NPORT-EX 2 JPMBBUSSCETF.htm NPORT PART F EDGAR HTML
JPMorgan BetaBuilders U.S. Small Cap 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 U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.1%
Aerospace & Defense — 1.2%
AAR Corp. *
17,366
1,056,200
AeroVironment, Inc. *
13,435
1,620,799
AerSale Corp. *
13,578
126,275
Cadre Holdings, Inc.
9,872
335,549
Eve Holding, Inc. * (a)
14,024
86,949
Kratos Defense & Security Solutions, Inc. *
66,198
1,120,732
Mercury Systems, Inc. *
26,300
780,058
Moog, Inc., Class A
14,800
2,069,040
Rocket Lab USA, Inc. * (a)
136,799
663,475
V2X, Inc. *
6,291
244,657
Virgin Galactic Holdings, Inc. * (a)
188,802
336,068
 
8,439,802
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc. *
26,422
409,277
Forward Air Corp.
13,226
586,309
Hub Group, Inc., Class A *
32,080
1,452,582
 
2,448,168
Automobile Components — 1.8%
American Axle & Manufacturing Holdings, Inc. *
60,037
485,699
Atmus Filtration Technologies, Inc. * (a)
8,254
184,312
Dana, Inc.
67,086
909,686
Dorman Products, Inc. *
13,651
1,111,328
Garrett Motion, Inc. (Switzerland) *
67,915
583,390
Gentherm, Inc. *
16,346
787,060
LCI Industries
13,100
1,457,768
Luminar Technologies, Inc. * (a)
135,457
368,443
Mobileye Global, Inc., Class A (Israel) * (a)
40,044
1,035,538
Modine Manufacturing Co. *
24,678
1,705,003
Patrick Industries, Inc.
11,174
1,121,758
Phinia, Inc.
23,686
716,265
QuantumScape Corp. *
177,862
1,211,240
Standard Motor Products, Inc.
10,472
422,545
XPEL, Inc. * (b)
11,149
595,914
 
12,695,949
Automobiles — 0.2%
Fisker, Inc. * (a)
111,085
89,134
Winnebago Industries, Inc.
15,176
997,367
 
1,086,501
Banks — 10.2%
1st Source Corp.
8,700
454,749
Amalgamated Financial Corp.
8,433
223,980
Amerant Bancorp, Inc.
14,800
334,628
Ameris Bancorp
33,055
1,640,850
Associated Banc-Corp.
77,576
1,629,872
Atlantic Union Bankshares Corp.
38,647
1,320,181
Axos Financial, Inc. *
28,021
1,553,204
Banc of California, Inc.
78,209
1,077,720
BancFirst Corp.
10,325
913,866
Bancorp, Inc. (The) *
27,235
1,188,535
Bank of Hawaii Corp.
20,448
1,292,927
BankUnited, Inc.
36,882
1,042,285
Banner Corp.
17,663
822,743
Berkshire Hills Bancorp, Inc.
22,460
539,040
Brookline Bancorp, Inc.
45,782
495,361
Capitol Federal Financial, Inc.
65,064
412,506
Cathay General Bancorp
36,305
1,494,677
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Banks — continued
City Holding Co.
7,652
782,111
Columbia Financial, Inc. *
14,691
264,144
Community Bank System, Inc.
27,571
1,261,925
Community Trust Bancorp, Inc.
7,942
329,593
Customers Bancorp, Inc. *
14,904
796,470
CVB Financial Corp.
68,167
1,143,161
Dime Community Bancshares, Inc.
19,728
449,996
Eagle Bancorp, Inc.
15,374
381,121
Eastern Bankshares, Inc.
82,617
1,153,333
Enterprise Financial Services Corp.
19,248
801,294
FB Financial Corp.
18,523
689,982
First Bancorp
20,747
717,016
First BanCorp (Puerto Rico)
82,782
1,380,804
First Busey Corp.
27,463
646,479
First Commonwealth Financial Corp.
52,539
736,071
First Financial Bancorp
49,040
1,099,477
First Hawaiian, Inc.
65,491
1,420,500
First Interstate BancSystem, Inc., Class A
46,144
1,269,883
First Merchants Corp.
30,650
1,036,276
Fulton Financial Corp.
80,398
1,253,405
German American Bancorp, Inc.
14,795
490,158
Heartland Financial USA, Inc.
21,155
750,368
Heritage Financial Corp.
17,908
360,846
Hilltop Holdings, Inc.
23,789
749,116
Hope Bancorp, Inc.
60,051
665,365
Independent Bank Corp.
21,743
1,219,565
Independent Bank Group, Inc.
18,394
889,350
International Bancshares Corp.
27,594
1,458,619
Lakeland Bancorp, Inc.
33,445
444,484
Lakeland Financial Corp.
13,051
873,895
Live Oak Bancshares, Inc.
14,962
544,168
National Bank Holdings Corp., Class A
19,434
680,190
NBT Bancorp, Inc.
24,187
860,332
Nicolet Bankshares, Inc.
6,897
536,380
Northwest Bancshares, Inc.
62,814
777,009
OceanFirst Financial Corp.
30,558
526,514
OFG Bancorp (Puerto Rico)
24,198
889,760
Origin Bancorp, Inc.
14,558
444,019
Pacific Premier Bancorp, Inc.
44,785
1,136,195
Park National Corp.
7,412
968,600
Pathward Financial, Inc.
13,364
691,988
Preferred Bank
6,649
477,664
Premier Financial Corp.
17,830
372,469
Provident Financial Services, Inc.
36,543
604,787
Renasant Corp.
28,706
907,971
Republic Bancorp, Inc., Class A
4,829
247,196
S&T Bancorp, Inc.
19,063
635,560
Sandy Spring Bancorp, Inc.
22,926
558,936
Seacoast Banking Corp. of Florida
43,836
1,076,612
ServisFirst Bancshares, Inc.
27,890
1,872,535
Simmons First National Corp., Class A
64,116
1,218,845
Southside Bancshares, Inc.
15,448
483,522
Stellar Bancorp, Inc.
26,895
673,182
Stock Yards Bancorp, Inc.
14,283
710,151
Texas Capital Bancshares, Inc. *
23,606
1,439,966
Tompkins Financial Corp.
6,866
339,112
Towne Bank
35,889
1,008,840
TriCo Bancshares
16,547
601,483
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Banks — continued
Triumph Financial, Inc. *
11,943
843,773
Trustmark Corp.
29,339
791,860
United Community Banks, Inc.
61,376
1,678,020
Veritex Holdings, Inc.
25,324
532,057
WaFd, Inc.
33,270
966,161
WesBanco, Inc.
30,376
891,232
Westamerica BanCorp
13,258
632,672
WSFS Financial Corp.
31,325
1,394,276
 
70,965,968
Beverages — 0.2%
Duckhorn Portfolio, Inc. (The) *
27,145
234,261
MGP Ingredients, Inc.
7,657
650,462
Vita Coco Co., Inc. (The) *
17,484
344,260
 
1,228,983
Biotechnology — 7.3%
ACELYRIN, Inc. *
11,632
88,636
Agios Pharmaceuticals, Inc. *
28,622
647,430
Akero Therapeutics, Inc. *
23,301
503,535
Arcellx, Inc. *
17,352
1,073,048
Arcus Biosciences, Inc. *
26,346
398,878
Ardelyx, Inc. * (a)
111,586
974,146
Aurinia Pharmaceuticals, Inc. (Canada) * (a)
70,379
530,658
Beam Therapeutics, Inc. * (a)
36,775
897,310
BioCryst Pharmaceuticals, Inc. *
105,472
559,002
Biohaven Ltd. *
35,775
1,591,272
Bridgebio Pharma, Inc. *
55,692
1,909,679
Catalyst Pharmaceuticals, Inc. *
53,308
767,635
Celldex Therapeutics, Inc. *
26,839
945,270
Cogent Biosciences, Inc. *
39,671
175,743
Crinetics Pharmaceuticals, Inc. *
28,608
1,043,620
Day One Biopharmaceuticals, Inc. *
28,693
431,830
Deciphera Pharmaceuticals, Inc. *
26,085
373,537
Disc Medicine, Inc. *
4,116
270,627
Dynavax Technologies Corp. *
66,783
862,836
Editas Medicine, Inc. *
42,104
295,991
Ideaya Biosciences, Inc. *
28,645
1,246,917
ImmunityBio, Inc. * (a)
68,005
228,497
ImmunoGen, Inc. *
137,442
4,029,799
Inhibrx, Inc. *
15,029
579,067
Insmed, Inc. *
68,574
1,906,357
Iovance Biotherapeutics, Inc. *
113,495
877,316
Ironwood Pharmaceuticals, Inc. *
70,388
998,806
Keros Therapeutics, Inc. *
12,562
695,432
Krystal Biotech, Inc. *
12,866
1,431,342
Kura Oncology, Inc. *
34,939
703,671
Kymera Therapeutics, Inc. *
19,716
646,290
Morphic Holding, Inc. *
20,627
653,670
Myriad Genetics, Inc. *
45,830
980,304
Novavax, Inc. * (a)
57,125
228,500
Nuvalent, Inc., Class A *
16,211
1,218,581
OmniAb Operations, Inc. ‡ *
2,112
—
Protagonist Therapeutics, Inc. *
28,132
703,581
Prothena Corp. plc (Ireland) *
20,177
572,825
PTC Therapeutics, Inc. *
38,878
1,014,327
RayzeBio, Inc. *
24,005
1,490,710
Recursion Pharmaceuticals, Inc., Class A *
79,902
751,878
REGENXBIO, Inc. *
19,941
245,673
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Biotechnology — continued
Relay Therapeutics, Inc. *
44,229
409,118
Replimune Group, Inc. *
20,496
159,049
REVOLUTION Medicines, Inc. *
62,955
1,747,001
Rhythm Pharmaceuticals, Inc. * (a)
25,280
1,115,101
Rocket Pharmaceuticals, Inc. *
34,616
994,518
Sage Therapeutics, Inc. *
27,723
710,818
Sana Biotechnology, Inc. *
51,640
283,504
SpringWorks Therapeutics, Inc. * (a)
29,212
1,289,126
Summit Therapeutics, Inc. * (a)
59,419
232,922
Syndax Pharmaceuticals, Inc. *
36,451
746,881
TG Therapeutics, Inc. * (a)
71,963
1,168,679
Twist Bioscience Corp. *
27,915
904,446
Veracyte, Inc. *
35,956
899,619
Vericel Corp. *
24,633
1,058,726
Verve Therapeutics, Inc. *
21,650
234,253
Viking Therapeutics, Inc. * (a)
49,589
1,197,078
Vir Biotechnology, Inc. *
44,877
421,844
Viridian Therapeutics, Inc. *
22,151
426,407
Xencor, Inc. *
29,697
555,334
Zentalis Pharmaceuticals, Inc. *
28,274
335,047
 
50,433,697
Broadline Retail — 0.6%
Kohl's Corp.
51,712
1,332,101
Nordstrom, Inc. (a)
53,800
976,470
Savers Value Village, Inc. *
82,900
1,549,401
 
3,857,972
Building Products — 2.1%
American Woodmark Corp. *
8,465
772,685
Apogee Enterprises, Inc.
11,329
598,285
AZZ, Inc.
12,912
806,354
CSW Industrials, Inc.
7,915
1,674,577
Gibraltar Industries, Inc. *
15,744
1,274,004
Griffon Corp.
22,197
1,293,197
Hayward Holdings, Inc. *
65,192
816,204
Janus International Group, Inc. *
58,529
828,185
JELD-WEN Holding, Inc. *
42,023
781,628
Masonite International Corp. *
11,253
1,035,839
Masterbrand, Inc. *
65,439
920,727
PGT Innovations, Inc. *
29,249
1,205,644
Quanex Building Products Corp.
16,938
528,804
Resideo Technologies, Inc. *
74,971
1,257,264
Tecnoglass, Inc.
11,735
539,927
 
14,333,324
Capital Markets — 2.5%
Artisan Partners Asset Management, Inc., Class A
35,276
1,478,064
AssetMark Financial Holdings, Inc. *
10,532
323,016
B. Riley Financial, Inc. (a)
8,325
194,972
BGC Group, Inc., Class A
199,443
1,408,068
Brightsphere Investment Group, Inc.
16,680
368,962
Donnelley Financial Solutions, Inc. *
12,227
759,541
Hamilton Lane, Inc., Class A
19,233
2,229,874
Moelis & Co., Class A (a)
34,415
1,891,793
Open Lending Corp. *
50,522
370,831
Piper Sandler Cos.
9,125
1,583,096
PJT Partners, Inc., Class A
11,924
1,146,731
StepStone Group, Inc., Class A
27,435
917,701
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Capital Markets — continued
StoneX Group, Inc. *
14,048
923,656
TPG, Inc.
30,489
1,269,257
Victory Capital Holdings, Inc., Class A
19,873
670,316
Virtu Financial, Inc., Class A
44,385
745,224
Virtus Investment Partners, Inc.
3,605
851,177
WisdomTree, Inc.
59,926
405,699
 
17,537,978
Chemicals — 1.2%
AdvanSix, Inc.
13,847
351,437
Ecovyst, Inc. *
54,810
507,541
Ginkgo Bioworks Holdings, Inc. * (a)
773,217
935,593
Ingevity Corp. *
18,724
815,617
Innospec, Inc.
12,813
1,487,717
LSB Industries, Inc. *
27,095
201,587
Mativ Holdings, Inc.
27,846
334,987
Minerals Technologies, Inc.
15,431
1,008,416
Orion SA (Germany)
27,878
624,467
PureCycle Technologies, Inc. * (a)
50,065
196,255
Stepan Co.
11,233
1,002,770
Tronox Holdings plc
61,368
846,265
 
8,312,652
Commercial Services & Supplies — 2.4%
ABM Industries, Inc.
33,741
1,376,295
ACV Auctions, Inc., Class A *
69,821
905,578
Brady Corp., Class A
22,041
1,327,529
BrightView Holdings, Inc. *
20,241
180,752
Brink's Co. (The)
22,194
1,794,163
Cimpress plc (Ireland) *
8,248
620,415
CoreCivic, Inc. *
58,077
825,855
Deluxe Corp.
21,106
399,115
Driven Brands Holdings, Inc. *
33,115
434,138
GEO Group, Inc. (The) * (a)
62,472
694,689
Healthcare Services Group, Inc. *
35,338
333,591
HNI Corp.
23,960
975,651
Matthews International Corp., Class A
15,504
510,082
MillerKnoll, Inc.
37,889
1,007,469
Montrose Environmental Group, Inc. *
14,452
422,143
OPENLANE, Inc. *
55,417
780,271
Pitney Bowes, Inc. (a)
82,234
337,982
SP Plus Corp. *
10,169
526,042
Steelcase, Inc., Class A
45,171
572,768
UniFirst Corp.
7,831
1,326,728
Vestis Corp.
67,271
1,439,599
 
16,790,855
Communications Equipment — 0.8%
Digi International, Inc. *
18,646
453,284
Extreme Networks, Inc. *
66,921
904,103
Harmonic, Inc. *
54,097
632,935
Infinera Corp. * (a)
103,905
513,291
NetScout Systems, Inc. *
35,334
760,034
Viasat, Inc. * (a)
39,166
870,660
Viavi Solutions, Inc. *
114,819
1,128,671
 
5,262,978
Construction & Engineering — 1.1%
Ameresco, Inc., Class A * (a)
16,572
338,566
Construction Partners, Inc., Class A *
22,387
1,018,608
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Construction & Engineering — continued
Dycom Industries, Inc. *
14,579
1,628,474
Granite Construction, Inc.
22,663
1,022,328
IES Holdings, Inc. *
4,456
365,214
MYR Group, Inc. *
8,325
1,197,551
Primoris Services Corp.
27,555
903,804
Sterling Infrastructure, Inc. *
15,898
1,193,940
 
7,668,485
Construction Materials — 0.0% ^
United States Lime & Minerals, Inc.
1,143
295,660
Consumer Finance — 1.0%
Bread Financial Holdings, Inc.
24,404
885,133
Encore Capital Group, Inc. *
11,665
584,183
Enova International, Inc. *
15,395
837,950
Green Dot Corp., Class A *
22,900
206,329
LendingClub Corp. *
55,333
499,104
Navient Corp.
43,891
755,803
Nelnet, Inc., Class A
9,757
850,127
PROG Holdings, Inc. *
23,057
706,466
Upstart Holdings, Inc. * (a)
36,581
1,161,813
World Acceptance Corp. *
1,813
238,065
 
6,724,973
Consumer Staples Distribution & Retail — 0.8%
Andersons, Inc. (The)
16,177
852,690
Chefs' Warehouse, Inc. (The) *
18,438
586,697
Grocery Outlet Holding Corp. *
48,039
1,190,406
Ingles Markets, Inc., Class A
7,444
627,157
PriceSmart, Inc.
12,982
986,892
SpartanNash Co.
17,842
400,196
United Natural Foods, Inc. *
30,512
454,934
Weis Markets, Inc.
8,417
511,333
 
5,610,305
Containers & Packaging — 0.2%
Myers Industries, Inc.
15,964
299,325
Pactiv Evergreen, Inc.
17,864
260,814
TriMas Corp.
21,388
527,856
 
1,087,995
Diversified Consumer Services — 1.6%
Adtalem Global Education, Inc. *
19,401
979,363
Chegg, Inc. *
55,215
543,868
Coursera, Inc. *
53,986
1,033,292
European Wax Center, Inc., Class A * (a)
17,354
257,533
Frontdoor, Inc. *
39,827
1,304,733
Graham Holdings Co., Class B
1,840
1,325,536
Laureate Education, Inc., Class A
68,118
859,649
Mister Car Wash, Inc. * (a)
48,168
399,794
OneSpaWorld Holdings Ltd. (Bahamas) *
43,288
590,015
Rover Group, Inc. *
50,143
548,564
Strategic Education, Inc.
11,800
1,109,908
Stride, Inc. *
21,762
1,304,632
Udemy, Inc. *
44,139
599,849
 
10,856,736
Diversified REITs — 0.6%
Alexander & Baldwin, Inc.
37,442
648,496
American Assets Trust, Inc.
25,287
567,187
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Diversified REITs — continued
Broadstone Net Lease, Inc.
89,115
1,432,078
Empire State Realty Trust, Inc., Class A
67,854
645,970
Global Net Lease, Inc.
100,779
851,583
 
4,145,314
Diversified Telecommunication Services — 0.3%
Globalstar, Inc. *
395,566
628,950
Liberty Latin America Ltd., Class A (Puerto Rico) *
18,490
130,170
Liberty Latin America Ltd., Class C (Puerto Rico) *
64,104
456,420
Lumen Technologies, Inc. * (a)
512,464
625,206
Shenandoah Telecommunications Co.
24,926
510,734
 
2,351,480
Electric Utilities — 0.3%
Hawaiian Electric Industries, Inc.
56,908
738,097
MGE Energy, Inc.
17,458
1,125,866
 
1,863,963
Electrical Equipment — 1.0%
ChargePoint Holdings, Inc. * (a)
156,122
296,632
Encore Wire Corp.
7,884
1,777,842
Enovix Corp. * (a)
72,360
673,672
Fluence Energy, Inc. *
20,822
413,733
GrafTech International Ltd.
99,519
132,360
NEXTracker, Inc., Class A *
61,087
2,765,408
SES AI Corp. *
71,105
93,148
SunPower Corp. * (a)
41,518
125,799
Vicor Corp. *
11,867
447,030
 
6,725,624
Electronic Equipment, Instruments & Components — 2.1%
Benchmark Electronics, Inc.
18,314
496,676
Crane NXT Co.
29,192
1,701,310
CTS Corp.
16,019
657,740
ePlus, Inc. *
13,817
1,043,736
Itron, Inc. *
23,453
1,691,899
Knowles Corp. *
46,507
758,529
Methode Electronics, Inc.
17,839
370,338
Mirion Technologies, Inc. *
97,962
925,741
Napco Security Technologies, Inc.
16,970
589,708
OSI Systems, Inc. *
8,627
1,104,515
PAR Technology Corp. *
14,270
649,856
PC Connection, Inc.
5,900
380,609
Plexus Corp. *
14,068
1,332,521
ScanSource, Inc. *
12,751
500,604
TTM Technologies, Inc. *
52,431
729,315
Vishay Intertechnology, Inc.
61,943
1,346,021
 
14,279,118
Energy Equipment & Services — 1.6%
Archrock, Inc.
74,722
1,220,958
Cactus, Inc., Class A
32,316
1,371,491
Core Laboratories, Inc.
22,851
360,360
Diamond Offshore Drilling, Inc. *
52,415
639,463
Dril-Quip, Inc. *
16,606
333,282
Helix Energy Solutions Group, Inc. *
73,895
694,613
Kodiak Gas Services, Inc. (a)
9,334
218,602
Liberty Energy, Inc.
81,227
1,688,709
Nabors Industries Ltd. *
4,598
388,899
Oceaneering International, Inc. *
51,623
1,072,726
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Energy Equipment & Services — continued
ProFrac Holding Corp., Class A *
13,455
106,429
ProPetro Holding Corp. *
40,926
346,234
RPC, Inc.
50,592
369,828
Tidewater, Inc. *
24,625
1,654,554
US Silica Holdings, Inc. *
39,589
424,394
 
10,890,542
Entertainment — 0.9%
AMC Entertainment Holdings, Inc., Class A * (a)
102,270
414,194
Atlanta Braves Holdings, Inc., Class A *
5,355
230,640
Atlanta Braves Holdings, Inc., Class C *
23,965
966,029
Cinemark Holdings, Inc. * (a)
56,943
787,522
IMAX Corp. *
22,808
318,628
Liberty Media Corp-Liberty Live, Class A *
13,051
480,668
Liberty Media Corp-Liberty Live, Class C *
30,139
1,123,281
Lions Gate Entertainment Corp., Class A *
27,287
284,603
Lions Gate Entertainment Corp., Class B *
69,003
669,329
Madison Square Garden Entertainment Corp. *
20,729
691,105
Sphere Entertainment Co. *
12,386
438,217
 
6,404,216
Financial Services — 2.3%
Affirm Holdings, Inc. *
102,329
4,145,348
AvidXchange Holdings, Inc. *
85,471
936,762
Cannae Holdings, Inc. *
31,838
644,719
Compass Diversified Holdings
29,653
655,035
EVERTEC, Inc. (Puerto Rico)
31,835
1,278,494
Federal Agricultural Mortgage Corp., Class C
4,599
856,748
International Money Express, Inc. *
16,702
344,061
Marqeta, Inc., Class A *
207,944
1,249,743
Merchants Bancorp
8,148
356,394
NCR Atleos Corp. *
36,305
812,869
NMI Holdings, Inc., Class A *
39,033
1,245,933
Payoneer Global, Inc. *
121,330
567,824
Repay Holdings Corp. *
40,476
317,332
Rocket Cos., Inc., Class A *
61,138
752,609
Walker & Dunlop, Inc.
17,246
1,665,791
 
15,829,662
Food Products — 0.7%
B&G Foods, Inc.
40,058
402,983
Cal-Maine Foods, Inc. (a)
21,143
1,171,745
Fresh Del Monte Produce, Inc.
15,762
387,430
Hain Celestial Group, Inc. (The) *
44,433
475,877
Mission Produce, Inc. *
22,277
222,547
Sovos Brands, Inc. *
28,282
623,618
Tootsie Roll Industries, Inc.
7,274
237,060
Utz Brands, Inc.
31,125
550,913
WK Kellogg Co.
36,918
479,565
 
4,551,738
Gas Utilities — 0.3%
Chesapeake Utilities Corp.
11,208
1,135,146
Northwest Natural Holding Co.
18,967
699,124
 
1,834,270
Ground Transportation — 0.8%
ArcBest Corp.
12,133
1,445,404
Heartland Express, Inc.
24,864
321,989
Marten Transport Ltd.
29,924
553,594
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Ground Transportation — continued
RXO, Inc. *
60,218
1,252,535
Schneider National, Inc., Class B
19,283
472,819
Werner Enterprises, Inc.
32,649
1,291,268
 
5,337,609
Health Care Equipment & Supplies — 2.4%
Alphatec Holdings, Inc. *
50,876
818,595
AtriCure, Inc. *
24,348
829,293
Atrion Corp.
744
252,960
Avanos Medical, Inc. *
23,990
460,368
Axonics, Inc. *
26,042
1,767,731
Embecta Corp.
26,840
460,038
Establishment Labs Holdings, Inc. (Costa Rica) *
12,161
468,198
Glaukos Corp. *
24,305
2,163,874
Integer Holdings Corp. *
17,232
1,745,946
LeMaitre Vascular, Inc. (a)
10,255
595,200
LivaNova plc *
27,810
1,353,791
Novocure Ltd. *
54,364
756,747
Omnicell, Inc. *
23,453
754,483
OrthoPediatrics Corp. *
8,283
216,352
Paragon 28, Inc. *
18,404
233,363
PROCEPT BioRobotics Corp. *
22,099
1,023,184
Tandem Diabetes Care, Inc. *
33,541
764,735
TransMedics Group, Inc. *
16,231
1,392,133
Treace Medical Concepts, Inc. *
22,563
304,149
Varex Imaging Corp. *
20,891
402,569
 
16,763,709
Health Care Providers & Services — 1.9%
AdaptHealth Corp. *
39,163
282,757
Addus HomeCare Corp. *
7,754
671,497
Agiliti, Inc. *
16,259
115,276
Alignment Healthcare, Inc. *
53,390
357,713
Amedisys, Inc. *
15,690
1,479,096
Apollo Medical Holdings, Inc. *
20,840
724,190
Brookdale Senior Living, Inc. *
90,304
493,963
Cross Country Healthcare, Inc. *
17,010
361,463
DocGo, Inc. *
45,820
169,534
Fulgent Genetics, Inc. * (a)
10,225
251,433
Guardant Health, Inc. *
56,738
1,244,264
Hims & Hers Health, Inc. *
66,678
572,097
ModivCare, Inc. *
5,777
229,751
National HealthCare Corp.
7,548
702,266
National Research Corp.
7,345
289,393
NeoGenomics, Inc. *
65,718
975,912
OPKO Health, Inc. * (a)
230,892
235,510
Owens & Minor, Inc. *
36,803
725,387
Patterson Cos., Inc.
44,578
1,331,099
Pediatrix Medical Group, Inc. *
43,422
406,430
RadNet, Inc. *
33,021
1,220,786
US Physical Therapy, Inc.
7,413
683,924
 
13,523,741
Health Care REITs — 0.7%
CareTrust REIT, Inc.
61,458
1,285,701
LTC Properties, Inc.
21,412
667,412
National Health Investors, Inc.
21,521
1,144,487
Sabra Health Care REIT, Inc.
108,614
1,448,911
 
4,546,511
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Technology — 0.5%
Certara, Inc. *
56,314
910,034
Definitive Healthcare Corp. *
26,235
222,997
HealthStream, Inc.
12,782
340,257
Multiplan Corp. * (a)
144,351
145,795
Phreesia, Inc. *
25,656
653,715
Schrodinger, Inc. *
28,834
762,659
Veradigm, Inc. *
56,467
515,544
 
3,551,001
Hotel & Resort REITs — 1.0%
DiamondRock Hospitality Co.
103,466
945,679
Park Hotels & Resorts, Inc.
108,198
1,631,626
Pebblebrook Hotel Trust
61,144
930,612
RLJ Lodging Trust
80,409
931,136
Service Properties Trust
85,519
661,062
Summit Hotel Properties, Inc.
55,213
357,780
Sunstone Hotel Investors, Inc.
97,253
1,037,689
Xenia Hotels & Resorts, Inc.
54,329
724,206
 
7,219,790
Hotels, Restaurants & Leisure — 2.3%
BJ's Restaurants, Inc. *
11,692
404,660
Bloomin' Brands, Inc.
40,671
1,082,662
Bowlero Corp., Class A * (a)
20,178
218,124
Brinker International, Inc. *
22,748
973,387
Cheesecake Factory, Inc. (The) (a)
24,569
844,437
Cracker Barrel Old Country Store, Inc. (a)
11,409
882,486
Dave & Buster's Entertainment, Inc. *
18,047
966,056
Dine Brands Global, Inc.
7,532
351,368
Dutch Bros, Inc., Class A *
29,211
784,315
Everi Holdings, Inc. *
43,369
451,471
First Watch Restaurant Group, Inc. *
10,265
220,287
Golden Entertainment, Inc.
11,548
443,212
Jack in the Box, Inc.
10,076
785,626
Krispy Kreme, Inc.
39,174
520,622
Monarch Casino & Resort, Inc.
6,901
475,686
Papa John's International, Inc.
16,857
1,238,652
Portillo's, Inc., Class A *
24,111
331,285
Red Rock Resorts, Inc., Class A
25,551
1,397,129
Sabre Corp. *
186,515
764,712
Shake Shack, Inc., Class A *
19,411
1,466,695
Six Flags Entertainment Corp. *
36,789
927,451
Sweetgreen, Inc., Class A *
43,421
463,736
Target Hospitality Corp. *
18,964
183,382
 
16,177,441
Household Durables — 1.7%
Cavco Industries, Inc. *
4,095
1,359,213
Century Communities, Inc.
14,873
1,289,489
Green Brick Partners, Inc. *
15,471
807,122
Helen of Troy Ltd. *
12,242
1,401,709
iRobot Corp. * (a)
14,262
193,963
La-Z-Boy, Inc.
22,076
768,466
LGI Homes, Inc. *
10,421
1,229,782
M/I Homes, Inc. *
14,424
1,837,906
Sonos, Inc. *
62,560
974,685
Tri Pointe Homes, Inc. *
50,129
1,730,954
Vizio Holding Corp., Class A *
35,586
249,102
 
11,842,391
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Household Products — 0.8%
Central Garden & Pet Co. *
4,567
214,192
Central Garden & Pet Co., Class A *
20,409
842,484
Energizer Holdings, Inc.
34,408
1,087,981
Spectrum Brands Holdings, Inc.
17,488
1,374,907
WD-40 Co. (a)
6,933
1,795,508
 
5,315,072
Independent Power and Renewable Electricity Producers — 0.1%
Altus Power, Inc. *
34,682
186,936
Montauk Renewables, Inc. *
34,412
237,787
Sunnova Energy International, Inc. * (a)
49,783
523,717
 
948,440
Industrial REITs — 0.4%
Innovative Industrial Properties, Inc. (a)
14,447
1,346,894
LXP Industrial Trust
150,579
1,368,763
 
2,715,657
Insurance — 1.9%
AMERISAFE, Inc.
9,879
492,369
BRP Group, Inc., Class A *
33,125
743,325
CNO Financial Group, Inc.
57,108
1,552,195
Employers Holdings, Inc.
13,278
553,958
F&G Annuities & Life, Inc. (a)
8,859
397,238
Genworth Financial, Inc., Class A *
232,824
1,436,524
Goosehead Insurance, Inc., Class A *
12,250
945,700
Hagerty, Inc., Class A *
13,133
105,721
Horace Mann Educators Corp.
21,124
777,997
Lemonade, Inc. * (a)
32,272
510,543
Mercury General Corp.
13,765
551,288
National Western Life Group, Inc., Class A
1,053
509,652
Oscar Health, Inc., Class A *
74,327
930,574
Palomar Holdings, Inc. *
12,210
731,013
ProAssurance Corp.
26,295
353,931
Safety Insurance Group, Inc.
7,563
630,073
SiriusPoint Ltd. (Bermuda) *
48,632
573,858
Skyward Specialty Insurance Group, Inc. *
10,859
337,715
Stewart Information Services Corp.
14,037
865,521
Trupanion, Inc. * (a)
17,015
462,808
 
13,462,003
Interactive Media & Services — 0.9%
Bumble, Inc., Class A *
48,244
661,908
Cargurus, Inc. *
44,753
1,040,060
Cars.com, Inc. *
32,073
559,032
Eventbrite, Inc., Class A *
43,159
361,241
Shutterstock, Inc.
12,742
598,492
TripAdvisor, Inc. *
56,085
1,211,436
Yelp, Inc. *
33,476
1,463,905
ZipRecruiter, Inc., Class A *
33,809
470,621
 
6,366,695
IT Services — 0.7%
BigCommerce Holdings, Inc. *
33,891
277,228
DigitalOcean Holdings, Inc. * (a)
25,268
852,037
Fastly, Inc., Class A *
62,197
1,251,404
Grid Dynamics Holdings, Inc. *
29,649
386,919
Perficient, Inc. *
17,773
1,210,875
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
IT Services — continued
Squarespace, Inc., Class A *
23,058
714,798
Thoughtworks Holding, Inc. *
40,016
187,275
 
4,880,536
Leisure Products — 0.4%
Malibu Boats, Inc., Class A *
10,233
427,228
Peloton Interactive, Inc., Class A *
173,056
962,191
Smith & Wesson Brands, Inc.
22,977
300,080
Sturm Ruger & Co., Inc.
9,111
397,786
Vista Outdoor, Inc. *
28,893
811,027
 
2,898,312
Life Sciences Tools & Services — 0.4%
Adaptive Biotechnologies Corp. *
56,668
207,972
Cytek Biosciences, Inc. *
52,598
397,115
Fortrea Holdings, Inc. *
42,274
1,308,803
Maravai LifeSciences Holdings, Inc., Class A *
56,819
329,550
OmniAb, Inc. ‡ *
2,112
—
Pacific Biosciences of California, Inc. *
129,740
844,607
 
3,088,047
Machinery — 3.2%
Alamo Group, Inc.
5,169
1,097,275
Albany International Corp., Class A
16,045
1,426,561
Astec Industries, Inc.
11,659
415,060
Barnes Group, Inc.
25,674
850,066
Energy Recovery, Inc. *
29,017
450,054
Enerpac Tool Group Corp.
28,035
875,533
Enpro, Inc.
10,255
1,531,892
ESCO Technologies, Inc.
13,060
1,330,422
Gorman-Rupp Co. (The)
11,270
376,305
Greenbrier Cos., Inc. (The)
15,907
723,132
Helios Technologies, Inc.
15,686
647,204
Hillman Solutions Corp. *
99,735
876,671
Kadant, Inc.
5,744
1,642,784
Kennametal, Inc.
39,269
962,876
Lindsay Corp.
5,689
740,196
Mueller Water Products, Inc., Class A
80,818
1,108,015
Omega Flex, Inc.
1,799
125,498
Proto Labs, Inc. *
12,629
455,781
SPX Technologies, Inc. *
23,451
2,360,109
Standex International Corp.
6,139
906,485
Symbotic, Inc. * (a)
10,388
446,996
Tennant Co.
9,664
913,441
Trinity Industries, Inc.
42,017
1,056,307
Wabash National Corp.
23,694
599,458
 
21,918,121
Marine Transportation — 0.3%
Matson, Inc.
17,908
2,006,233
Media — 0.5%
Altice USA, Inc., Class A *
110,536
269,708
Gray Television, Inc.
43,210
412,655
Integral Ad Science Holding Corp. *
26,009
378,431
John Wiley & Sons, Inc., Class A
22,828
772,500
Magnite, Inc. *
60,862
538,629
Scholastic Corp.
13,056
501,873
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Media — continued
TechTarget, Inc. *
13,530
462,320
Thryv Holdings, Inc. *
16,117
329,431
 
3,665,547
Metals & Mining — 1.6%
Alpha Metallurgical Resources, Inc.
5,460
2,179,850
Arch Resources, Inc.
8,716
1,542,383
Carpenter Technology Corp.
23,995
1,477,852
Century Aluminum Co. *
26,606
296,657
Coeur Mining, Inc. *
196,475
528,518
Compass Minerals International, Inc.
17,596
395,734
Ivanhoe Electric, Inc. *
38,379
320,848
Kaiser Aluminum Corp.
8,239
534,711
Materion Corp.
10,714
1,253,217
Ryerson Holding Corp.
15,040
516,173
Schnitzer Steel Industries, Inc., Class A
13,417
353,270
Warrior Met Coal, Inc.
26,785
1,718,793
 
11,118,006
Mortgage Real Estate Investment Trusts (REITs) — 1.5%
Apollo Commercial Real Estate Finance, Inc.
64,767
722,800
Arbor Realty Trust, Inc. (a)
92,925
1,235,902
ARMOUR Residential REIT, Inc.
24,424
465,277
Brightspire Capital, Inc.
67,137
480,029
Chimera Investment Corp.
117,050
561,840
Claros Mortgage Trust, Inc. (a)
59,969
704,036
Franklin BSP Realty Trust, Inc.
42,352
542,953
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)
56,477
1,343,588
KKR Real Estate Finance Trust, Inc.
29,915
366,160
Ladder Capital Corp.
58,911
643,897
MFA Financial, Inc.
52,325
579,235
New York Mortgage Trust, Inc.
46,263
362,702
PennyMac Mortgage Investment Trust (a)
42,321
606,883
Ready Capital Corp.
88,894
832,937
Redwood Trust, Inc.
61,259
411,048
Two Harbors Investment Corp.
47,658
593,819
 
10,453,106
Office REITs — 1.7%
Brandywine Realty Trust
88,332
418,694
COPT Defense Properties
58,055
1,367,776
Douglas Emmett, Inc.
79,811
1,081,439
Easterly Government Properties, Inc.
49,112
603,095
Equity Commonwealth
54,906
1,049,254
Highwoods Properties, Inc.
54,503
1,251,934
Hudson Pacific Properties, Inc.
72,711
595,503
JBG SMITH Properties
45,313
725,008
Paramount Group, Inc.
94,923
450,884
Piedmont Office Realty Trust, Inc., Class A
63,623
432,636
SL Green Realty Corp. (a)
33,307
1,497,150
Vornado Realty Trust
87,610
2,382,116
 
11,855,489
Oil, Gas & Consumable Fuels — 3.0%
Callon Petroleum Co. *
31,114
999,382
Clean Energy Fuels Corp. *
88,294
260,467
CNX Resources Corp. *
81,802
1,652,400
CONSOL Energy, Inc.
14,558
1,377,187
CVR Energy, Inc.
17,499
590,241
Delek US Holdings, Inc.
30,904
835,335
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Dorian LPG Ltd.
17,825
667,368
Equitrans Midstream Corp.
223,633
2,278,820
Granite Ridge Resources, Inc.
33,032
181,015
Green Plains, Inc. *
30,592
634,172
Gulfport Energy Corp. *
6,333
803,658
HighPeak Energy, Inc. (a)
11,118
151,761
International Seaways, Inc.
18,142
973,137
Kinetik Holdings, Inc.
8,996
292,550
Kosmos Energy Ltd. (Ghana) *
228,012
1,381,753
NextDecade Corp. *
47,475
241,648
Northern Oil and Gas, Inc.
47,754
1,599,759
Par Pacific Holdings, Inc. *
31,106
1,138,168
Sitio Royalties Corp.
42,002
895,903
Talos Energy, Inc. *
68,758
891,791
Uranium Energy Corp. *
184,812
1,411,964
Vital Energy, Inc. *
13,293
582,632
W&T Offshore, Inc. (a)
50,749
154,277
World Kinect Corp.
31,093
701,769
 
20,697,157
Paper & Forest Products — 0.1%
Sylvamo Corp.
18,144
842,426
Passenger Airlines — 0.6%
Allegiant Travel Co.
7,387
579,141
JetBlue Airways Corp. *
172,247
914,631
Joby Aviation, Inc. * (a)
216,596
1,182,614
SkyWest, Inc. *
20,708
1,102,908
Spirit Airlines, Inc. (a)
56,234
353,712
Sun Country Airlines Holdings, Inc. *
18,423
250,737
 
4,383,743
Personal Care Products — 0.4%
Edgewell Personal Care Co.
25,556
946,850
Herbalife Ltd. * (a)
50,054
603,151
Medifast, Inc.
5,603
306,204
Nu Skin Enterprises, Inc., Class A
25,346
470,422
USANA Health Sciences, Inc. *
5,802
271,649
 
2,598,276
Pharmaceuticals — 1.6%
Amphastar Pharmaceuticals, Inc. *
19,372
1,033,690
Amylyx Pharmaceuticals, Inc. *
23,363
373,808
ANI Pharmaceuticals, Inc. *
8,718
486,639
Arvinas, Inc. *
23,265
965,498
Cassava Sciences, Inc. * (a)
21,790
521,871
Corcept Therapeutics, Inc. * (a)
48,591
1,025,270
Cymabay Therapeutics, Inc. *
56,504
1,328,409
Harmony Biosciences Holdings, Inc. * (a)
19,052
600,900
Innoviva, Inc. *
29,187
472,829
Ligand Pharmaceuticals, Inc. *
8,999
657,827
Neumora Therapeutics, Inc. * (a)
40,231
599,442
Pacira BioSciences, Inc. *
23,882
778,314
Pliant Therapeutics, Inc. *
24,245
434,470
Revance Therapeutics, Inc. *
41,533
208,911
Supernus Pharmaceuticals, Inc. *
27,219
753,422
Tilray Brands, Inc. (Canada) * (a)
377,005
689,919
Ventyx Biosciences, Inc. *
22,997
48,524
 
10,979,743
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Professional Services — 1.8%
CBIZ, Inc. *
24,402
1,553,431
Conduent, Inc. *
87,822
316,159
CSG Systems International, Inc.
15,236
766,523
First Advantage Corp.
26,190
428,730
Huron Consulting Group, Inc. *
9,103
942,434
ICF International, Inc.
9,737
1,353,832
Kelly Services, Inc., Class A
16,214
333,198
Kforce, Inc.
9,633
658,416
Korn Ferry
25,731
1,509,638
Legalzoom.com, Inc. *
60,931
628,199
NV5 Global, Inc. *
7,321
767,900
Planet Labs PBC *
104,843
236,945
Sterling Check Corp. *
15,894
216,794
TTEC Holdings, Inc.
10,125
206,347
Upwork, Inc. *
64,414
883,116
Verra Mobility Corp. *
85,442
2,042,918
 
12,844,580
Real Estate Management & Development — 1.1%
Compass, Inc., Class A *
169,327
582,485
Cushman & Wakefield plc *
79,142
832,574
DigitalBridge Group, Inc.
75,520
1,483,213
eXp World Holdings, Inc. (a)
41,533
514,178
Forestar Group, Inc. *
9,431
294,813
Kennedy-Wilson Holdings, Inc.
56,904
594,647
Marcus & Millichap, Inc.
12,578
479,096
Newmark Group, Inc., Class A
72,337
734,221
Opendoor Technologies, Inc. *
318,197
1,088,234
St. Joe Co. (The)
18,272
1,008,614
 
7,612,075
Residential REITs — 0.4%
Apartment Investment and Management Co., Class A *
65,724
488,329
Centerspace
7,817
428,059
Elme Communities
45,334
656,436
NexPoint Residential Trust, Inc.
12,101
369,686
Veris Residential, Inc.
41,330
630,283
 
2,572,793
Retail REITs — 1.4%
Acadia Realty Trust
47,190
805,061
Alexander's, Inc.
1,128
247,923
CBL & Associates Properties, Inc.
6,769
158,259
Getty Realty Corp.
25,664
709,866
InvenTrust Properties Corp.
33,509
832,029
Macerich Co. (The)
111,179
1,755,517
Retail Opportunity Investments Corp.
64,690
879,137
Saul Centers, Inc.
6,399
244,826
SITE Centers Corp.
97,931
1,304,441
Tanger, Inc.
53,699
1,444,503
Urban Edge Properties
60,811
1,050,206
 
9,431,768
Semiconductors & Semiconductor Equipment — 2.0%
Ambarella, Inc. *
20,428
1,073,696
Cohu, Inc. *
24,356
775,982
Credo Technology Group Holding Ltd. *
64,450
1,321,869
FormFactor, Inc. *
40,112
1,555,142
Ichor Holdings Ltd. *
14,946
541,045
Impinj, Inc. *
11,924
1,156,390
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
indie Semiconductor, Inc., Class A (China) *
73,706
447,395
Kulicke & Soffa Industries, Inc. (Singapore)
27,783
1,398,041
MaxLinear, Inc. *
39,367
819,621
Navitas Semiconductor Corp. *
61,258
351,008
PDF Solutions, Inc. *
14,855
463,476
Photronics, Inc. *
30,545
892,525
Semtech Corp. *
33,076
656,228
SiTime Corp. *
9,004
959,556
Ultra Clean Holdings, Inc. *
22,998
878,524
Veeco Instruments, Inc. *
28,943
922,703
 
14,213,201
Software — 8.0%
A10 Networks, Inc.
36,329
485,719
ACI Worldwide, Inc. *
56,094
1,686,747
Adeia, Inc.
54,925
666,789
Agilysys, Inc. *
11,318
947,430
Alarm.com Holdings, Inc. *
25,504
1,551,153
Alkami Technology, Inc. *
21,715
534,623
Alteryx, Inc., Class A *
31,539
1,496,841
Amplitude, Inc., Class A *
34,107
442,027
Appfolio, Inc., Class A *
10,771
2,361,649
Appian Corp., Class A *
15,917
519,372
Asana, Inc., Class A * (a)
42,536
740,977
Aurora Innovation, Inc. * (a)
364,808
1,090,776
AvePoint, Inc. *
51,486
396,442
Braze, Inc., Class A *
23,927
1,293,254
C3.ai, Inc., Class A * (a)
50,666
1,255,503
Cerence, Inc. *
20,818
416,776
Clear Secure, Inc., Class A
39,105
744,168
Clearwater Analytics Holdings, Inc., Class A *
56,643
1,067,721
CommVault Systems, Inc. *
22,549
2,067,292
E2open Parent Holdings, Inc. *
93,600
351,936
Everbridge, Inc. *
21,122
472,288
EverCommerce, Inc. *
10,804
105,231
Freshworks, Inc., Class A *
85,620
1,900,764
Gitlab, Inc., Class A *
46,415
3,300,571
HashiCorp, Inc., Class A *
54,341
1,187,894
Intapp, Inc. *
12,860
554,009
InterDigital, Inc.
12,596
1,323,210
Jamf Holding Corp. *
25,162
466,503
JFrog Ltd. (Israel) *
39,118
1,272,509
LiveRamp Holdings, Inc. *
33,809
1,334,779
Marathon Digital Holdings, Inc. * (a)
114,823
2,035,812
Matterport, Inc. *
133,607
300,616
MeridianLink, Inc. *
9,714
220,993
Model N, Inc. *
19,621
528,786
N-Able, Inc. *
35,311
458,337
nCino, Inc. *
31,550
993,194
PagerDuty, Inc. * (a)
45,749
1,083,336
Progress Software Corp.
21,557
1,224,653
PROS Holdings, Inc. *
22,221
764,847
Q2 Holdings, Inc. *
29,985
1,275,862
Rapid7, Inc. *
31,596
1,738,728
RingCentral, Inc., Class A *
38,475
1,303,918
Riot Platforms, Inc. * (a)
103,833
1,131,780
Samsara, Inc., Class A *
80,253
2,519,944
SolarWinds Corp. *
24,481
289,365
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Sprinklr, Inc., Class A *
53,803
671,461
Sprout Social, Inc., Class A * (a)
23,957
1,469,283
Varonis Systems, Inc. *
55,695
2,499,592
Verint Systems, Inc. *
33,056
981,433
Vertex, Inc., Class A *
23,222
563,366
Zeta Global Holdings Corp., Class A *
81,826
792,076
Zuora, Inc., Class A *
68,281
624,088
 
55,506,423
Specialized REITs — 0.4%
Four Corners Property Trust, Inc.
46,714
1,093,575
Outfront Media, Inc.
72,068
938,325
Uniti Group, Inc.
123,195
648,006
 
2,679,906
Specialty Retail — 3.2%
Abercrombie & Fitch Co., Class A *
23,730
2,418,087
American Eagle Outfitters, Inc.
93,671
1,856,559
Arko Corp.
36,592
285,418
Beyond, Inc. *
23,391
514,368
Boot Barn Holdings, Inc. * (a)
15,612
1,120,005
Buckle, Inc. (The)
16,264
604,858
Caleres, Inc.
17,360
544,583
Camping World Holdings, Inc., Class A
20,874
518,719
Carvana Co. * (a)
55,255
2,379,280
Foot Locker, Inc.
42,612
1,199,954
Guess?, Inc. (a)
14,876
332,330
Leslie's, Inc. *
91,792
615,924
Monro, Inc.
16,256
517,916
National Vision Holdings, Inc. *
40,411
768,213
ODP Corp. (The) *
18,692
955,909
Petco Health & Wellness Co., Inc. *
47,164
112,722
Revolve Group, Inc. *
20,451
294,699
Sally Beauty Holdings, Inc. *
54,905
676,430
Sonic Automotive, Inc., Class A
7,008
354,325
Upbound Group, Inc.
25,309
840,259
Urban Outfitters, Inc. *
30,177
1,146,726
Victoria's Secret & Co. *
35,726
930,662
Warby Parker, Inc., Class A *
38,286
488,147
Wayfair, Inc., Class A * (a)
46,121
2,317,580
Winmark Corp.
1,326
478,248
 
22,271,921
Technology Hardware, Storage & Peripherals — 0.3%
Corsair Gaming, Inc. *
24,027
305,864
IonQ, Inc. * (a)
87,972
903,472
Xerox Holdings Corp.
46,133
851,615
 
2,060,951
Textiles, Apparel & Luxury Goods — 1.2%
Carter's, Inc.
18,360
1,388,751
Figs, Inc., Class A * (a)
65,642
378,098
G-III Apparel Group Ltd. *
21,447
645,340
Hanesbrands, Inc. *
180,372
811,674
Kontoor Brands, Inc.
28,878
1,692,828
Levi Strauss & Co., Class A
47,928
780,268
Oxford Industries, Inc. (a)
8,025
761,813
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Steven Madden Ltd.
37,202
1,558,020
Wolverine World Wide, Inc.
41,064
343,295
 
8,360,087
Tobacco — 0.2%
Universal Corp.
12,561
727,910
Vector Group Ltd.
70,282
735,852
 
1,463,762
Trading Companies & Distributors — 1.7%
Boise Cascade Co.
20,447
2,769,751
Custom Truck One Source, Inc. *
30,735
201,007
Distribution Solutions Group, Inc. *
5,377
171,634
DNOW, Inc. *
53,006
534,830
FTAI Aviation Ltd.
51,169
2,760,568
Global Industrial Co.
8,324
354,020
GMS, Inc. *
20,140
1,694,982
H&E Equipment Services, Inc.
16,843
905,985
McGrath RentCorp
12,579
1,580,551
Xometry, Inc., Class A *
20,141
648,137
 
11,621,465
Water Utilities — 0.2%
Middlesex Water Co.
9,219
515,987
SJW Group
15,044
895,720
 
1,411,707
Wireless Telecommunication Services — 0.2%
Gogo, Inc. *
35,791
316,750
Telephone and Data Systems, Inc.
51,348
986,395
United States Cellular Corp. *
7,382
327,761
 
1,630,906
Total Common Stocks
(Cost $702,876,772)
687,351,255
 
NO. OF
RIGHTS
Rights — 0.0% ^
Biotechnology — 0.0% ^
Mirati Therapeutics, Inc., CVR ‡ *
(Cost $1)
39,448
27,613
 
SHARES
Short-Term Investments — 7.3%
Investment Companies — 1.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (c) (d)
(Cost $7,149,355)
7,149,355
7,149,355
Investment of Cash Collateral from Securities Loaned — 6.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (c) (d)
37,010,495
37,025,299
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
 INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (c) (d)
6,284,629
6,284,629
Total Investment of Cash Collateral from Securities Loaned
(Cost $43,309,928)
43,309,928
Total Short-Term Investments
(Cost $50,459,283)
50,459,283
Total Investments — 106.4%
(Cost $753,336,056)
737,838,151
Liabilities in Excess of Other Assets — (6.4)%
(44,169,732
)
NET ASSETS — 100.0%
693,668,419
 
Percentages indicated are based on net assets.
 
Abbreviations
 
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)
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
$40,035,433.
 
(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 January 31, 2024.
 
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
Russell 2000 E-Mini Index
62
03/15/2024
USD
6,061,740
81,393
 
Abbreviations
 
USD
United States Dollar
JPMorgan BetaBuilders U.S. Small Cap 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.
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: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Aerospace & Defense
$8,439,802
$—
$—
$8,439,802
Air Freight & Logistics
2,448,168
—
—
2,448,168
Automobile Components
12,695,949
—
—
12,695,949
Automobiles
1,086,501
—
—
1,086,501
Banks
70,965,968
—
—
70,965,968
Beverages
1,228,983
—
—
1,228,983
Biotechnology
50,433,697
—
—
(a)
50,433,697
Broadline Retail
3,857,972
—
—
3,857,972
JPMorgan BetaBuilders U.S. Small Cap 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
Building Products
$14,333,324
$—
$—
$14,333,324
Capital Markets
17,537,978
—
—
17,537,978
Chemicals
8,312,652
—
—
8,312,652
Commercial Services & Supplies
16,790,855
—
—
16,790,855
Communications Equipment
5,262,978
—
—
5,262,978
Construction & Engineering
7,668,485
—
—
7,668,485
Construction Materials
295,660
—
—
295,660
Consumer Finance
6,724,973
—
—
6,724,973
Consumer Staples Distribution & Retail
5,610,305
—
—
5,610,305
Containers & Packaging
1,087,995
—
—
1,087,995
Diversified Consumer Services
10,856,736
—
—
10,856,736
Diversified REITs
4,145,314
—
—
4,145,314
Diversified Telecommunication Services
2,351,480
—
—
2,351,480
Electric Utilities
1,863,963
—
—
1,863,963
Electrical Equipment
6,725,624
—
—
6,725,624
Electronic Equipment, Instruments & Components
14,279,118
—
—
14,279,118
Energy Equipment & Services
10,890,542
—
—
10,890,542
Entertainment
6,404,216
—
—
6,404,216
Financial Services
15,829,662
—
—
15,829,662
Food Products
4,551,738
—
—
4,551,738
Gas Utilities
1,834,270
—
—
1,834,270
Ground Transportation
5,337,609
—
—
5,337,609
Health Care Equipment & Supplies
16,763,709
—
—
16,763,709
Health Care Providers & Services
13,523,741
—
—
13,523,741
Health Care REITs
4,546,511
—
—
4,546,511
Health Care Technology
3,551,001
—
—
3,551,001
Hotel & Resort REITs
7,219,790
—
—
7,219,790
Hotels, Restaurants & Leisure
16,177,441
—
—
16,177,441
Household Durables
11,842,391
—
—
11,842,391
Household Products
5,315,072
—
—
5,315,072
Independent Power and Renewable Electricity
Producers
948,440
—
—
948,440
Industrial REITs
2,715,657
—
—
2,715,657
Insurance
13,462,003
—
—
13,462,003
Interactive Media & Services
6,366,695
—
—
6,366,695
IT Services
4,880,536
—
—
4,880,536
Leisure Products
2,898,312
—
—
2,898,312
Life Sciences Tools & Services
3,088,047
—
—
(a)
3,088,047
Machinery
21,918,121
—
—
21,918,121
Marine Transportation
2,006,233
—
—
2,006,233
Media
3,665,547
—
—
3,665,547
Metals & Mining
11,118,006
—
—
11,118,006
Mortgage Real Estate Investment Trusts (REITs)
10,453,106
—
—
10,453,106
Office REITs
11,855,489
—
—
11,855,489
Oil, Gas & Consumable Fuels
20,697,157
—
—
20,697,157
Paper & Forest Products
842,426
—
—
842,426
Passenger Airlines
4,383,743
—
—
4,383,743
JPMorgan BetaBuilders U.S. Small Cap 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
Personal Care Products
$2,598,276
$—
$—
$2,598,276
Pharmaceuticals
10,979,743
—
—
10,979,743
Professional Services
12,844,580
—
—
12,844,580
Real Estate Management & Development
7,612,075
—
—
7,612,075
Residential REITs
2,572,793
—
—
2,572,793
Retail REITs
9,431,768
—
—
9,431,768
Semiconductors & Semiconductor Equipment
14,213,201
—
—
14,213,201
Software
55,506,423
—
—
55,506,423
Specialized REITs
2,679,906
—
—
2,679,906
Specialty Retail
22,271,921
—
—
22,271,921
Technology Hardware, Storage & Peripherals
2,060,951
—
—
2,060,951
Textiles, Apparel & Luxury Goods
8,360,087
—
—
8,360,087
Tobacco
1,463,762
—
—
1,463,762
Trading Companies & Distributors
11,621,465
—
—
11,621,465
Water Utilities
1,411,707
—
—
1,411,707
Wireless Telecommunication Services
1,630,906
—
—
1,630,906
Total Common Stocks
687,351,255
—
—
(a)
687,351,255
Rights
—
—
27,613
27,613
Short-Term Investments
Investment Companies
7,149,355
—
—
7,149,355
Investment of Cash Collateral from Securities Loaned
43,309,928
—
—
43,309,928
Total Short-Term Investments
50,459,283
—
—
50,459,283
Total Investments in Securities
$737,810,538
$—
$27,613
$737,838,151
Appreciation in Other Financial Instruments
Futures Contracts
$81,393
$—
$—
$81,393
 
 
(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 Prime Money
Market Fund Class IM
Shares, 5.47%
$—
$—
$—
$—
$—
$—
—
$69
$—
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.51%
 (a) (b)
93,001,004
99,000,000
155,000,000
23,595
700
37,025,299
37,010,495
1,572,132
—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)
 
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 U.S. Government
Money Market Fund
Class IM Shares, 5.26%
 (a) (b)
$11,142,566
$70,809,191
$75,667,128
$—
$—
$6,284,629
6,284,629
$203,932
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.26%
 (a) (b)
3,209,614
16,114,610
12,174,869
—
—
7,149,355
7,149,355
78,594
—
Total
$107,353,184
$185,923,801
$242,841,997
$23,595
$700
$50,459,283
$1,854,727
$—
 
 
(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.