,789
 
13,270,340
Software — 8.2%
A10 Networks, Inc.
25,576
471,110
ACI Worldwide, Inc. *
37,576
1,599,235
Adeia, Inc.
38,439
497,785
Agilysys, Inc. *
9,009
1,027,747
Alarm.com Holdings, Inc. *
17,638
963,564
Alkami Technology, Inc. *
22,842
509,148
Amplitude, Inc., Class A *
29,063
355,440
Appfolio, Inc., Class A *
8,188
2,189,307
Appian Corp., Class A *
10,967
302,799
Asana, Inc., Class A *
31,533
462,904
AvePoint, Inc. *
38,613
736,736
Braze, Inc., Class A *
24,965
695,775
C3.ai, Inc., Class A * (b)
42,414
999,274
Cipher Mining, Inc. *
93,835
512,339
Cleanspark, Inc. * (b)
97,065
1,103,629
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Clear Secure, Inc., Class A
29,656
872,183
Clearwater Analytics Holdings, Inc., Class A *
90,184
1,827,128
Core Scientific, Inc. * (b)
98,669
1,335,978
D-Wave Quantum, Inc. (Canada) * (b)
100,198
1,722,404
Five9, Inc. *
24,587
635,082
Freshworks, Inc., Class A *
70,069
910,196
Intapp, Inc. *
19,536
782,417
InterDigital, Inc.
8,529
2,202,188
Jamf Holding Corp. *
18,807
149,328
JFrog Ltd. *
34,488
1,497,124
Klaviyo, Inc., Class A *
35,845
1,114,779
Life360, Inc. * (b)
26,227
2,008,726
LiveRamp Holdings, Inc. *
22,315
732,378
MARA Holdings, Inc. * (b)
121,267
1,949,973
Meridianlink, Inc. *
10,570
168,909
N-Able, Inc. *
26,182
211,551
nCino, Inc. *
36,387
1,016,107
NCR Voyix Corp. *
49,204
670,158
PagerDuty, Inc. *
30,770
496,012
Progress Software Corp.
14,675
705,574
PROS Holdings, Inc. *
15,874
249,063
Q2 Holdings, Inc. *
21,425
1,739,710
Rapid7, Inc. *
21,248
448,758
RingCentral, Inc., Class A *
25,745
656,240
Riot Platforms, Inc. *
115,955
1,554,957
SoundHound AI, Inc. * (b)
128,802
1,330,525
Sprinklr, Inc., Class A *
40,233
362,499
Sprout Social, Inc., Class A *
16,773
287,657
Teradata Corp. *
30,803
644,707
Terawulf, Inc. * (b)
103,288
532,966
Varonis Systems, Inc. *
39,452
2,202,605
Verint Systems, Inc. *
21,159
450,264
Vertex, Inc., Class A *
23,500
779,495
Zeta Global Holdings Corp., Class A *
67,143
1,050,788
 
45,725,221
Specialized REITs — 0.8%
Four Corners Property Trust, Inc.
35,664
900,160
Millrose Properties, Inc., Class A
43,107
1,292,779
National Storage Affiliates Trust
25,115
739,888
Outfront Media, Inc.
50,412
883,722
Safehold, Inc.
16,175
226,288
Uniti Group, Inc. *
81,425
433,181
 
4,476,018
Specialty Retail — 2.6%
Academy Sports & Outdoors, Inc.
23,399
1,188,435
Advance Auto Parts, Inc.
20,229
1,073,553
American Eagle Outfitters, Inc.
56,553
610,772
Boot Barn Holdings, Inc. *
10,203
1,753,896
Buckle, Inc. (The)
11,384
562,028
Foot Locker, Inc. *
27,973
700,444
National Vision Holdings, Inc. *
26,508
643,084
Revolve Group, Inc. *
14,388
298,551
Sally Beauty Holdings, Inc. *
33,312
324,459
Signet Jewelers Ltd.
13,251
1,048,154
Sonic Automotive, Inc., Class A
4,964
359,145
Upbound Group, Inc.
18,607
383,955
Urban Outfitters, Inc. *
20,942
1,576,514
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialty Retail — continued
Victoria's Secret & Co. *
24,660
463,608
Warby Parker, Inc., Class A *
31,531
755,168
Wayfair, Inc., Class A *
35,359
2,320,965
Winmark Corp.
1,063
401,198
 
14,463,929
Technology Hardware, Storage & Peripherals — 0.0% ^
CompoSecure, Inc., Class A * (b)
16,844
239,353
Textiles, Apparel & Luxury Goods — 1.0%
Capri Holdings Ltd. *
42,065
765,162
Carter's, Inc.
11,933
289,256
G-III Apparel Group Ltd. *
12,382
292,215
Hanesbrands, Inc. *
117,121
479,025
Kontoor Brands, Inc.
19,655
1,093,997
Levi Strauss & Co., Class A
31,111
612,576
Steven Madden Ltd.
23,455
563,037
Under Armour, Inc., Class A *
64,112
425,704
Under Armour, Inc., Class C *
47,727
300,680
Wolverine World Wide, Inc.
28,882
652,156
 
5,473,808
Tobacco — 0.1%
Universal Corp.
8,062
439,137
Trading Companies & Distributors — 0.9%
Boise Cascade Co.
13,522
1,133,279
DNOW, Inc. *
35,131
546,638
GMS, Inc. *
12,460
1,366,114
McGrath RentCorp
8,721
1,088,294
Willis Lease Finance Corp.
1,136
160,835
Xometry, Inc., Class A *
14,178
458,516
 
4,753,676
Water Utilities — 0.2%
H2O America
11,143
538,096
Middlesex Water Co.
6,347
327,505
 
865,601
Wireless Telecommunication Services — 0.4%
Gogo, Inc. *
22,981
364,478
Telephone and Data Systems, Inc.
32,522
1,269,659
United States Cellular Corp. *
4,272
311,557
 
1,945,694
Total Common Stocks
(Cost $518,817,755)
550,577,723
 
NO. OF
RIGHTS
Rights — 0.0% ^
Biotechnology — 0.0% ^
Mirati Therapeutics, Inc., CVR ‡ *
39,447
27,613
Sanofi Aatd, Inc., CVR ‡ *
10,020
1,453
Total Rights
(Cost $29,066)
29,066
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 6.3%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (c) (d)
(Cost $4,683,845)
4,683,845
4,683,845
Investment of Cash Collateral from Securities Loaned — 5.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (c) (d)
(Cost $30,178,434)
30,178,434
30,178,434
Total Short-Term Investments
(Cost $34,862,279)
34,862,279
Total Investments — 105.3%
(Cost $553,709,100)
585,469,068
Liabilities in Excess of Other Assets — (5.3)%
(29,490,197
)
NET ASSETS — 100.0%
555,978,871
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
CVR
Contingent Value Rights
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
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.
 
(b)
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 $29,450,121.
 
(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.
 
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
Russell 2000 E-Mini Index
47
09/19/2025
USD
5,218,410
183,789
 
Abbreviations
 
USD
United States Dollar
JPMorgan BetaBuilders U.S. Small Cap Equity 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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
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
$550,577,723
$—
$—
(a)
$550,577,723
Rights
—
—
29,066
29,066
Short-Term Investments
Investment Companies
4,683,845
—
—
4,683,845
Investment of Cash Collateral from Securities Loaned
30,178,434
—
—
30,178,434
Total Short-Term Investments
34,862,279
—
—
34,862,279
Total Investments in Securities
$585,440,002
$—
$29,066
$585,469,068
Appreciation in Other Financial Instruments
Futures Contracts
$183,789
$—
$—
$183,789
 
 
(a)
Value is zero.
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. 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 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)
$19,349,471
$158,159,083
$147,330,120
$—
$—
$30,178,434
30,178,434
$794,934
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 4.26%  (a) (b)
4,153,660
24,818,016
24,287,831
—
—
4,683,845
4,683,845
167,736
—
Total
$23,503,131
$182,977,099
$171,617,951
$—
$—
$34,862,279
$962,670
$—
 
 
(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.