NPORT-EX 2 JPMBBIEETF.htm NPORT PART F EDGAR HTML
JPMorgan BetaBuilders International Equity ETF
Schedule of Portfolio Investments as of January 31, 2024
(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., 2024.
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Australia — 7.4%
Ampol Ltd.
60,391
1,428,398
ANZ Group Holdings Ltd.
760,052
13,410,650
APA Group
325,117
1,798,252
Aristocrat Leisure Ltd.
164,189
4,733,672
ASX Ltd.
49,054
2,097,175
Atlas Arteria Ltd.
287,513
1,013,599
Aurizon Holdings Ltd.
466,460
1,149,839
BHP Group Ltd.
1,283,387
39,263,987
BlueScope Steel Ltd.
113,378
1,731,091
Brambles Ltd.
352,622
3,362,168
Cochlear Ltd.
15,771
3,129,739
Coles Group Ltd.
339,165
3,519,643
Commonwealth Bank of Australia
424,347
32,358,341
Computershare Ltd.
144,731
2,397,215
Dexus, REIT
272,561
1,379,340
Endeavour Group Ltd.
344,027
1,259,048
Fortescue Ltd.
401,827
7,766,011
Glencore plc
2,338,627
12,373,577
Goodman Group, REIT
438,923
7,285,760
GPT Group (The), REIT
484,946
1,465,689
IDP Education Ltd.
70,465
902,358
IGO Ltd.
171,563
834,004
Incitec Pivot Ltd.
492,184
859,541
Insurance Australia Group Ltd.
614,420
2,411,860
Lottery Corp. Ltd. (The)
564,041
1,851,399
Macquarie Group Ltd.
97,938
12,084,517
Medibank Pvt Ltd.
697,903
1,747,299
Mineral Resources Ltd.
43,431
1,675,082
Mirvac Group, REIT
999,935
1,405,309
National Australia Bank Ltd.
790,858
16,679,516
Northern Star Resources Ltd.
291,228
2,498,098
Orica Ltd.
115,430
1,217,429
Origin Energy Ltd.
436,569
2,436,581
Pilbara Minerals Ltd. (a)
719,169
1,638,028
Qantas Airways Ltd. *
214,131
772,020
QBE Insurance Group Ltd.
378,580
3,898,080
Ramsay Health Care Ltd.
46,284
1,543,042
REA Group Ltd.
12,924
1,541,403
Reece Ltd.
87,745
1,292,514
Rio Tinto Ltd.
94,069
8,094,393
Rio Tinto plc
270,782
18,743,378
Santos Ltd.
780,228
3,943,228
Scentre Group, REIT
1,315,312
2,614,903
SEEK Ltd.
82,234
1,355,652
Seven Group Holdings Ltd.
39,528
925,157
Sonic Healthcare Ltd.
116,562
2,430,341
South32 Ltd.
1,147,771
2,485,175
Stockland, REIT
604,337
1,784,674
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Australia — continued
Suncorp Group Ltd.
321,900
2,962,943
Telstra Group Ltd.
1,024,817
2,702,784
TPG Telecom Ltd.
107,902
371,382
Transurban Group
782,605
6,875,369
Treasury Wine Estates Ltd.
197,366
1,383,955
Vicinity Ltd., REIT
918,272
1,218,920
Washington H Soul Pattinson & Co. Ltd.
61,838
1,382,274
Wesfarmers Ltd.
287,570
10,886,522
Westpac Banking Corp.
887,912
13,929,229
WiseTech Global Ltd.
43,750
2,059,799
Woodside Energy Group Ltd.
481,171
10,064,282
Woolworths Group Ltd.
294,088
6,906,648
Worley Ltd.
93,172
894,779
 
304,227,061
Austria — 0.3%
ANDRITZ AG
17,171
1,057,089
BAWAG Group AG (b)
20,856
1,073,804
Erste Group Bank AG
89,749
3,866,243
EVN AG
9,222
254,878
Mondi plc
111,860
2,004,489
OMV AG
36,141
1,608,687
Raiffeisen Bank International AG
39,452
822,545
Strabag SE
3,040
142,419
Telekom Austria AG
33,987
296,042
Verbund AG
16,735
1,360,862
Vienna Insurance Group AG Wiener Versicherung Gruppe
8,723
246,544
voestalpine AG
26,676
793,657
 
13,527,259
Belgium — 0.8%
Ackermans & van Haaren NV
5,545
927,153
Ageas SA
38,728
1,664,220
Anheuser-Busch InBev SA
230,690
14,269,930
Azelis Group NV
23,952
493,192
D'ieteren Group
5,136
1,037,536
Elia Group SA/NV
7,136
859,212
Etablissements Franz Colruyt NV
10,491
479,313
Groupe Bruxelles Lambert NV
21,566
1,634,912
KBC Group NV
68,866
4,492,240
Sofina SA
3,577
855,486
Solvay SA
18,064
494,023
UCB SA
30,484
2,867,498
Umicore SA
47,458
1,079,502
Warehouses De Pauw CVA, REIT
41,348
1,209,725
 
32,363,942
Brazil — 0.0% ^
Yara International ASA
41,181
1,361,142
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Chile — 0.1%
Antofagasta plc
87,693
1,911,291
China — 0.4%
Budweiser Brewing Co. APAC Ltd. (b)
425,900
671,279
ESR Group Ltd. (b)
631,400
807,102
Prosus NV
370,233
11,015,050
Wharf Holdings Ltd. (The)
245,000
715,814
Wilmar International Ltd.
457,400
1,120,030
Wuxi Biologics Cayman, Inc. * (b)
930,000
2,447,328
 
16,776,603
Denmark — 3.6%
AP Moller - Maersk A/S, Class A
677
1,227,585
AP Moller - Maersk A/S, Class B (a)
1,028
1,895,426
Carlsberg A/S, Class B
23,456
3,018,024
Coloplast A/S, Class B
33,934
3,911,631
Danske Bank A/S
171,287
4,599,310
Demant A/S *
23,263
1,053,788
DSV A/S
43,444
7,772,558
Genmab A/S *
16,552
4,576,994
Novo Nordisk A/S, Class B
857,948
98,067,286
Novozymes A/S, Class B
96,454
4,942,343
Orsted A/S (b)
47,728
2,690,177
Pandora A/S
20,877
3,050,484
Tryg A/S
80,052
1,711,041
Vestas Wind Systems A/S *
254,239
7,168,273
 
145,684,920
Finland — 1.1%
Elisa OYJ
36,376
1,657,345
Fortum OYJ
110,736
1,513,777
Huhtamaki OYJ
23,718
930,883
Kesko OYJ, Class A
22,909
449,106
Kesko OYJ, Class B
68,423
1,336,274
Kone OYJ, Class B
89,860
4,448,189
Metso OYJ
177,989
1,778,936
Neste OYJ
108,431
3,738,109
Nokia OYJ
1,318,413
4,766,359
Nordea Bank Abp
845,399
10,418,602
Orion OYJ, Class A
6,871
311,856
Orion OYJ, Class B
27,065
1,246,011
Sampo OYJ, Class A
118,467
4,958,490
Stora Enso OYJ, Class R
149,604
1,903,677
UPM-Kymmene OYJ
135,148
4,915,633
Wartsila OYJ Abp
122,698
1,809,986
 
46,183,233
France — 9.7%
Adevinta ASA *
68,724
738,388
Aeroports de Paris SA
8,096
1,083,324
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
Air Liquide SA
132,379
24,772,532
Airbus SE
148,401
23,638,186
Amundi SA (b)
15,770
1,066,645
AXA SA
446,737
14,994,875
BioMerieux
10,865
1,169,381
BNP Paribas SA
266,360
17,895,175
Bollore SE
197,043
1,301,475
Bouygues SA
52,229
1,913,284
Bureau Veritas SA
74,255
1,975,101
Capgemini SE
39,981
8,888,630
Carrefour SA
141,462
2,415,081
Cie de Saint-Gobain SA
116,250
8,219,637
Cie Generale des Etablissements Michelin SCA
173,569
5,762,956
Credit Agricole SA
309,898
4,439,242
Danone SA
162,658
10,836,868
Dassault Aviation SA
4,982
943,633
Dassault Systemes SE
177,936
9,223,898
Edenred SE
63,080
3,767,674
Eiffage SA
19,161
2,004,819
Engie SA
467,582
7,468,442
EssilorLuxottica SA
77,871
15,260,619
Getlink SE
80,248
1,382,760
Hermes International SCA
8,600
18,143,077
Ipsen SA
8,928
1,029,390
Kering SA
17,827
7,322,863
Legrand SA
66,147
6,410,681
L'Oreal SA
61,449
29,406,687
LVMH Moet Hennessy Louis Vuitton SE
65,188
54,240,260
Orange SA
445,511
5,297,986
Pernod Ricard SA
50,590
8,296,027
Publicis Groupe SA
57,577
5,768,844
Safran SA
86,760
16,198,857
Sartorius Stedim Biotech
6,163
1,660,542
Societe Generale SA
184,456
4,741,449
Sodexo SA
21,145
2,385,347
Thales SA
23,545
3,443,553
TotalEnergies SE
568,951
36,911,022
Veolia Environnement SA
155,410
5,063,854
Vinci SA
119,496
15,095,015
Vivendi SE
168,520
1,899,146
 
394,477,225
Germany — 7.8%
adidas AG
40,226
7,594,185
Allianz SE (Registered)
99,268
26,522,031
BASF SE
226,175
10,812,068
Bayer AG (Registered)
232,277
7,227,674
Bayerische Motoren Werke AG
76,121
7,920,624
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Germany — continued
Bayerische Motoren Werke AG (Preference)
15,420
1,506,695
Beiersdorf AG
24,775
3,625,565
Brenntag SE
32,287
2,854,495
Carl Zeiss Meditec AG
9,272
977,378
Commerzbank AG
255,203
2,930,647
Continental AG
27,369
2,235,793
Covestro AG * (b)
44,578
2,353,963
Daimler Truck Holding AG
124,229
4,439,592
Deutsche Bank AG (Registered)
469,972
6,070,972
Deutsche Boerse AG
46,559
9,271,743
Deutsche Lufthansa AG (Registered) *
151,618
1,260,760
Deutsche Post AG
237,920
11,394,974
Deutsche Telekom AG (Registered)
875,804
21,499,085
Deutsche Wohnen SE
12,672
307,788
Dr Ing hc F Porsche AG (Preference) (b)
27,937
2,371,906
E.ON SE
560,954
7,589,302
Evonik Industries AG
50,707
932,813
Fresenius SE & Co. KGaA
104,191
2,924,937
Hannover Rueck SE
15,217
3,647,771
Heidelberg Materials AG
33,122
3,058,634
Henkel AG & Co. KGaA
24,416
1,669,827
Henkel AG & Co. KGaA (Preference)
41,864
3,209,232
Infineon Technologies AG
330,389
12,044,964
Mercedes-Benz Group AG
202,789
13,690,850
Merck KGaA
32,752
5,373,804
MTU Aero Engines AG
13,188
3,032,321
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
34,500
14,687,308
Porsche Automobil Holding SE (Preference)
38,805
1,937,300
Puma SE
24,442
983,639
RWE AG
171,337
6,326,729
SAP SE
270,631
46,885,885
Sartorius AG (Preference)
6,236
2,274,909
Siemens AG (Registered)
179,460
32,127,626
Siemens Energy AG *
130,084
1,932,654
Siemens Healthineers AG (b)
68,365
3,804,596
Symrise AG
32,548
3,358,097
Talanx AG
15,245
1,069,604
Volkswagen AG (Preference)
52,254
6,720,652
Vonovia SE
206,438
6,431,031
 
318,892,423
Hong Kong — 1.8%
AIA Group Ltd.
2,889,000
22,656,751
CK Asset Holdings Ltd.
513,000
2,314,832
CK Infrastructure Holdings Ltd.
155,500
923,490
CLP Holdings Ltd.
456,500
3,630,745
Hang Lung Properties Ltd.
432,000
501,535
Hang Seng Bank Ltd.
183,500
1,910,266
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hong Kong — continued
Henderson Land Development Co. Ltd.
338,000
880,700
HKT Trust & HKT Ltd.
894,000
1,073,927
Hong Kong & China Gas Co. Ltd.
2,768,100
1,969,856
Hong Kong Exchanges & Clearing Ltd.
302,100
9,159,311
Jardine Matheson Holdings Ltd.
59,400
2,385,157
Link, REIT
649,200
3,256,183
MTR Corp. Ltd.
399,500
1,299,697
Power Assets Holdings Ltd.
346,000
2,025,895
Prudential plc
676,072
6,944,995
Sino Land Co. Ltd.
852,000
889,969
Sun Hung Kai Properties Ltd.
478,000
4,461,362
Swire Pacific Ltd., Class A
106,000
820,126
Swire Pacific Ltd., Class B
202,500
238,633
Swire Properties Ltd.
267,200
499,337
Techtronic Industries Co. Ltd.
354,500
3,765,182
WH Group Ltd. (b)
1,976,924
1,166,376
Wharf Real Estate Investment Co. Ltd.
392,000
1,148,495
 
73,922,820
Ireland — 0.2%
Kerry Group plc, Class A
38,894
3,466,779
Kingspan Group plc
39,299
3,191,732
Smurfit Kappa Group plc
63,274
2,357,892
 
9,016,403
Israel — 0.5%
Azrieli Group Ltd.
9,253
623,492
Bank Hapoalim BM
322,274
2,741,881
Bank Leumi Le-Israel BM
385,912
2,931,066
Bezeq The Israeli Telecommunication Corp. Ltd.
511,138
676,115
Elbit Systems Ltd.
6,292
1,297,935
ICL Group Ltd.
182,983
832,260
Israel Discount Bank Ltd., Class A
313,477
1,520,643
Mizrahi Tefahot Bank Ltd.
38,228
1,422,744
Nice Ltd. *
16,052
3,330,501
Teva Pharmaceutical Industries Ltd. *
283,783
3,410,785
 
18,787,422
Italy — 2.4%
A2A SpA
393,785
780,744
Amplifon SpA
32,974
1,076,223
Assicurazioni Generali SpA
254,835
5,684,583
Banca Mediolanum SpA
52,585
538,141
Banco BPM SpA
347,041
1,872,389
Buzzi SpA
21,061
715,863
Coca-Cola HBC AG
51,761
1,521,605
Davide Campari-Milano NV
135,145
1,369,186
DiaSorin SpA
5,481
504,027
Enel SpA
1,966,815
13,420,320
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Italy — continued
Eni SpA
540,827
8,621,507
Ferrari NV
30,804
10,742,497
FinecoBank Banca Fineco SpA
154,720
2,230,810
Hera SpA
228,498
804,914
Infrastrutture Wireless Italiane SpA (b)
87,857
1,062,369
Intesa Sanpaolo SpA
4,077,215
12,563,106
Leonardo SpA
101,471
1,771,081
Mediobanca Banca di Credito Finanziario SpA
163,209
2,161,540
Moncler SpA
51,889
3,192,042
Nexi SpA * (b)
144,249
1,106,456
Pirelli & C SpA (b)
77,542
420,233
Poste Italiane SpA (b)
116,212
1,260,162
Prysmian SpA
69,105
3,041,301
Recordati Industria Chimica e Farmaceutica SpA
24,824
1,370,143
Snam SpA
543,761
2,655,700
Telecom Italia SpA *
2,554,033
769,804
Telecom Italia SpA *
1,527,520
480,868
Terna - Rete Elettrica Nazionale
356,313
3,004,449
UniCredit SpA
434,991
12,741,779
UnipolSai Assicurazioni SpA
103,421
273,673
 
97,757,515
Japan — 24.8%
ABC-Mart, Inc.
25,700
445,394
Acom Co. Ltd.
113,800
291,468
Advantest Corp.
179,800
7,155,654
Aeon Co. Ltd.
215,600
5,152,232
AGC, Inc.
53,300
2,004,520
Aisin Corp.
42,700
1,594,209
Ajinomoto Co., Inc.
124,900
5,129,011
ANA Holdings, Inc. * (a)
39,400
870,668
Asahi Group Holdings Ltd.
128,700
4,783,517
Asahi Intecc Co. Ltd.
60,100
1,141,954
Asahi Kasei Corp.
351,400
2,664,857
Asics Corp.
46,200
1,403,839
Astellas Pharma, Inc.
455,600
5,304,315
Bandai Namco Holdings, Inc.
167,500
3,626,802
Bridgestone Corp.
148,500
6,434,905
Brother Industries Ltd.
64,900
1,087,242
Canon, Inc.
250,700
6,906,069
Capcom Co. Ltd.
36,900
1,407,321
Central Japan Railway Co.
226,000
5,648,338
Chiba Bank Ltd. (The)
183,600
1,360,525
Chubu Electric Power Co., Inc.
191,400
2,482,973
Chugai Pharmaceutical Co. Ltd.
161,700
5,816,385
Concordia Financial Group Ltd.
297,400
1,417,244
Cosmos Pharmaceutical Corp.
5,700
612,261
Dai Nippon Printing Co. Ltd.
58,800
1,701,669
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Daifuku Co. Ltd.
90,500
1,784,660
Dai-ichi Life Holdings, Inc.
249,300
5,467,837
Daiichi Sankyo Co. Ltd.
485,500
14,535,402
Daikin Industries Ltd.
74,100
11,873,216
Daito Trust Construction Co. Ltd.
16,400
1,865,509
Daiwa House Industry Co. Ltd.
166,800
5,157,781
Daiwa House REIT Investment Corp., REIT
567
1,001,833
Daiwa Securities Group, Inc.
360,900
2,586,522
Denso Corp.
447,600
7,030,924
Dentsu Group, Inc.
58,400
1,550,011
Disco Corp.
23,400
6,314,238
East Japan Railway Co.
92,400
5,284,602
Eisai Co. Ltd.
68,800
3,239,700
ENEOS Holdings, Inc.
763,800
3,084,648
FANUC Corp.
229,200
6,340,217
Fast Retailing Co. Ltd.
42,200
11,266,429
Fuji Electric Co. Ltd.
36,200
1,812,897
FUJIFILM Holdings Corp.
101,800
6,452,586
Fujitsu Ltd.
43,800
6,062,548
Fukuoka Financial Group, Inc.
47,700
1,172,337
GLP J-REIT, REIT
1,202
1,073,186
Hamamatsu Photonics KK
37,100
1,465,632
Hankyu Hanshin Holdings, Inc.
61,500
1,881,625
Haseko Corp.
64,300
836,151
Hikari Tsushin, Inc.
5,700
993,224
Hirose Electric Co. Ltd.
7,200
837,740
Hitachi Construction Machinery Co. Ltd.
26,100
740,520
Hitachi Ltd.
234,500
18,420,057
Honda Motor Co. Ltd.
1,234,700
13,801,555
Hoshizaki Corp.
29,500
1,073,251
Hoya Corp.
88,500
11,242,083
Hulic Co. Ltd.
139,100
1,535,990
Ibiden Co. Ltd.
33,900
1,705,846
Idemitsu Kosan Co. Ltd.
266,100
1,477,649
Iida Group Holdings Co. Ltd. (a)
37,300
563,116
Inpex Corp.
223,100
3,032,478
Isuzu Motors Ltd.
156,900
2,140,892
ITOCHU Corp.
348,400
15,811,829
Japan Airlines Co. Ltd.
36,500
701,375
Japan Airport Terminal Co. Ltd.
20,200
802,201
Japan Exchange Group, Inc.
132,100
2,923,600
Japan Metropolitan Fund Invest, REIT
1,772
1,202,910
Japan Post Bank Co. Ltd.
353,100
3,672,189
Japan Post Holdings Co. Ltd.
516,900
4,948,120
Japan Post Insurance Co. Ltd.
48,400
906,139
Japan Real Estate Investment Corp., REIT
352
1,349,407
Japan Tobacco, Inc.
280,800
7,401,154
JFE Holdings, Inc.
153,400
2,422,005
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
JSR Corp.
50,700
1,382,826
Kajima Corp.
117,900
2,104,145
Kansai Electric Power Co., Inc. (The)
197,800
2,698,415
Kansai Paint Co. Ltd.
54,100
904,543
Kao Corp.
117,600
4,653,147
Kawasaki Heavy Industries Ltd.
41,400
937,291
Kawasaki Kisen Kaisha Ltd.
37,100
1,807,653
KDDI Corp.
381,500
12,641,024
Keio Corp.
29,600
866,105
Keisei Electric Railway Co. Ltd.
40,900
1,850,719
Keyence Corp.
47,200
21,117,180
Kikkoman Corp.
44,600
2,744,161
Kintetsu Group Holdings Co. Ltd.
48,000
1,481,158
Kirin Holdings Co. Ltd.
205,900
2,959,599
Kobe Bussan Co. Ltd.
35,900
917,342
Koei Tecmo Holdings Co. Ltd.
30,200
376,176
Koito Manufacturing Co. Ltd.
59,200
906,310
Komatsu Ltd.
240,000
6,827,990
Konami Group Corp.
24,500
1,506,706
Kose Corp.
9,000
588,804
Kubota Corp.
289,500
4,382,299
Kurita Water Industries Ltd.
28,600
1,044,501
Kyocera Corp.
341,500
4,999,587
Kyoto Financial Group, Inc.
75,000
1,246,460
Kyowa Kirin Co. Ltd.
63,300
997,100
Kyushu Railway Co.
37,900
833,042
Lasertec Corp.
20,600
5,364,842
Lawson, Inc.
12,700
726,924
LY Corp.
679,600
2,114,259
M3, Inc.
113,600
1,792,608
Makita Corp.
65,400
1,760,240
Marubeni Corp.
426,600
7,276,376
MatsukiyoCocokara & Co.
96,800
1,759,513
Mazda Motor Corp.
151,400
1,835,490
McDonald's Holdings Co. Japan Ltd.
22,100
983,991
Medipal Holdings Corp.
53,200
849,125
MEIJI Holdings Co. Ltd.
72,100
1,743,711
MINEBEA MITSUMI, Inc.
95,000
1,963,670
MISUMI Group, Inc.
71,300
1,222,431
Mitsubishi Chemical Group Corp.
360,400
2,173,119
Mitsubishi Corp.
1,026,300
17,688,227
Mitsubishi Electric Corp.
531,300
7,884,652
Mitsubishi Estate Co. Ltd.
321,400
4,453,293
Mitsubishi HC Capital, Inc.
228,700
1,621,586
Mitsubishi Heavy Industries Ltd.
84,800
5,656,457
Mitsubishi Motors Corp.
173,600
547,025
Mitsubishi UFJ Financial Group, Inc.
3,047,800
28,547,372
Mitsui & Co. Ltd.
383,300
15,545,597
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Mitsui Chemicals, Inc.
47,900
1,409,710
Mitsui Fudosan Co. Ltd.
236,900
5,947,085
Mitsui OSK Lines Ltd.
92,000
3,304,686
Mizuho Financial Group, Inc.
642,500
11,668,808
MonotaRO Co. Ltd.
63,300
596,173
MS&AD Insurance Group Holdings, Inc.
112,300
4,637,402
Murata Manufacturing Co. Ltd.
442,600
8,937,034
NEC Corp.
64,500
4,214,735
Nexon Co. Ltd.
112,900
1,801,776
NGK Insulators Ltd.
77,500
968,187
NIDEC Corp.
133,100
4,964,206
Nikon Corp.
87,400
891,964
Nintendo Co. Ltd.
267,600
14,951,057
Nippon Building Fund, Inc., REIT
415
1,679,136
Nippon Express Holdings, Inc.
20,700
1,232,091
Nippon Paint Holdings Co. Ltd.
245,900
1,936,788
Nippon Prologis REIT, Inc., REIT
613
1,090,651
Nippon Sanso Holdings Corp.
49,500
1,254,296
Nippon Steel Corp.
233,000
5,607,070
Nippon Telegraph & Telephone Corp.
7,093,300
8,907,446
Nippon Yusen KK
122,100
4,207,671
Nissan Chemical Corp.
34,200
1,363,993
Nissan Motor Co. Ltd.
558,500
2,192,575
Nisshin Seifun Group, Inc.
68,500
955,519
Nissin Foods Holdings Co. Ltd.
60,300
1,950,788
Niterra Co. Ltd.
50,600
1,362,588
Nitori Holdings Co. Ltd.
20,800
2,722,340
Nitto Denko Corp.
36,100
2,994,779
Nomura Holdings, Inc.
763,800
4,113,942
Nomura Real Estate Holdings, Inc.
28,700
785,396
Nomura Real Estate Master Fund, Inc., REIT
1,045
1,143,507
Nomura Research Institute Ltd.
107,200
3,278,554
NTT Data Group Corp.
150,200
2,163,425
Obayashi Corp.
178,500
1,652,293
Obic Co. Ltd.
16,500
2,534,559
Odakyu Electric Railway Co. Ltd.
87,500
1,337,044
Oji Holdings Corp. (a)
243,300
951,263
Olympus Corp.
304,900
4,513,637
Omron Corp.
49,500
2,225,781
Ono Pharmaceutical Co. Ltd.
112,900
2,034,925
Open House Group Co. Ltd.
19,000
594,170
Oracle Corp.
8,400
661,997
Oriental Land Co. Ltd.
278,700
10,350,944
ORIX Corp.
293,400
5,665,340
Osaka Gas Co. Ltd.
105,300
2,217,287
Otsuka Corp.
30,900
1,300,204
Otsuka Holdings Co. Ltd.
115,100
4,524,388
Pan Pacific International Holdings Corp.
134,600
2,909,580
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Panasonic Holdings Corp.
591,200
5,568,383
Persol Holdings Co. Ltd.
472,100
750,503
Rakuten Group, Inc. *
373,500
1,640,695
Recruit Holdings Co. Ltd.
397,100
15,684,941
Renesas Electronics Corp. *
326,900
5,363,640
Resona Holdings, Inc.
575,900
3,179,119
Ricoh Co. Ltd.
154,100
1,211,226
Rohm Co. Ltd.
81,600
1,408,354
SBI Holdings, Inc.
68,600
1,685,205
SCSK Corp.
39,000
765,750
Secom Co. Ltd.
52,000
3,774,179
Sega Sammy Holdings, Inc.
41,100
604,894
Seiko Epson Corp.
77,400
1,129,839
Sekisui Chemical Co. Ltd.
104,200
1,487,720
Sekisui House Ltd. (a)
158,700
3,582,525
Seven & i Holdings Co. Ltd.
206,100
8,139,884
SG Holdings Co. Ltd.
107,200
1,388,251
Sharp Corp. *
60,800
408,838
Shimadzu Corp.
74,600
2,062,838
Shimano, Inc.
21,200
3,043,797
Shimizu Corp.
155,900
1,043,615
Shin-Etsu Chemical Co. Ltd.
505,900
19,913,333
Shionogi & Co. Ltd.
74,200
3,561,335
Shiseido Co. Ltd.
101,400
2,826,697
SMC Corp.
14,500
8,071,345
SoftBank Corp.
709,800
9,430,293
SoftBank Group Corp.
244,500
10,555,221
Sojitz Corp.
56,380
1,330,648
Sompo Holdings, Inc.
78,900
4,091,080
Sony Group Corp.
312,200
30,616,954
Square Enix Holdings Co. Ltd.
20,000
781,525
Subaru Corp.
151,900
3,030,301
SUMCO Corp.
88,400
1,340,182
Sumitomo Chemical Co. Ltd. (a)
414,200
975,268
Sumitomo Corp.
309,900
7,127,035
Sumitomo Electric Industries Ltd.
197,300
2,622,435
Sumitomo Metal Mining Co. Ltd.
66,900
1,849,028
Sumitomo Mitsui Financial Group, Inc.
337,800
17,570,120
Sumitomo Mitsui Trust Holdings, Inc.
184,300
3,776,910
Sumitomo Realty & Development Co. Ltd.
119,900
3,770,754
Suntory Beverage & Food Ltd.
31,800
1,037,468
Suzuki Motor Corp.
116,100
5,215,060
Sysmex Corp.
44,200
2,394,415
T&D Holdings, Inc.
135,700
2,247,023
Taisei Corp.
45,600
1,662,512
Taisho Pharmaceutical Holdings Co. Ltd.
13,000
756,516
Takeda Pharmaceutical Co. Ltd.
397,500
11,682,715
TDK Corp.
96,500
4,801,342
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Terumo Corp.
182,100
6,164,440
TIS, Inc.
61,100
1,358,977
Tobu Railway Co. Ltd.
52,100
1,379,779
Toho Co. Ltd.
29,700
967,470
Tokio Marine Holdings, Inc.
501,100
13,212,720
Tokyo Century Corp.
42,700
474,456
Tokyo Electric Power Co. Holdings, Inc. *
183,800
978,580
Tokyo Electron Ltd.
113,100
20,988,245
Tokyo Gas Co. Ltd.
103,700
2,382,184
Tokyu Corp.
152,000
1,783,611
Tokyu Fudosan Holdings Corp.
151,100
1,010,493
TOPPAN Holdings, Inc.
81,400
2,243,747
Toray Industries, Inc.
405,500
2,026,053
Tosoh Corp.
80,100
1,032,862
TOTO Ltd.
40,200
1,088,025
Toyo Suisan Kaisha Ltd.
26,100
1,359,066
Toyota Industries Corp.
43,400
3,670,733
Toyota Motor Corp.
3,008,000
60,063,206
Toyota Tsusho Corp.
60,100
3,938,439
Trend Micro, Inc. *
32,600
1,865,025
Unicharm Corp.
103,300
3,554,387
USS Co. Ltd.
50,600
956,918
Welcia Holdings Co. Ltd. (a)
26,000
438,590
West Japan Railway Co.
62,000
2,582,270
Yakult Honsha Co. Ltd.
69,200
1,511,438
Yamaha Corp.
38,800
853,234
Yamaha Motor Co. Ltd.
229,800
2,172,013
Yamato Holdings Co. Ltd.
81,300
1,405,386
Yaskawa Electric Corp.
64,400
2,426,999
Yokogawa Electric Corp.
66,300
1,302,842
Zensho Holdings Co. Ltd.
24,400
1,194,837
ZOZO, Inc.
32,600
713,826
 
1,014,345,336
Jordan — 0.0% ^
Hikma Pharmaceuticals plc
40,337
984,104
Luxembourg — 0.1%
ArcelorMittal SA
136,771
3,766,677
Eurofins Scientific SE
32,748
1,971,979
 
5,738,656
Macau — 0.1%
Galaxy Entertainment Group Ltd.
574,000
2,978,991
Sands China Ltd. *
616,400
1,617,909
 
4,596,900
Mexico — 0.0% ^
Fresnillo plc
46,687
312,274
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Netherlands — 5.5%
Adyen NV * (b)
7,732
9,697,378
Aegon Ltd.
403,146
2,378,334
Akzo Nobel NV
41,888
3,217,522
Argenx SE *
11,719
4,425,470
Argenx SE *
3,255
1,227,318
ASM International NV
11,045
6,121,513
ASML Holding NV
99,996
86,755,345
EXOR NV
25,183
2,436,519
HAL Trust
8,789
1,095,571
Heineken Holding NV
33,638
2,822,487
Heineken NV
72,750
7,318,322
ING Groep NV
841,255
11,952,946
JDE Peet's NV (a)
30,286
747,621
Koninklijke Ahold Delhaize NV
234,545
6,596,149
Koninklijke KPN NV
780,559
2,655,260
Koninklijke Philips NV *
196,842
4,164,302
NN Group NV
69,400
2,844,583
Randstad NV
26,958
1,532,838
Shell plc
1,665,567
51,636,454
Universal Music Group NV
239,896
7,071,590
Wolters Kluwer NV
61,059
9,001,141
 
225,698,663
New Zealand — 0.2%
Auckland International Airport Ltd.
332,401
1,713,824
Contact Energy Ltd.
199,556
984,367
Fisher & Paykel Healthcare Corp. Ltd.
138,051
1,993,878
Mercury NZ Ltd.
170,284
702,581
Meridian Energy Ltd.
312,026
1,057,080
Spark New Zealand Ltd.
461,375
1,498,912
 
7,950,642
Norway — 0.7%
Aker ASA, Class A
5,792
344,170
Aker BP ASA
77,750
2,063,610
AutoStore Holdings Ltd. * (a) (b)
227,118
414,589
DNB Bank ASA
219,756
4,271,997
Equinor ASA (a)
239,391
6,850,674
Gjensidige Forsikring ASA
47,766
768,291
Kongsberg Gruppen ASA
22,151
1,128,890
Mowi ASA
112,304
2,021,509
Norsk Hydro ASA
331,730
1,944,105
Orkla ASA
189,352
1,483,218
Salmar ASA
17,373
964,383
Schibsted ASA, Class A
18,065
554,179
Schibsted ASA, Class B
23,754
681,638
Storebrand ASA
109,748
986,763
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Norway — continued
Telenor ASA
159,655
1,771,541
Var Energi ASA (a)
150,562
436,736
 
26,686,293
Poland — 0.4%
Allegro.eu SA * (b)
130,424
984,584
Bank Polska Kasa Opieki SA
53,212
2,046,859
Dino Polska SA * (b)
12,126
1,308,730
ING Bank Slaski SA *
8,241
517,978
KGHM Polska Miedz SA
34,565
963,004
LPP SA
267
1,038,220
ORLEN SA
147,390
2,298,170
Powszechna Kasa Oszczednosci Bank Polski SA
217,304
2,757,160
Powszechny Zaklad Ubezpieczen SA
143,989
1,733,651
Santander Bank Polska SA
8,439
1,022,117
 
14,670,473
Portugal — 0.2%
EDP - Energias de Portugal SA
717,887
3,202,090
Galp Energia SGPS SA
121,817
1,917,612
Jeronimo Martins SGPS SA
69,755
1,586,461
 
6,706,163
Russia — 0.0% ^
Evraz plc ‡ *
96,418
5,003
Singapore — 1.3%
CapitaLand Ascendas, REIT
918,700
1,991,033
CapitaLand Integrated Commercial Trust, REIT
1,196,037
1,783,012
CapitaLand Investment Ltd.
607,500
1,333,638
City Developments Ltd.
117,900
535,123
DBS Group Holdings Ltd.
463,500
10,978,138
Genting Singapore Ltd.
1,443,900
1,084,377
Great Eastern Holdings Ltd.
13,800
179,906
Jardine Cycle & Carriage Ltd.
22,900
441,879
Keppel Ltd.
350,300
1,861,411
Mapletree Pan Asia Commercial Trust, REIT
610,700
661,336
Oversea-Chinese Banking Corp. Ltd.
825,700
7,898,133
Singapore Airlines Ltd.
350,650
1,740,375
Singapore Exchange Ltd.
207,900
1,451,691
Singapore Technologies Engineering Ltd.
395,700
1,096,461
Singapore Telecommunications Ltd.
1,983,200
3,539,105
STMicroelectronics NV
165,273
7,256,726
United Overseas Bank Ltd.
339,700
7,160,380
UOL Group Ltd.
133,400
619,454
 
51,612,178
South Africa — 0.2%
Anglo American plc
316,246
7,538,571
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — 0.0% ^
Delivery Hero SE * (b)
46,299
1,050,492
Spain — 2.4%
Acciona SA
6,192
800,964
ACS Actividades de Construccion y Servicios SA
54,167
2,137,457
Aena SME SA (b)
18,628
3,295,427
Amadeus IT Group SA
108,866
7,629,370
Banco Bilbao Vizcaya Argentaria SA
1,433,548
13,417,208
Banco Santander SA
3,911,964
15,722,418
CaixaBank SA
1,010,406
4,308,365
Cellnex Telecom SA (b)
148,904
5,729,435
Corp. ACCIONA Energias Renovables SA
14,320
372,106
EDP Renovaveis SA
63,578
1,029,534
Endesa SA
80,204
1,588,998
Iberdrola SA
1,425,971
17,170,064
Industria de Diseno Textil SA
280,845
12,008,195
Naturgy Energy Group SA
31,937
859,992
Redeia Corp. SA
95,575
1,590,380
Repsol SA
295,932
4,370,408
Telefonica SA
1,330,463
5,413,433
 
97,443,754
Sweden — 3.4%
Alfa Laval AB
73,322
2,690,392
Assa Abloy AB, Class B
266,904
7,320,036
Atlas Copco AB, Class A
641,290
10,234,618
Atlas Copco AB, Class B
395,548
5,477,529
Axfood AB
27,176
687,584
Beijer Ref AB (a)
96,378
1,312,186
Boliden AB
69,298
1,839,355
Castellum AB *
109,599
1,410,965
Epiroc AB, Class A
149,870
2,648,016
Epiroc AB, Class B
98,821
1,540,808
EQT AB
170,363
4,574,612
Essity AB, Class A
5,591
132,701
Essity AB, Class B
153,545
3,605,742
Evolution AB (b)
48,189
5,626,722
Fastighets AB Balder, Class B *
163,913
1,087,939
Getinge AB, Class B
55,067
1,177,174
H & M Hennes & Mauritz AB, Class B
152,624
2,153,334
Hexagon AB, Class B
534,248
5,830,563
Holmen AB, Class B
20,604
811,989
Husqvarna AB, Class B
86,471
672,650
Industrivarden AB, Class A
33,128
1,042,935
Industrivarden AB, Class C (a)
38,659
1,215,017
Indutrade AB
67,764
1,646,265
Investment AB Latour, Class B
36,735
923,908
Investor AB, Class A
144,070
3,359,994
Investor AB, Class B
459,712
10,823,816
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Sweden — continued
L E Lundbergforetagen AB, Class B
18,954
988,277
Lifco AB, Class B
57,247
1,381,193
Nibe Industrier AB, Class B (a)
435,105
2,599,831
Nordnet AB publ
37,849
595,575
Saab AB, Class B
23,317
1,501,404
Sagax AB, Class B
50,255
1,221,264
Sagax AB, Class D
27,897
75,825
Sandvik AB
274,010
5,758,567
Securitas AB, Class B
133,795
1,299,692
Skandinaviska Enskilda Banken AB, Class A
409,896
5,821,399
Skandinaviska Enskilda Banken AB, Class C
4,960
72,315
Skanska AB, Class B (a)
80,095
1,388,816
SKF AB, Class A
3,479
69,304
SKF AB, Class B
91,106
1,795,256
SSAB AB, Class A
61,119
475,494
SSAB AB, Class B
153,294
1,170,930
Svenska Cellulosa AB SCA, Class A
4,777
65,165
Svenska Cellulosa AB SCA, Class B
150,788
2,052,816
Svenska Handelsbanken AB, Class A (a)
373,569
4,027,201
Svenska Handelsbanken AB, Class B (a)
8,364
111,814
Swedbank AB, Class A
250,262
5,099,838
Swedish Orphan Biovitrum AB *
54,880
1,540,379
Tele2 AB, Class B
134,647
1,148,005
Telefonaktiebolaget LM Ericsson, Class A
13,054
71,877
Telefonaktiebolaget LM Ericsson, Class B
777,474
4,309,911
Telia Co. AB (a)
573,162
1,478,285
Trelleborg AB, Class B
54,753
1,666,528
Volvo AB, Class A
48,153
1,183,849
Volvo AB, Class B
382,409
9,164,557
Volvo Car AB, Class B *
109,481
285,417
 
138,267,634
Switzerland — 5.8%
ABB Ltd. (Registered)
403,723
17,082,264
Alcon, Inc.
119,145
8,968,642
Barry Callebaut AG (Registered)
889
1,298,480
Chocoladefabriken Lindt & Spruengli AG
257
3,266,200
Chocoladefabriken Lindt & Spruengli AG (Registered)
25
3,168,975
Cie Financiere Richemont SA (Registered)
135,219
20,084,698
DSM-Firmenich AG
58,033
6,135,858
EMS-Chemie Holding AG (Registered)
1,726
1,302,983
Geberit AG (Registered)
8,501
4,893,417
Givaudan SA (Registered)
2,332
9,697,712
Julius Baer Group Ltd.
50,017
2,722,998
Kuehne + Nagel International AG (Registered)
12,640
4,283,439
Lonza Group AG (Registered)
18,822
9,202,184
Novartis AG (Registered)
520,356
53,811,992
Partners Group Holding AG
5,460
7,366,496
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Switzerland — continued
Sandoz Group AG *
99,940
3,427,444
Schindler Holding AG
10,321
2,570,846
Schindler Holding AG (Registered)
5,247
1,249,001
SGS SA (Registered)
37,530
3,467,993
Sika AG (Registered)
38,984
10,761,845
Sonova Holding AG (Registered)
12,358
3,949,575
Straumann Holding AG (Registered)
28,145
4,275,264
Swatch Group AG (The)
7,318
1,717,966
Swatch Group AG (The) (Registered)
13,376
608,596
Swiss Life Holding AG (Registered)
7,133
5,122,407
Swisscom AG (Registered)
6,433
3,848,760
UBS Group AG (Registered)
818,534
24,500,869
Zurich Insurance Group AG
37,016
18,807,441
 
237,594,345
United Arab Emirates — 0.0% ^
NMC Health plc ‡ *
300
—
(c)
United Kingdom — 11.0%
3i Group plc
246,658
7,721,616
abrdn plc
471,490
1,003,065
Admiral Group plc
61,007
1,939,849
Ashtead Group plc
110,700
7,238,887
Associated British Foods plc
84,569
2,504,880
AstraZeneca plc
392,768
52,071,941
Auto Trader Group plc (b)
230,860
2,123,885
Aviva plc
693,996
3,788,231
B&M European Value Retail SA
236,329
1,548,834
BAE Systems plc
765,159
11,398,170
Barclays plc
3,441,815
6,396,021
Barratt Developments plc
246,973
1,683,203
Berkeley Group Holdings plc
26,889
1,628,254
BP plc
4,155,746
24,271,286
British American Tobacco plc
566,732
16,709,305
BT Group plc
1,597,663
2,263,461
Bunzl plc
82,225
3,341,606
Burberry Group plc
87,861
1,447,240
Centrica plc
1,379,211
2,413,689
CK Hutchison Holdings Ltd.
676,500
3,494,002
Coca-Cola Europacific Partners plc
51,880
3,574,532
Compass Group plc
433,052
11,927,886
ConvaTec Group plc (b)
412,440
1,255,210
Croda International plc
33,613
2,034,481
DCC plc
25,064
1,822,136
Diageo plc
567,730
20,505,193
DS Smith plc
340,631
1,214,552
Entain plc
161,878
1,971,739
Halma plc
96,205
2,662,868
Hargreaves Lansdown plc
89,550
864,105
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — continued
Hiscox Ltd.
87,663
1,154,280
Howden Joinery Group plc
138,903
1,406,655
HSBC Holdings plc
4,758,132
37,150,083
Imperial Brands plc
225,282
5,407,923
Informa plc
326,365
3,205,410
InterContinental Hotels Group plc
41,750
3,955,942
Intermediate Capital Group plc
73,569
1,658,621
Intertek Group plc
40,902
2,321,625
J Sainsbury plc
429,080
1,464,948
JD Sports Fashion plc
634,406
937,471
Kingfisher plc
476,849
1,325,797
Land Securities Group plc, REIT
175,543
1,479,951
Legal & General Group plc
1,512,053
4,863,433
Lloyds Banking Group plc
15,574,686
8,348,901
London Stock Exchange Group plc
110,026
12,445,488
M&G plc
574,450
1,624,181
Melrose Industries plc
315,758
2,353,500
National Grid plc
934,631
12,448,448
NatWest Group plc
1,227,245
3,463,455
Next plc
30,252
3,229,598
Ocado Group plc *
183,415
1,256,377
Pearson plc
171,905
2,108,893
Persimmon plc
80,946
1,490,873
Phoenix Group Holdings plc
189,840
1,212,058
Reckitt Benckiser Group plc
181,337
13,110,825
RELX plc
478,292
19,741,059
Rentokil Initial plc
639,247
3,291,962
Rightmove plc
204,220
1,445,300
Rolls-Royce Holdings plc *
2,132,902
8,097,459
Sage Group plc (The)
258,624
3,850,374
Schroders plc
227,232
1,162,542
Segro plc, REIT
291,805
3,240,807
Severn Trent plc
66,925
2,199,895
Smith & Nephew plc
221,108
3,092,195
Smiths Group plc
88,073
1,804,936
Spirax-Sarco Engineering plc
18,694
2,352,843
SSE plc
276,931
5,898,062
St. James's Place plc
139,022
1,144,472
Standard Chartered plc
559,872
4,231,258
Taylor Wimpey plc
895,184
1,671,301
Tesco plc
1,738,953
6,301,305
Unilever plc
633,637
30,832,928
United Utilities Group plc
172,799
2,327,390
Vodafone Group plc
5,516,833
4,690,092
Weir Group plc (The)
65,791
1,512,266
Whitbread plc
46,096
2,089,437
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — continued
Wise plc, Class A *
169,840
1,732,352
WPP plc
272,381
2,634,059
 
447,589,157
United States — 7.0%
CSL Ltd.
122,415
24,039,557
Experian plc
232,822
9,690,610
Ferrovial SE
125,270
4,777,202
GSK plc
1,037,738
20,524,110
Haleon plc
1,404,095
5,703,105
Holcim AG
124,975
9,545,448
James Hardie Industries plc, CHDI *
110,936
4,167,915
Nestle SA (Registered)
675,453
76,968,280
QIAGEN NV *
55,976
2,428,610
Roche Holding AG
175,351
49,925,297
Roche Holding AG
7,351
2,226,820
Sanofi SA
287,885
28,830,393
Schneider Electric SE
135,969
26,711,128
Stellantis NV
490,743
10,809,426
Swiss Re AG
73,159
8,376,743
Tenaris SA
117,480
1,855,513
 
286,580,157
Total Common Stocks
(Cost $3,575,335,607)
4,050,260,054
Short-Term Investments — 1.1%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (d) (e)(Cost $24,746,010)
24,746,010
24,746,010
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (d) (e)
18,006,725
18,013,928
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (d) (e)
3,143,363
3,143,363
Total Investment of Cash Collateral from Securities Loaned
(Cost $21,157,291)
21,157,291
Total Short-Term Investments
(Cost $45,903,301)
45,903,301
Total Investments — 100.3%
(Cost $3,621,238,908)
4,096,163,355
Liabilities in Excess of Other Assets — (0.3)%
(10,305,620
)
NET ASSETS — 100.0%
4,085,857,735
 
Percentages indicated are based on net assets.
 
Abbreviations
 
APAC
Asia Pacific
CHDI
Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA
Certificaten Van Aandelen (Dutch Certificate)
OYJ
Public Limited Company
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
Preference
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference
shares may also have liquidation preference.
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SGPS
Holding company
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 is
$20,117,645.
 
(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)
Value is zero.
 
(d)
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.
 
(e)
The rate shown is the current yield as of January 31, 2024.
 
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
Summary of Investments by Industry, January 31, 2024
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
9.9
%
Pharmaceuticals
9.4
Insurance
5.1
Oil, Gas & Consumable Fuels
4.1
Semiconductors & Semiconductor Equipment
3.9
Automobiles
3.6
Metals & Mining
3.1
Chemicals
3.1
Food Products
3.0
Textiles, Apparel & Luxury Goods
3.0
Machinery
2.9
Capital Markets
2.9
Trading Companies & Distributors
2.2
Health Care Equipment & Supplies
2.1
Personal Care Products
1.9
Electrical Equipment
1.9
Aerospace & Defense
1.9
Beverages
1.8
Diversified Telecommunication Services
1.8
Electric Utilities
1.7
Software
1.7
Professional Services
1.6
Industrial Conglomerates
1.6
Hotels, Restaurants & Leisure
1.5
Electronic Equipment, Instruments & Components
1.4
Consumer Staples Distribution & Retail
1.3
Real Estate Management & Development
1.3
Financial Services
1.2
Household Durables
1.2
Building Products
1.0
Others (each less than 1.0%)
15.8
Short-Term Investments
1.1
Futures contracts outstanding as of January 31, 2024:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index
308
03/15/2024
USD
34,382,040
698,142
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (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 SEC 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 Funds 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 Funds. 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 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 net asset value ("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 International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (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
Australia
$—
$304,227,061
$—
$304,227,061
Austria
2,442,950
11,084,309
—
13,527,259
Belgium
—
32,363,942
—
32,363,942
Brazil
—
1,361,142
—
1,361,142
Chile
—
1,911,291
—
1,911,291
China
11,015,050
5,761,553
—
16,776,603
Denmark
—
145,684,920
—
145,684,920
Finland
449,106
45,734,127
—
46,183,233
France
738,388
393,738,837
—
394,477,225
Germany
—
318,892,423
—
318,892,423
Hong Kong
—
73,922,820
—
73,922,820
Ireland
—
9,016,403
—
9,016,403
Israel
—
18,787,422
—
18,787,422
Italy
769,804
96,987,711
—
97,757,515
Japan
—
1,014,345,336
—
1,014,345,336
Jordan
—
984,104
—
984,104
Luxembourg
—
5,738,656
—
5,738,656
Macau
—
4,596,900
—
4,596,900
Mexico
—
312,274
—
312,274
Netherlands
1,227,318
224,471,345
—
225,698,663
New Zealand
4,899,684
3,050,958
—
7,950,642
Norway
2,453,179
24,233,114
—
26,686,293
Poland
1,038,220
13,632,253
—
14,670,473
Portugal
—
6,706,163
—
6,706,163
Russia
—
—
5,003
5,003
Singapore
—
51,612,178
—
51,612,178
South Africa
—
7,538,571
—
7,538,571
South Korea
—
1,050,492
—
1,050,492
Spain
—
97,443,754
—
97,443,754
Sweden
892,162
137,375,472
—
138,267,634
Switzerland
—
237,594,345
—
237,594,345
United Arab Emirates
—
—
—(a
)
—(a
)
United Kingdom
4,728,812
442,860,345
—
447,589,157
United States
—
286,580,157
—
286,580,157
Total Common Stocks
30,654,673
4,019,600,378
5,003
4,050,260,054
Short-Term Investments
Investment Companies
24,746,010
—
—
24,746,010
Investment of Cash Collateral from Securities
Loaned
21,157,291
—
—
21,157,291
Total Short-Term Investments
45,903,301
—
—
45,903,301
Total Investments in Securities
$76,557,974
$4,019,600,378
$5,003
$4,096,163,355
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Appreciation in Other Financial Instruments
Futures Contracts
$698,142
$—
$—
$698,142
 
 
(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 January 31, 2024
Security Description
Value at
October 31,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
January 31,
2024
Shares at
January 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 5.51%  (a) (b)
$11,011,226
$55,000,000
$48,000,000
$2,702
$—
$18,013,928
18,006,725
$210,959
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.26%  (a) (b)
2,270,425
31,162,237
30,289,299
—
—
3,143,363
3,143,363
44,291
—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.26%  (a) (b)
26,299,048
45,301,833
46,854,871
—
—
24,746,010
24,746,010
364,017
—
Total
$39,580,699
$131,464,070
$125,144,170
$2,702
$—
$45,903,301
$619,267
$—
 
 
(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 January 31, 2024.