JPMorgan BetaBuilders MSCI US REIT ETF
Schedule of Portfolio Investments as of May 31, 2026
(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., 2026.
JPMorgan BetaBuilders MSCI US REIT ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.0%
Apartments — 13.7%
American Homes 4 Rent, Class A, REIT
348,638
11,184,307
Apartment Investment and Management Co., Class A, REIT (a)
256,917
1,079,051
AvalonBay Communities, Inc., REIT
139,186
25,402,837
Camden Property Trust, REIT
106,427
11,340,861
Centerspace, REIT
26,201
1,768,043
Equity LifeStyle Properties, Inc., REIT
193,419
11,947,492
Equity Residential, REIT
340,885
22,310,923
Essex Property Trust, Inc., REIT
66,431
18,111,748
Independence Realty Trust, Inc., REIT
270,148
4,384,502
Invitation Homes, Inc., REIT
562,814
16,462,310
Mid-America Apartment Communities, Inc., REIT
121,790
15,719,435
NexPoint Residential Trust, Inc., REIT
43,368
1,260,274
Sun Communities, Inc., REIT
128,867
15,935,693
UDR, Inc., REIT
318,804
11,763,868
 
168,671,344
Diversified — 15.6%
American Assets Trust, Inc., REIT
84,954
1,979,428
Broadstone Net Lease, Inc., REIT
217,584
4,401,724
Digital Realty Trust, Inc., REIT
287,165
54,561,350
EPR Properties, REIT
90,886
5,185,046
Equinix, Inc., REIT
52,136
55,683,334
Gaming and Leisure Properties, Inc., REIT
281,029
13,199,932
Gladstone Commercial Corp., REIT
90,343
1,139,225
Global Net Lease, Inc., REIT
285,117
2,671,546
InvenTrust Properties Corp., REIT
101,198
3,352,690
Millrose Properties, Inc., Class A, REIT
24,764
698,840
Safehold, Inc., REIT
87,575
1,310,998
UMH Properties, Inc., REIT
95,232
1,430,385
VICI Properties, Inc., Class A, REIT
1,043,529
29,448,388
WP Carey, Inc., REIT
226,230
16,836,037
 
191,898,923
Health Care — 19.4%
Alexandria Real Estate Equities, Inc., REIT
170,440
8,467,459
American Healthcare REIT, Inc., REIT
102,047
4,989,078
CareTrust REIT, Inc., REIT
154,790
6,318,528
Diversified Healthcare Trust, REIT
304,352
2,532,209
Healthcare Realty Trust, Inc., Class A, REIT
392,035
7,809,337
Healthpeak Properties, Inc., REIT
736,565
14,105,220
LTC Properties, Inc., REIT
60,256
2,254,177
Medical Properties Trust, Inc., REIT (a)
754,861
3,857,340
National Health Investors, Inc., REIT
53,956
3,954,435
Omega Healthcare Investors, Inc., REIT
259,498
12,134,126
Sabra Health Care REIT, Inc., REIT
276,747
5,504,498
Sila Realty Trust, Inc., REIT
30,526
923,106
Ventas, Inc., REIT
424,633
35,847,518
Welltower, Inc., REIT
630,169
129,392,601
 
238,089,632
JPMorgan BetaBuilders MSCI US REIT ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels — 3.8%
Apple Hospitality REIT, Inc., REIT
274,843
4,037,444
DiamondRock Hospitality Co., REIT
293,383
3,224,279
Host Hotels & Resorts, Inc., REIT
719,826
16,541,601
Park Hotels & Resorts, Inc., REIT
287,995
3,493,379
Pebblebrook Hotel Trust, REIT
190,558
2,906,010
RLJ Lodging Trust, REIT
246,156
2,395,098
Ryman Hospitality Properties, Inc., REIT
61,033
7,026,729
Service Properties Trust, REIT
258,106
462,010
Sunstone Hotel Investors, Inc., REIT
284,637
3,079,772
Xenia Hotels & Resorts, Inc., REIT
164,662
2,860,179
 
46,026,501
Industrial — 13.9%
Americold Realty Trust, Inc., REIT
319,557
5,013,849
EastGroup Properties, Inc., REIT
48,911
9,875,620
First Industrial Realty Trust, Inc., REIT
149,029
9,220,424
Innovative Industrial Properties, Inc., REIT
39,599
2,296,346
Lineage, Inc., REIT
17,646
783,659
LXP Industrial Trust, REIT
71,704
3,702,795
Prologis, Inc., REIT
833,086
119,522,849
Rexford Industrial Realty, Inc., REIT
206,653
7,329,982
STAG Industrial, Inc., REIT
203,971
7,724,382
Terreno Realty Corp., REIT
89,386
5,871,766
 
171,341,672
Office — 3.9%
Brandywine Realty Trust, REIT
345,456
1,070,914
BXP, Inc., REIT
164,129
9,849,381
COPT Defense Properties, REIT
139,166
4,461,662
Cousins Properties, Inc., REIT
182,159
4,883,683
Douglas Emmett, Inc., REIT
230,992
2,688,747
Easterly Government Properties, Inc., Class A, REIT
62,145
1,490,237
Empire State Realty Trust, Inc., Class A, REIT
228,447
1,309,001
Highwoods Properties, Inc., REIT
133,612
3,487,273
JBG SMITH Properties, REIT (a)
143,809
2,109,678
Kilroy Realty Corp., REIT
127,847
4,381,317
Piedmont Realty Trust, Inc., Class A, REIT *
211,539
1,757,889
SL Green Realty Corp., REIT (a)
80,064
3,634,906
Vornado Realty Trust, REIT
188,815
6,372,506
 
47,497,194
Regional Malls — 5.6%
CBL & Associates Properties, Inc., REIT
34,900
1,678,341
Macerich Co. (The), REIT
293,965
6,620,092
Simon Property Group, Inc., REIT
272,094
55,754,781
Tanger, Inc., REIT
128,558
4,637,087
 
68,690,301
Shopping Centers — 6.4%
Acadia Realty Trust, REIT
130,739
2,878,873
JPMorgan BetaBuilders MSCI US REIT ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Shopping Centers — continued
Alexander's, Inc., REIT
5,411
1,331,701
Brixmor Property Group, Inc., REIT
328,237
10,030,923
Curbline Properties Corp., REIT
125,995
3,670,234
Federal Realty Investment Trust, REIT
82,127
9,824,853
Kimco Realty Corp., REIT
701,894
16,901,607
Kite Realty Group Trust, REIT
253,131
6,940,852
NETSTREIT Corp., REIT (a)
95,061
1,925,936
Phillips Edison & Co., Inc., REIT
139,666
5,607,590
Regency Centers Corp., REIT
175,646
13,586,218
Saul Centers, Inc., REIT
33,913
1,175,425
Urban Edge Properties, REIT
154,697
3,471,401
Whitestone, REIT
98,107
1,871,881
 
79,217,494
Single Tenant — 6.2%
Agree Realty Corp., REIT
100,806
7,474,765
Essential Properties Realty Trust, Inc., REIT
168,850
5,163,433
Four Corners Property Trust, Inc., REIT
112,327
2,796,942
Getty Realty Corp., REIT
62,874
2,045,291
NNN REIT, Inc., REIT
201,151
8,953,231
Realty Income Corp., REIT
802,327
49,166,599
 
75,600,261
Storage — 10.5%
CubeSmart, REIT
248,647
9,945,880
Extra Space Storage, Inc., REIT
209,532
30,237,563
Iron Mountain, Inc., REIT
291,925
37,439,381
National Storage Affiliates Trust, REIT
106,388
4,537,448
Public Storage, REIT
153,485
46,611,860
Smartstop Self Storage REIT, Inc., REIT (a)
20,105
628,281
 
129,400,413
Total Common Stocks
(Cost $1,197,853,571)
1,216,433,735
Short-Term Investments — 1.8%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.58% (b) (c)
(Cost $11,521,950)
11,521,950
11,521,950
JPMorgan BetaBuilders MSCI US REIT ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.63% (b) (c)
(Cost $10,989,622)
10,989,622
10,989,622
Total Short-Term Investments
(Cost $22,511,572)
22,511,572
Total Investments — 100.8%
(Cost $1,220,365,143)
1,238,945,307
Liabilities in Excess of Other Assets — (0.8)%
(9,474,051
)
NET ASSETS — 100.0%
1,229,471,256
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at May 31, 2026. The total value of securities on loan at May 31, 2026 is $10,563,527.
(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 May 31, 2026.
Futures contracts outstanding as of May 31, 2026:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
DJ US Real Estate Index
328
06/18/2026
USD
12,585,360
313,999
 
Abbreviations
 
USD
United States Dollar
JPMorgan BetaBuilders MSCI US REIT ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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.
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 (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$1,238,945,307
$—
$—
$1,238,945,307
Appreciation in Other Financial Instruments
Futures Contracts (a)
$313,999
$—
$—
$313,999
 
 
(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 BetaBuilders MSCI US REIT ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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 May 31, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 3.63%  (a) (b)
$13,568,106
$15,814,786
$18,393,270
$—
$—
$10,989,622
10,989,622
$91,447
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
3.58%  (a) (b)
6,609,959
18,795,229
13,883,238
—
—
11,521,950
11,521,950
59,082
—
Total
$20,178,065
$34,610,015
$32,276,508
$—
$—
$22,511,572
$150,529
$—
 
 
(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, 2026.