JPMorgan BetaBuilders Canada 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 Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Aerospace & Defense — 0.4%
CAE, Inc. *
1,108,681
31,613,731
Automobile Components — 0.5%
Magna International, Inc.
918,592
37,669,167
Banks — 24.0%
Bank of Montreal (a)
2,540,275
280,390,920
Bank of Nova Scotia (The)
4,338,672
241,388,730
Canadian Imperial Bank of Commerce
3,284,867
234,772,214
National Bank of Canada
1,362,600
141,737,542
Royal Bank of Canada
4,926,589
632,143,662
Toronto-Dominion Bank (The)
6,000,082
437,015,210
 
1,967,448,278
Broadline Retail — 1.9%
Canadian Tire Corp. Ltd., Class A (a)
179,094
23,986,911
Dollarama, Inc.
969,091
132,452,695
 
156,439,606
Capital Markets — 5.2%
Brookfield Asset Management Ltd., Class A
1,425,832
87,920,818
Brookfield Corp.
4,300,371
288,046,646
IGM Financial, Inc.
281,199
9,311,064
TMX Group Ltd.
956,310
38,884,603
 
424,163,131
Chemicals — 1.2%
Nutrien Ltd.
1,701,838
100,972,937
Commercial Services & Supplies — 3.4%
GFL Environmental, Inc. (a)
942,020
47,440,932
RB Global, Inc.
621,634
67,309,288
Waste Connections, Inc.
896,583
167,423,416
 
282,173,636
Construction & Engineering — 1.6%
Stantec, Inc.
382,249
41,783,656
WSP Global, Inc.
452,689
93,210,285
 
134,993,941
Consumer Staples Distribution & Retail — 3.7%
Alimentation Couche-Tard, Inc.
2,476,674
128,695,531
George Weston Ltd.
185,047
35,162,402
Loblaw Cos. Ltd.
498,688
80,644,501
Metro, Inc.
764,567
58,462,669
 
302,965,103
Containers & Packaging — 0.3%
CCL Industries, Inc., Class B
508,861
28,443,479
Diversified Telecommunication Services — 0.8%
BCE, Inc.
1,069,291
24,941,891
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Diversified Telecommunication Services — continued
Quebecor, Inc., Class B
536,381
15,089,587
TELUS Corp.
1,756,376
28,292,662
 
68,324,140
Electric Utilities — 2.1%
Emera, Inc. (a)
1,037,142
48,698,368
Fortis, Inc.
1,747,260
85,496,700
Hydro One Ltd. (b)
1,101,842
38,965,256
 
173,160,324
Food Products — 0.2%
Saputo, Inc.
886,376
18,589,843
Gas Utilities — 0.4%
AltaGas Ltd.
1,029,708
30,402,248
Ground Transportation — 5.3%
Canadian National Railway Co.
1,885,810
176,086,965
Canadian Pacific Kansas City Ltd.
3,245,811
238,703,912
TFI International, Inc.
265,083
23,053,191
 
437,844,068
Hotels, Restaurants & Leisure — 0.9%
Restaurant Brands International, Inc.
1,053,435
71,480,917
Insurance — 8.6%
Fairfax Financial Holdings Ltd.
69,562
123,036,784
Great-West Lifeco, Inc.
953,757
35,814,071
iA Financial Corp., Inc.
324,706
31,783,974
Intact Financial Corp.
620,551
128,266,315
Manulife Financial Corp.
6,015,867
186,128,911
Power Corp. of Canada
1,880,637
75,790,105
Sun Life Financial, Inc.
1,995,490
121,664,979
 
702,485,139
IT Services — 7.1%
CGI, Inc.
697,448
67,238,094
Shopify, Inc., Class A *
4,216,196
515,370,321
 
582,608,415
Metals & Mining — 9.7%
Agnico Eagle Mines Ltd.
1,747,713
216,963,130
Barrick Mining Corp.
5,972,994
126,089,834
First Quantum Minerals Ltd. *
2,366,382
39,775,575
Franco-Nevada Corp.
635,778
101,276,646
Ivanhoe Mines Ltd., Class A *
2,500,811
19,510,513
Kinross Gold Corp.
4,263,747
68,221,183
Lundin Mining Corp.
2,400,098
24,510,239
Teck Resources Ltd., Class B
1,612,601
52,290,822
Wheaton Precious Metals Corp.
1,577,971
144,313,283
 
792,951,225
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 16.2%
ARC Resources Ltd.
2,043,491
39,893,499
Cameco Corp.
1,452,377
109,043,576
Canadian Natural Resources Ltd.
7,191,593
227,643,814
Cenovus Energy, Inc.
4,428,546
67,406,203
Enbridge, Inc.
7,586,705
343,580,932
Imperial Oil Ltd.
539,058
44,946,139
Keyera Corp.
797,428
25,034,727
Pembina Pipeline Corp.
2,016,534
74,950,564
Suncor Energy, Inc.
4,309,454
169,970,887
TC Energy Corp.
3,608,680
172,308,219
Tourmaline Oil Corp.
1,225,826
52,170,150
 
1,326,948,710
Professional Services — 1.2%
Thomson Reuters Corp.
477,515
95,833,737
Real Estate Management & Development — 0.3%
FirstService Corp.
146,102
28,798,628
Software — 3.4%
Constellation Software, Inc.
72,354
249,619,211
Open Text Corp.
917,772
27,011,217
 
276,630,428
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear, Inc.
524,607
26,499,166
Wireless Telecommunication Services — 0.5%
Rogers Communications, Inc., Class B (a)
1,326,435
44,303,848
Total Common Stocks
(Cost $5,794,040,435)
8,143,743,845
 
NO. OF
WARRANTS
VALUE ($)
Warrants — 0.0% ^
Software — 0.0% ^
Constellation Software, Inc., Zero Coupon, 3/31/2040 ‡ *
(Cost $-)
65,101
—
 
SHARES
VALUE($)
Short-Term Investments — 3.7%
Investment of Cash Collateral from Securities Loaned — 3.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (c) (d)(Cost $298,514,322)
298,514,322
298,514,322
Total Investments — 102.9%
(Cost $6,092,554,757)
8,442,258,167
Liabilities in Excess of Other Assets — (2.9)%
(235,291,147
)
NET ASSETS — 100.0%
8,206,967,020
 
Percentages indicated are based on net assets.
 
^
Amount rounds to less than 0.1% of net assets.
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2025 (Unaudited) (continued)
‡
Value determined using significant unobservable inputs.
 
*
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 $280,836,062.
 
(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.
 
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
S&P / TSX 60 Index
255
09/18/2025
CAD
59,749,062
1,303,645
 
Abbreviations
 
CAD
Canadian Dollar
TSX
Toronto Stock Exchange
JPMorgan BetaBuilders Canada 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. Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. 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.
JPMorgan BetaBuilders Canada 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 (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$8,143,743,845
$—
$—
$8,143,743,845
Warrants
—
—
—(a
)
—(a
)
Short-Term Investments
Investment of Cash Collateral from Securities
Loaned
298,514,322
—
—
298,514,322
Total Investments in Securities
$8,442,258,167
$—
$—
(a)
$8,442,258,167
Appreciation in Other Financial Instruments
Futures Contracts
$1,303,645
$—
$—
$1,303,645
 
 
(a)
Value is zero.
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)
$227,654,452
$8,010,964,887
$7,940,105,017
$—
$—
$298,514,322
298,514,322
$9,650,193
$—
 
 
(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.