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JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited)

 

Investments

    Shares      Value ($)  

COMMON STOCKS — 98.2%

 

Aerospace & Defense — 1.1%

 

AAR Corp.*

      7,895        282,325  

Aerojet Rocketdyne Holdings, Inc.

      17,709        835,511  

AeroVironment, Inc.*

      5,337        539,571  

Kaman Corp.

      6,612        293,242  

Kratos Defense & Security Solutions, Inc.*

      29,430        800,496  

Maxar Technologies, Inc.

      17,081        619,528  

National Presto Industries, Inc.

      1,240        119,635  

PAE, Inc.*

      14,826        132,248  

Parsons Corp.*

      5,599        216,233  

Virgin Galactic Holdings, Inc.*(a)

      31,470        943,785  
     

 

 

  
        4,782,574  
     

 

 

  

Air Freight & Logistics — 0.4%

 

Air Transport Services Group, Inc.*

      14,461        349,956  

Atlas Air Worldwide Holdings, Inc.*

      6,554        438,922  

Forward Air Corp.

      6,491        574,064  

Hub Group, Inc., Class A*

      8,025        531,897  
     

 

 

  
        1,894,839  
     

 

 

  

Airlines — 0.4%

 

Hawaiian Holdings, Inc.*

      12,152        239,759  

SkyWest, Inc.*

      11,968        484,584  

Spirit Airlines, Inc.*

      25,770        695,275  

Sun Country Airlines Holdings, Inc.*

      5,299        172,164  
     

 

 

  
        1,591,782  
     

 

 

  

Auto Components — 1.1%

 

American Axle & Manufacturing Holdings, Inc.*

      27,098        262,580  

Dorman Products, Inc.*

      6,784        686,201  

Gentherm, Inc.*

      7,875        653,074  

Goodyear Tire & Rubber Co. (The)*

      66,332        1,042,076  

LCI Industries

      6,007        875,941  

Patrick Industries, Inc.

      5,312        438,930  

Veoneer, Inc. (Sweden)*(a)

      22,323        699,156  
     

 

 

  
        4,657,958  
     

 

 

  

Automobiles — 0.4%

 

Canoo, Inc.*

      33,872        275,379  

Fisker, Inc.*(a)

      38,726        624,263  

Lordstown Motors Corp.*(a)

      25,188        157,173  

Winnebago Industries, Inc.

      7,987        574,026  

Workhorse Group, Inc.*(a)

      25,786        297,571  
     

 

 

  
        1,928,412  
     

 

 

  

Banks — 6.7%

 

1st Source Corp.

      4,148        189,937  

Ameris Bancorp

      16,574        805,662  

Atlantic Union Bankshares Corp.

      18,785        666,304  

BancFirst Corp.

      4,443        246,498  

BancorpSouth Bank

      22,935        591,723  

Banner Corp.

      8,271        438,694  

Berkshire Hills Bancorp, Inc.

      12,174        329,185  

Brookline Bancorp, Inc.

      18,589        267,124  

Cadence BanCorp

      29,646        563,274  

Cathay General Bancorp

      17,803        674,200  

Central Pacific Financial Corp.

      6,724        172,134  

CIT Group, Inc.

      23,546        1,135,859  

City Holding Co.

      3,728        282,060  

Columbia Banking System, Inc.

      17,051        595,762  

Community Bank System, Inc.

      12,808        917,565  

Community Trust Bancorp, Inc.

      3,599        143,096  

CVB Financial Corp.

      30,371        578,871  

Dime Community Bancshares, Inc.

      8,406        277,566  

Eagle Bancorp, Inc.

      7,601        418,283  

Eastern Bankshares, Inc.

      44,397        810,245  

FB Financial Corp.

      7,993        302,215  

First BanCorp (Puerto Rico)

      51,258        621,760  

First Busey Corp.

      11,741        277,088  

First Commonwealth Financial Corp.

      22,871        301,211  

First Financial Bancorp

      23,126        520,335  

First Interstate BancSystem, Inc., Class A

      8,206        343,996  

First Merchants Corp.

      12,929        526,598  

First Midwest Bancorp, Inc.

      27,177        487,555  

Fulton Financial Corp.

      38,652        592,149  

Great Western Bancorp, Inc.

      13,099        403,449  

Heartland Financial USA, Inc.

      9,324        425,361  

Hilltop Holdings, Inc.

      15,471        490,121  

Hope Bancorp, Inc.

      29,371        389,166  

Independent Bank Corp.

      7,848        554,697  

Independent Bank Group, Inc.

      8,729        608,411  

International Bancshares Corp.

      13,256        518,044  

Live Oak Bancshares, Inc.

      7,393        444,985  

National Bank Holdings Corp., Class A

      7,315        259,390  

NBT Bancorp, Inc.

      10,325        359,826  

OFG Bancorp (Puerto Rico)

      12,274        283,529  

Old National Bancorp

      39,397        633,898  

Origin Bancorp, Inc.

      5,189        211,089  

Pacific Premier Bancorp, Inc.

      22,504        854,702  

Park National Corp.

      3,382        385,244  

Renasant Corp.

      13,384        470,849  

S&T Bancorp, Inc.

      9,355        275,505  

Sandy Spring Bancorp, Inc.

      11,235        467,264  

Seacoast Banking Corp. of Florida

      13,141        399,355  

ServisFirst Bancshares, Inc.

      11,199        796,025  

Silvergate Capital Corp., Class A*

      4,942        508,038  

Simmons First National Corp., Class A

      25,758        701,133  

South State Corp.

      16,892        1,162,845  

Tompkins Financial Corp.

      2,872        220,426  

Towne Bank

      15,367        458,090  

Triumph Bancorp, Inc.*

      5,381        412,507  

Trustmark Corp.

      15,075        452,552  

United Community Banks, Inc.

      20,633        594,437  

Washington Trust Bancorp, Inc.

      4,111        200,411  

WesBanco, Inc.

      16,001        516,512  

Westamerica BanCorp

      6,386        354,742  
     

 

 

  
        28,889,552  
     

 

 

  

Beverages — 0.2%

 

Coca-Cola Consolidated, Inc.

      1,102        439,863  

Duckhorn Portfolio, Inc. (The)*

      4,645        102,051  

MGP Ingredients, Inc.

      3,133        186,883  
     

 

 

  
        728,797  
     

 

 

  

Biotechnology — 7.6%

 

4D Molecular Therapeutics, Inc.*

      2,099        52,202  

Akero Therapeutics, Inc.*(a)

      4,223        90,541  

Alector, Inc.*

      12,515        300,798  

Alkermes plc*

      38,139        986,656  

Allakos, Inc.*

      7,643        608,077  

Allogene Therapeutics, Inc.*

      15,810        347,030  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Allovir, Inc.*

      4,023        77,000  

ALX Oncology Holdings, Inc.*

      2,770        162,211  

Amicus Therapeutics, Inc.*

      63,250        587,593  

AnaptysBio, Inc.*

      5,074        116,601  

Annexon, Inc.*

      3,729        78,533  

Apellis Pharmaceuticals, Inc.*

      13,965        893,620  

Applied Molecular Transport, Inc.*(a)

      4,188        117,390  

Arcus Biosciences, Inc.*

      10,633        333,983  

Arcutis Biotherapeutics, Inc.*

      6,567        153,208  

Arena Pharmaceuticals, Inc.*

      14,418        891,897  

Atara Biotherapeutics, Inc.*

      19,986        254,822  

Avidity Biosciences, Inc.*

      3,936        76,004  

Beam Therapeutics, Inc.*(a)

      6,989        642,988  

BioAtla, Inc.*

      2,602        106,656  

BioCryst Pharmaceuticals, Inc.*

      42,243        680,957  

Biohaven Pharmaceutical Holding Co. Ltd.*

      13,146        1,656,527  

Bioxcel Therapeutics, Inc.*

      3,568        91,305  

Black Diamond Therapeutics, Inc.*

      3,781        36,146  

Brooklyn ImmunoTherapeutics, Inc.*

      4,868        55,933  

C4 Therapeutics, Inc.*

      3,386        146,072  

CareDx, Inc.*

      12,370        1,039,575  

CEL-SCI Corp.*

      9,728        78,116  

Cerevel Therapeutics Holdings, Inc.*

      12,100        298,144  

Coherus Biosciences, Inc.*

      15,850        206,843  

Cortexyme, Inc.*

      3,166        178,911  

Cullinan Oncology, Inc.*

      3,106        71,221  

Deciphera Pharmaceuticals, Inc.*

      9,643        294,015  

DermTech, Inc.*

      5,781        194,588  

Design Therapeutics, Inc.*

      2,909        45,031  

Dicerna Pharmaceuticals, Inc.*

      15,906        596,634  

Dynavax Technologies Corp.*(a)

      24,242        226,420  

Dyne Therapeutics, Inc.*

      4,378        79,110  

Eagle Pharmaceuticals, Inc.*

      2,770        128,805  

Editas Medicine, Inc.*

      16,127        675,076  

Emergent BioSolutions, Inc.*

      10,830        713,697  

Enanta Pharmaceuticals, Inc.*

      4,272        180,492  

Epizyme, Inc.*

      22,061        146,264  

Esperion Therapeutics, Inc.*

      6,700        103,113  

Forma Therapeutics Holdings, Inc.*

      4,841        110,810  

G1 Therapeutics, Inc.*

      7,702        133,322  

Generation Bio Co.*

      5,114        111,178  

Gossamer Bio, Inc.*

      11,371        89,376  

Heron Therapeutics, Inc.*

      21,787        269,287  

IGM Biosciences, Inc.*

      1,700        115,617  

Immunovant, Inc.*

      11,881        124,275  

Inovio Pharmaceuticals, Inc.*

      49,517        415,943  

Insmed, Inc.*

      26,976        663,610  

Instil Bio, Inc.*

      3,979        59,884  

Intellia Therapeutics, Inc.*

      15,807        2,242,223  

Intercept Pharmaceuticals, Inc.*

      6,309        109,020  

Ironwood Pharmaceuticals, Inc.*

      38,505        510,961  

iTeos Therapeutics, Inc.*

      2,670        64,160  

Karuna Therapeutics, Inc.*

      4,483        512,048  

Karyopharm Therapeutics, Inc.*

      15,527        129,340  

Keros Therapeutics, Inc.*

      2,213        81,438  

Kinnate Biopharma, Inc.*

      2,997        64,675  

Kronos Bio, Inc.*

      3,199        65,420  

Kura Oncology, Inc.*

      15,753        298,362  

Kymera Therapeutics, Inc.*

      3,310        199,196  

MacroGenics, Inc.*

      14,275        356,304  

Madrigal Pharmaceuticals, Inc.*

      2,366        206,599  

MiMedx Group, Inc.*

      23,415        287,068  

Molecular Templates, Inc.*

      9,600        67,200  

Morphic Holding, Inc.*

      3,527        203,226  

Myovant Sciences Ltd.*(a)

      9,569        196,356  

Myriad Genetics, Inc.*

      18,318        579,398  

Nkarta, Inc.*

      3,904        123,991  

Nurix Therapeutics, Inc.*

      3,164        97,261  

Ocugen, Inc.*(a)

      47,122        316,189  

Olema Pharmaceuticals, Inc.*

      2,766        64,946  

OPKO Health, Inc.*

      103,549        356,209  

Organogenesis Holdings, Inc.*

      11,890        182,393  

ORIC Pharmaceuticals, Inc.*

      3,404        56,677  

Passage Bio, Inc.*

      5,901        69,632  

PMV Pharmaceuticals, Inc.*

      2,891        98,323  

Praxis Precision Medicines, Inc.*

      3,736        58,282  

Precigen, Inc.*(a)

      22,081        121,225  

Prelude Therapeutics, Inc.*

      2,787        89,295  

PTC Therapeutics, Inc.*

      16,749        641,989  

Radius Health, Inc.*

      11,229        169,895  

REGENXBIO, Inc.*

      8,285        267,771  

Replimune Group, Inc.*

      6,202        202,991  

REVOLUTION Medicines, Inc.*

      11,351        325,093  

Rocket Pharmaceuticals, Inc.*

      10,552        377,973  

Rubius Therapeutics, Inc.*

      10,403        223,560  

Sangamo Therapeutics, Inc.*

      28,391        271,986  

Seres Therapeutics, Inc.*

      13,514        95,949  

Shattuck Labs, Inc.*

      2,987        65,833  

Silverback Therapeutics, Inc.*(a)

      2,905        87,963  

Sorrento Therapeutics, Inc.*(a)

      57,395        471,213  

SpringWorks Therapeutics, Inc.*

      6,535        560,050  

Stoke Therapeutics, Inc.*

      4,799        137,395  

Taysha Gene Therapies, Inc.*

      1,979        34,217  

TG Therapeutics, Inc.*

      27,579        964,989  

Turning Point Therapeutics, Inc.*

      10,286        656,453  

uniQure NV (Netherlands)*

      9,185        266,457  

Vaxcyte, Inc.*

      4,274        92,660  

Veracyte, Inc.*

      15,985        712,292  

Vericel Corp.*

      11,016        583,187  

Vor BioPharma, Inc.*

      2,469        30,912  

Xencor, Inc.*

      13,841        426,026  

Y-mAbs Therapeutics, Inc.*

      6,421        212,535  

Zentalis Pharmaceuticals, Inc.*

      4,224        224,759  
     

 

 

  
        32,805,672  
     

 

 

  

Building Products — 1.5%

 

AAON, Inc.

      9,726        604,471  

American Woodmark Corp.*

      4,040        299,970  

Apogee Enterprises, Inc.

      6,129        243,137  

Cornerstone Building Brands, Inc.*

      10,159        170,874  

Gibraltar Industries, Inc.*

      7,756        579,218  

Griffon Corp.

      10,776        249,141  

Masonite International Corp.*

      5,825        659,157  

Quanex Building Products Corp.

      7,986        198,372  

Resideo Technologies, Inc.*

      34,200        1,008,900  

Simpson Manufacturing Co., Inc.

      10,326        1,161,469  

UFP Industries, Inc.

      14,698        1,091,474  

View, Inc.*

      14,446        87,976  
     

 

 

  
        6,354,159  
     

 

 

  

Capital Markets — 1.8%

 

AssetMark Financial Holdings, Inc.*

      4,010        104,661  

BGC Partners, Inc., Class A

      80,465        430,488  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Blucora, Inc.*

      11,507        194,008  

Brightsphere Investment Group, Inc.

      14,147        353,534  

Cohen & Steers, Inc.

      5,618        467,474  

Cowen, Inc., Class A

      6,387        255,352  

Diamond Hill Investment Group, Inc.

      694        119,542  

Focus Financial Partners, Inc., Class A*

      11,931        612,418  

Freedom Holding Corp. (Kazakhstan)*

      3,750        236,512  

Hamilton Lane, Inc., Class A

      7,679        714,147  

Houlihan Lokey, Inc.

      12,220        1,088,802  

Moelis & Co., Class A

      14,580        863,865  

Piper Sandler Cos.

      3,429        420,704  

PJT Partners, Inc., Class A

      5,849        457,216  

StepStone Group, Inc., Class A

      6,460        293,995  

Virtu Financial, Inc., Class A

      18,753        482,702  

Virtus Investment Partners, Inc.

      1,706        471,078  

WisdomTree Investments, Inc.

      26,669        164,814  
     

 

 

  
        7,731,312  
     

 

 

  

Chemicals — 2.2%

 

American Vanguard Corp.

      6,447        106,440  

Balchem Corp.

      7,711        1,040,137  

Chemours Co. (The)

      39,349        1,308,354  

Danimer Scientific, Inc.*

      14,845        247,615  

Ferro Corp.*

      19,643        408,574  

FutureFuel Corp.

      6,135        52,148  

GCP Applied Technologies, Inc.*

      11,503        267,445  

HB Fuller Co.

      12,423        802,774  

Innospec, Inc.

      5,850        517,433  

Koppers Holdings, Inc.*

      5,050        155,085  

Kraton Corp.*

      7,643        291,886  

Kronos Worldwide, Inc.

      5,222        72,638  

Livent Corp.*

      37,935        740,112  

Minerals Technologies, Inc.

      8,017        643,124  

PQ Group Holdings, Inc.

      12,365        192,399  

PureCycle Technologies, Inc.*

      17,574        260,271  

Quaker Chemical Corp.

      3,146        791,974  

Stepan Co.

      5,084        599,658  

Tredegar Corp.

      6,163        80,550  

Trinseo SA

      9,212        500,764  

Tronox Holdings plc, Class A

      26,235        483,511  
     

 

 

  
        9,562,892  
     

 

 

  

Commercial Services & Supplies — 1.8%

 

ABM Industries, Inc.

      15,949        741,469  

ACCO Brands Corp.

      22,698        202,920  

Brady Corp., Class A

      11,532        630,570  

BrightView Holdings, Inc.*

      7,249        116,201  

Casella Waste Systems, Inc., Class A*

      11,378        782,579  

CoreCivic, Inc., REIT*

      28,588        293,885  

Covanta Holding Corp.

      28,135        565,514  

Deluxe Corp.

      10,035        440,536  

Harsco Corp.*

      18,821        378,679  

Herman Miller, Inc.

      17,543        756,980  

HNI Corp.

      10,354        386,204  

Interface, Inc.

      14,031        202,327  

Matthews International Corp., Class A

      7,523        260,296  

Pitney Bowes, Inc.

      41,719        333,752  

Steelcase, Inc., Class A

      21,403        294,291  

UniFirst Corp.

      3,625        789,416  

US Ecology, Inc.*

      7,490        262,150  

Viad Corp.*

      4,867        223,152  
     

 

 

  
        7,660,921  
     

 

 

  

Communications Equipment — 0.5%

 

ADTRAN, Inc.

      11,503        257,782  

Calix, Inc.*

      13,451        629,238  

Cambium Networks Corp.*

      1,314        57,882  

EchoStar Corp., Class A*

      10,249        228,553  

Infinera Corp.*

      48,730        482,914  

NETGEAR, Inc.*

      7,241        248,004  

Plantronics, Inc.*

      9,051        282,301  
     

 

 

  
        2,186,674  
     

 

 

  

Construction & Engineering — 0.9%

 

API Group Corp.*(b)

      36,839        844,350  

Arcosa, Inc.

      11,451        627,057  

Comfort Systems USA, Inc.

      8,622        644,494  

Dycom Industries, Inc.*

      7,313        507,522  

Fluor Corp.*

      29,900        498,134  

Granite Construction, Inc.

      10,886        418,240  

Primoris Services Corp.

      12,004        358,920  

Tutor Perini Corp.*

      9,684        136,254  
     

 

 

  
        4,034,971  
     

 

 

  

Construction Materials — 0.2%

 

Summit Materials, Inc., Class A*

      27,900        937,440  
     

 

 

  

Consumer Finance — 0.9%

 

Encore Capital Group, Inc.*

      7,374        349,085  

Enova International, Inc.*

      8,738        289,141  

Navient Corp.

      42,670        871,748  

Nelnet, Inc., Class A

      5,011        377,328  

SoFi Technologies, Inc.*

      110,428        1,705,008  

World Acceptance Corp.*

      930        176,300  
     

 

 

  
        3,768,610  
     

 

 

  

Containers & Packaging — 0.1%

 

Greif, Inc., Class A

      6,308        382,391  

Pactiv Evergreen, Inc.

      9,683        140,113  
     

 

 

  
        522,504  
     

 

 

  

Distributors — 0.1%

 

Core-Mark Holding Co., Inc.

      10,733        461,948  
     

 

 

  

Diversified Consumer Services — 0.6%

 

2U, Inc.*

      17,684        767,486  

Adtalem Global Education, Inc.*

      11,748        426,922  

Houghton Mifflin Harcourt Co.*

      30,289        342,872  

Laureate Education, Inc., Class A*

      25,855        382,913  

OneSpaWorld Holdings Ltd. (Bahamas)*

      13,064        129,072  

Strategic Education, Inc.

      5,860        464,639  

Stride, Inc.*

      9,874        302,737  
     

 

 

  
        2,816,641  
     

 

 

  

Diversified Financial Services — 0.2%

 

Cannae Holdings, Inc.*

      20,481        680,993  
     

 

 

  

Diversified Telecommunication Services — 0.9%

 

ATN International, Inc.

      2,613        112,490  

Bandwidth, Inc., Class A*

      5,435        704,702  

Cincinnati Bell, Inc.*

      12,098        185,583  

Cogent Communications Holdings, Inc.

      10,059        780,679  

Globalstar, Inc.*

      157,613        217,506  

Iridium Communications, Inc.*

      27,923        1,179,188  

Liberty Latin America Ltd., Class A (Chile)*

      11,808        161,179  

Liberty Latin America Ltd., Class C (Chile)*

      36,437        503,924  
     

 

 

  
            3,845,251  
     

 

 

  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Electric Utilities — 0.3%

 

MGE Energy, Inc.

      8,594        671,363  

Otter Tail Corp.

      9,873        501,450  
     

 

 

  
        1,172,813  
     

 

 

  

Electrical Equipment — 0.9%

 

Atkore, Inc.*

      11,169        838,904  

AZZ, Inc.

      5,944        314,973  

Encore Wire Corp.

      4,902        384,464  

FTC Solar, Inc.*

      4,647        47,121  

FuelCell Energy, Inc.*

      76,647        485,175  

Romeo Power, Inc.*

      21,210        149,530  

Shoals Technologies Group, Inc., Class A*

      22,055        641,580  

TPI Composites, Inc.*

      7,766        303,961  

Vicor Corp.*

      5,059        584,871  
     

 

 

  
        3,750,579  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.7%

 

908 Devices, Inc.*

      1,622        50,687  

Advanced Energy Industries, Inc.

      9,130        947,238  

Aeva Technologies, Inc.*

      21,608        189,286  

Badger Meter, Inc.

      6,935        700,643  

Benchmark Electronics, Inc.

      8,514        224,770  

Fabrinet (Thailand)*

      8,768        828,751  

FARO Technologies, Inc.*

      4,314        314,447  

Insight Enterprises, Inc.*

      8,400        843,192  

Itron, Inc.*

      10,726        1,057,798  

Knowles Corp.*

      22,059        442,062  

Methode Electronics, Inc.

      9,137        437,023  

MicroVision, Inc.*

      37,547        517,022  

Novanta, Inc.*

      8,415        1,181,550  

OSI Systems, Inc.*

      3,975        397,699  

Ouster, Inc.*

      16,503        151,663  

Plexus Corp.*

      6,801        614,266  

Rogers Corp.*

      4,450        848,170  

Sanmina Corp.*

      15,473        594,473  

ScanSource, Inc.*

      6,056        167,085  

TTM Technologies, Inc.*

      23,697        331,521  

Velodyne Lidar, Inc.*(a)

      13,529        108,367  

Vishay Intertechnology, Inc.

      31,551        698,224  
     

 

 

  
        11,645,937  
     

 

 

  

Energy Equipment & Services — 1.2%

 

Archrock, Inc.

      30,765        264,887  

Cactus, Inc., Class A

      12,946        466,574  

ChampionX Corp.*

      44,509        1,034,389  

Core Laboratories NV

      11,005        367,127  

Dril-Quip, Inc.*

      8,425        240,787  

Frank’s International NV*

      29,232        80,388  

Helix Energy Solutions Group, Inc.*

      33,683        139,784  

Helmerich & Payne, Inc.

      25,645        735,242  

Liberty Oilfield Services, Inc., Class A*

      20,769        211,636  

NexTier Oilfield Solutions, Inc.*

      38,423        146,776  

Oceaneering International, Inc.*

      23,712        314,421  

Patterson-UTI Energy, Inc.

      44,643        358,037  

ProPetro Holding Corp.*

      19,450        146,847  

RPC, Inc.*

      13,846        58,153  

Transocean Ltd.*

      137,943        497,974  
     

 

 

  
        5,063,022  
     

 

 

  

Entertainment — 0.6%

 

Cinemark Holdings, Inc.*(a)

      25,858        401,575  

IMAX Corp.*

      11,712        189,032  

Liberty Media Corp.-Liberty Braves, Class C*

      8,569        226,650  

Madison Square Garden Entertainment Corp.*

      5,970        417,661  

Warner Music Group Corp., Class A

      22,239        840,412  

World Wrestling Entertainment, Inc., Class A

      10,756        531,131  
     

 

 

  
        2,606,461  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 6.6%

 

Acadia Realty Trust

      20,516        439,042  

Agree Realty Corp.

      16,200        1,217,430  

Alexander & Baldwin, Inc.

      17,213        344,604  

Alexander’s, Inc.

      511        142,487  

American Assets Trust, Inc.

      11,933        440,686  

American Finance Trust, Inc.

      25,873        219,144  

Apartment Income REIT Corp.

      37,279        1,962,367  

Apartment Investment and Management Co., Class A

      35,673        248,284  

Brandywine Realty Trust

      40,619        567,041  

Broadstone Net Lease, Inc.

      37,039        963,755  

CareTrust REIT, Inc.

      23,004        554,856  

Centerspace

      3,088        277,920  

Columbia Property Trust, Inc.

      27,309        455,241  

Corporate Office Properties Trust

      26,699        786,019  

DiamondRock Hospitality Co.*

      49,982        430,345  

Diversified Healthcare Trust

      56,642        220,904  

Easterly Government Properties, Inc.

      19,938        452,593  

Empire State Realty Trust, Inc., Class A

      33,515        383,076  

Essential Properties Realty Trust, Inc.

      27,931        832,344  

Four Corners Property Trust, Inc.

      18,107        519,852  

Franklin Street Properties Corp.

      22,960        119,851  

GEO Group, Inc. (The)(a)

      28,916        200,099  

Getty Realty Corp.

      8,864        280,014  

Global Net Lease, Inc.

      22,675        418,807  

Independence Realty Trust, Inc.

      24,280        468,118  

Industrial Logistics Properties Trust

      15,520        420,592  

Innovative Industrial Properties, Inc.

      5,685        1,222,218  

iStar, Inc.

      17,406        421,747  

Kite Realty Group Trust

      20,080        404,813  

Lexington Realty Trust

      65,997        867,860  

LTC Properties, Inc.

      9,356        354,125  

Macerich Co. (The)

      39,762        648,121  

Mack-Cali Realty Corp.*

      20,490        368,820  

Monmouth Real Estate Investment Corp.

      23,370        444,965  

National Storage Affiliates Trust

      18,472        1,000,628  

Office Properties Income Trust

      11,485        332,835  

Physicians Realty Trust

      51,225        970,714  

PotlatchDeltic Corp.

      15,938        827,820  

QTS Realty Trust, Inc., Class A

      16,346        1,270,248  

Retail Opportunity Investments Corp.

      28,235        498,912  

Retail Properties of America, Inc., Class A

      51,047        643,703  

RPT Realty

      19,290        245,755  

Safehold, Inc.

      3,420        308,894  

Saul Centers, Inc.

      3,076        140,266  

Seritage Growth Properties, Class A*

      9,449        149,956  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Service Properties Trust

      39,180        436,073  

Summit Hotel Properties, Inc.*

      25,228        227,304  

Tanger Factory Outlet Centers, Inc.

      23,962        411,427  

Terreno Realty Corp.

      16,535        1,130,333  

Universal Health Realty Income Trust

      3,041        181,700  

Urban Edge Properties

      26,148        496,812  

Urstadt Biddle Properties, Inc., Class A

      7,156        136,465  

Washington

      20,110        488,472  

Xenia Hotels & Resorts, Inc.*

      27,056        478,350  
     

 

 

  
        28,474,807  
     

 

 

  

Food & Staples Retailing — 0.4%

 

Andersons, Inc. (The)

      7,444        198,755  

Grocery Outlet Holding Corp.*

      20,705        685,750  

Rite Aid Corp.*

      13,097        199,074  

SpartanNash Co.

      8,612        167,503  

United Natural Foods, Inc.*

      13,380        443,146  

Weis Markets, Inc.

      3,903        205,493  
     

 

 

  
        1,899,721  
     

 

 

  

Food Products — 1.1%

 

AppHarvest, Inc.*(a)

      14,540        173,317  

B&G Foods, Inc.(a)

      15,394        442,116  

Calavo Growers, Inc.

      3,956        222,881  

Cal-Maine Foods, Inc.

      8,898        310,451  

Fresh Del Monte Produce, Inc.

      7,227        223,025  

Hostess Brands, Inc.*

      31,209        502,153  

J&J Snack Foods Corp.

      3,571        587,001  

Sanderson Farms, Inc.

      4,726        883,006  

Simply Good Foods Co. (The)*

      20,030        750,724  

Tattooed Chef, Inc.*

      9,062        178,703  

Tootsie Roll Industries, Inc.

      4,186        143,957  

Utz Brands, Inc.

      12,918        292,463  

Vital Farms, Inc.*

      3,706        64,521  
     

 

 

  
        4,774,318  
     

 

 

  

Gas Utilities — 0.4%

 

Chesapeake Utilities Corp.

      4,170        519,540  

Northwest Natural Holding Co.

      7,284        380,880  

South Jersey Industries, Inc.

      26,721        672,568  
     

 

 

  
        1,572,988  
     

 

 

  

Health Care Equipment & Supplies — 2.8%

 

AtriCure, Inc.*

      10,849        916,307  

Atrion Corp.

      333        209,437  

Avanos Medical, Inc.*

      11,428        433,578  

Axogen, Inc.*

      8,481        172,758  

Axonics, Inc.*

      8,204        557,462  

BioLife Solutions, Inc.*

      7,488        351,187  

Butterfly Network, Inc.*(a)

      30,570        328,322  

Cardiovascular Systems, Inc.*

      9,548        384,689  

CONMED Corp.

      6,916        953,993  

CryoPort, Inc.*

      10,861        670,341  

Eargo, Inc.*

      2,483        89,388  

Establishment Labs Holdings, Inc. (Costa Rica)*

      5,122        406,123  

Glaukos Corp.*

      10,999        560,949  

Inogen, Inc.*

      4,422        352,743  

Integer Holdings Corp.*

      7,835        766,968  

Meridian Bioscience, Inc.*

      10,303        211,212  

Merit Medical Systems, Inc.*

      11,714        821,034  

Natus Medical, Inc.*

      8,097        216,190  

Neogen Corp.*

      25,531        1,112,130  

Orthofix Medical, Inc.*

      4,646        184,632  

Outset Medical, Inc.*

      4,703        192,635  

Pulmonx Corp.*

      2,496        98,991  

Shockwave Medical, Inc.*

      7,564        1,376,648  

Silk Road Medical, Inc.*

      8,199        411,426  

SmileDirectClub, Inc.*(a)

      21,081        148,832  

Treace Medical Concepts, Inc.*

      2,756        83,397  

Varex Imaging Corp.*

      9,341        255,009  
     

 

 

  
        12,266,381  
     

 

 

  

Health Care Providers & Services — 2.8%

 

Accolade, Inc.*

      3,908        182,933  

AdaptHealth Corp.*

      22,732        508,970  

Addus HomeCare Corp.*

      3,587        311,316  

AMN Healthcare Services, Inc.*

      11,232        1,129,490  

Apria, Inc.*

      1,763        55,587  

Aveanna Healthcare Holdings, Inc.*

      9,197        95,097  

Brookdale Senior Living, Inc.*

      44,014        330,985  

Castle Biosciences, Inc.*

      4,411        308,108  

Clover Health Investments Corp.*

      26,434        213,322  

Community Health Systems, Inc.*

      29,528        393,313  

CorVel Corp.*

      2,163        304,594  

Covetrus, Inc.*

      23,702        603,453  

Ensign Group, Inc. (The)

      12,284        1,045,000  

Fulgent Genetics, Inc.*

      4,207        388,096  

Hanger, Inc.*

      9,158        224,737  

Hims & Hers Health, Inc.*

      15,697        124,163  

Magellan Health, Inc.*

      5,535        522,061  

MEDNAX, Inc.*

      20,490        596,669  

ModivCare, Inc.*

      2,900        493,000  

National HealthCare Corp.

      2,927        227,282  

National Research Corp.

      3,205        169,160  

Option Care Health, Inc.*

      24,370        504,946  

Owens & Minor, Inc.

      17,863        826,164  

Progyny, Inc.*

      8,837        492,133  

Select Medical Holdings Corp.

      25,640        1,011,498  

Surgery Partners, Inc.*

      7,254        395,778  

Tivity Health, Inc.*

      9,013        226,046  

Triple-S Management Corp. (Puerto Rico)*

      5,628        136,929  

US Physical Therapy, Inc.

      3,062        361,806  
     

 

 

  
        12,182,636  
     

 

 

  

Health Care Technology — 1.2%

 

Allscripts Healthcare Solutions, Inc.*

      33,556        573,136  

Evolent Health, Inc., Class A*

      18,808        431,456  

GoodRx Holdings, Inc., Class A*(a)

      14,882        477,266  

Health Catalyst, Inc.*

      7,939        460,938  

Inovalon Holdings, Inc., Class A*

      18,493        700,515  

NextGen Healthcare, Inc.*

      13,228        214,558  

Omnicell, Inc.*

      10,270        1,504,555  

Phreesia, Inc.*

      8,762        598,883  

Tabula Rasa HealthCare, Inc.*

      5,373        230,824  
     

 

 

  
        5,192,131  
     

 

 

  

Hotels, Restaurants & Leisure — 1.6%

 

Bally’s Corp.*

      7,068        348,099  

BJ’s Restaurants, Inc.*

      5,526        224,245  

Bloomin’ Brands, Inc.*

      19,233        483,325  

Brinker International, Inc.*

      10,877        591,056  

Cheesecake Factory, Inc. (The)*

      10,964        496,231  

Dave & Buster’s Entertainment, Inc.*

      11,361        378,094  

Dine Brands Global, Inc.*

      4,076        315,768  

El Pollo Loco Holdings, Inc.*

      4,509        83,913  

Papa John’s International, Inc.

      7,867        897,782  

Red Rock Resorts, Inc., Class A*

      15,518        611,409  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

SeaWorld Entertainment, Inc.*

      12,217        579,208  

Shake Shack, Inc., Class A*

      8,641        868,766  

Wingstop, Inc.

      7,072        1,211,504  
     

 

 

  
        7,089,400  
     

 

 

  

Household Durables — 2.7%

 

Cavco Industries, Inc.*

      2,032        477,520  

Century Communities, Inc.

      6,973        484,275  

GoPro, Inc., Class A*

      29,733        304,466  

Helen of Troy Ltd.*

      5,813        1,298,566  

Installed Building Products, Inc.

      5,364        643,680  

iRobot Corp.*

      6,678        584,325  

KB Home

      21,121        896,375  

La-Z-Boy, Inc.

      11,003        369,481  

LGI Homes, Inc.*

      5,219        891,927  

M/I Homes, Inc.*

      6,937        448,893  

MDC Holdings, Inc.

      13,199        703,771  

Meritage Homes Corp.*

      8,998        977,003  

Purple Innovation, Inc.*

      14,497        381,851  

Skyline Champion Corp.*

      12,391        698,852  

Sonos, Inc.*

      23,400        781,092  

Taylor Morrison Home Corp.*

      30,653        822,114  

Tri Pointe Homes, Inc.*

      28,153        679,050  

Tupperware Brands Corp.*

      11,804        246,586  

Vizio Holding Corp., Class A*

      2,834        62,433  

Vuzix Corp.*

      13,343        197,476  
     

 

 

  
        11,949,736  
     

 

 

  

Household Products — 0.3%

 

Central Garden & Pet Co.*

      2,320        112,033  

Central Garden & Pet Co., Class A*

      9,433        408,543  

WD-40 Co.

      3,257        791,418  
     

 

 

  
        1,311,994  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.3%

 

Clearway Energy, Inc.

      7,484        201,694  

Clearway Energy, Inc., Class C

      18,272        524,041  

Sunnova Energy International, Inc.*

      15,438        588,188  
     

 

 

  
        1,313,923  
     

 

 

  

Industrial Conglomerates — 0.1%

 

Raven Industries, Inc.*

      8,538        497,339  
     

 

 

  

Insurance — 1.7%

 

Ambac Financial Group, Inc.*

      10,980        159,430  

American Equity Investment Life Holding Co.

      20,419        655,246  

AMERISAFE, Inc.

      4,593        262,720  

Argo Group International Holdings Ltd.

      8,273        431,271  

BRP Group, Inc., Class A*

      11,079        302,014  

eHealth, Inc.*

      6,210        322,982  

Employers Holdings, Inc.

      6,776        281,339  

Genworth Financial, Inc., Class A*

      120,478        402,397  

GoHealth, Inc., Class A*

      12,126        106,709  

Goosehead Insurance, Inc., Class A

      3,991        479,678  

Horace Mann Educators Corp.

      9,861        392,566  

James River Group Holdings Ltd.

      8,858        322,254  

Kinsale Capital Group, Inc.

      5,096        910,375  

MetroMile, Inc.*

      16,781        118,977  

Palomar Holdings, Inc.*

      5,167        420,749  

ProAssurance Corp.

      12,824        260,071  

Root, Inc., Class A*

      12,806        97,710  

Safety Insurance Group, Inc.

      3,386        259,435  

SiriusPoint Ltd. (Bermuda)*

      18,055        176,939  

Trupanion, Inc.*

      7,998        919,930  

United Fire Group, Inc.

      5,133        127,914  
     

 

 

  
        7,410,706  
     

 

 

  

Interactive Media & Services — 0.6%

 

Angi, Inc.*

      19,601        225,608  

Cars.com, Inc.*

      16,315        197,085  

Eventbrite, Inc., Class A*

      17,803        316,359  

fuboTV, Inc.*

      22,703        591,186  

MediaAlpha, Inc., Class A*

      5,236        174,883  

ZoomInfo Technologies, Inc., Class A*

      24,531        1,318,541  
     

 

 

  
        2,823,662  
     

 

 

  

Internet & Direct Marketing Retail — 0.8%

 

Groupon, Inc.*

      5,472        199,017  

Overstock.com, Inc.*

      10,220        711,721  

Porch Group, Inc.*

      17,837        330,519  

Quotient Technology, Inc.*

      18,866        204,885  

RealReal, Inc. (The)*

      14,457        238,685  

Revolve Group, Inc.*

      8,505        592,033  

Shutterstock, Inc.

      5,301        575,105  

Stitch Fix, Inc., Class A*

      15,228        821,094  
     

 

 

  
        3,673,059  
     

 

 

  

IT Services — 1.7%

 

Cass Information Systems, Inc.

      2,843        125,348  

Conduent, Inc.*

      40,898        274,426  

CSG Systems International, Inc.

      7,815        354,488  

EVERTEC, Inc. (Puerto Rico)

      14,234        622,026  

ExlService Holdings, Inc.*

      7,954        900,552  

Paya Holdings, Inc.*

      13,554        155,735  

Perficient, Inc.*

      7,852        740,365  

Repay Holdings Corp.*

      17,980        447,882  

Sabre Corp.*

      75,939        895,321  

Shift4 Payments, Inc., Class A*

      9,236        823,759  

Switch, Inc., Class A

      21,478        443,735  

Sykes Enterprises, Inc.*

      9,460        507,624  

TTEC Holdings, Inc.

      4,338        453,321  

Unisys Corp.*

      15,933        356,102  

Verra Mobility Corp.*

      32,422        496,381  
     

 

 

  
        7,597,065  
     

 

 

  

Leisure Products — 0.6%

 

Acushnet Holdings Corp.

      8,095        414,707  

Callaway Golf Co.*

      27,657        876,174  

Latham Group, Inc.*

      4,864        132,690  

Smith & Wesson Brands, Inc.

      12,662        296,924  

Sturm Ruger & Co., Inc.

      4,182        310,973  

Vista Outdoor, Inc.*

      13,731        554,595  
     

 

 

  
        2,586,063  
     

 

 

  

Life Sciences Tools & Services — 1.3%

 

Bionano Genomics, Inc.*

      66,287        393,082  

Medpace Holdings, Inc.*

      6,586        1,158,741  

NanoString Technologies, Inc.*

      10,744        665,483  

NeoGenomics, Inc.*

      28,030        1,292,183  

Pacific Biosciences of California, Inc.*

      47,155        1,516,033  

Personalis, Inc.*

      6,578        138,072  

Quanterix Corp.*

      6,476        344,200  

Seer, Inc.*

      3,099        98,982  
     

 

 

  
        5,606,776  
     

 

 

  

Machinery — 4.8%

 

Alamo Group, Inc.

      2,354        345,497  

Albany International Corp., Class A

      7,295        629,923  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Altra Industrial Motion Corp.

      14,475        907,293  

Astec Industries, Inc.

      5,401        331,135  

Chart Industries, Inc.*

      8,462        1,315,418  

Columbus McKinnon Corp.

      6,735        312,504  

Desktop Metal, Inc., Class A*

      34,655        311,895  

Enerpac Tool Group Corp.

      14,294        366,927  

EnPro Industries, Inc.

      4,894        455,729  

ESCO Technologies, Inc.

      6,188        583,962  

Evoqua Water Technologies Corp.*

      28,501        940,818  

Federal Signal Corp.

      14,390        569,988  

Franklin Electric Co., Inc.

      9,167        749,494  

Gorman-Rupp Co. (The)

      4,472        159,606  

Greenbrier Cos., Inc. (The)

      7,800        333,840  

Helios Technologies, Inc.

      7,277        588,345  

Hillenbrand, Inc.

      17,886        810,236  

Hydrofarm Holdings Group, Inc.*

      3,408        168,151  

Hyster-Yale Materials Handling, Inc.

      2,315        165,847  

John Bean Technologies Corp.

      7,545        1,105,946  

Kadant, Inc.

      2,750        495,357  

Lindsay Corp.

      2,595        416,991  

Meritor, Inc.*

      17,255        419,814  

Mueller Industries, Inc.

      13,580        589,372  

Mueller Water Products, Inc., Class A

      37,687        558,521  

Omega Flex, Inc.

      699        109,617  

Proto Labs, Inc.*

      6,584        514,803  

Rexnord Corp.

      28,460        1,603,152  

SPX Corp.*

      10,754        716,862  

SPX FLOW, Inc.

      10,038        824,622  

Standex International Corp.

      2,915        268,180  

Tennant Co.

      4,427        350,264  

Terex Corp.

      16,590        794,993  

TriMas Corp.*

      10,264        335,838  

Wabash National Corp.

      12,331        180,526  

Watts Water Technologies, Inc., Class A

      6,552        987,779  

Welbilt, Inc.*

      30,697        721,072  
     

 

 

  
        21,040,317  
     

 

 

  

Marine — 0.2%

 

Matson, Inc.

      10,327        693,148  
     

 

 

  

Media — 1.3%

 

AMC Networks, Inc., Class A*

      7,302        365,392  

Cardlytics, Inc.*

      7,812        983,999  

Clear Channel Outdoor Holdings, Inc.*

      111,928        297,728  

EW Scripps Co. (The), Class A

      13,717        261,720  

Gray Television, Inc.

      21,068        467,078  

iHeartMedia, Inc., Class A*

      26,587        687,274  

Loral Space & Communications, Inc. (Canada)

      3,052        108,010  

Meredith Corp.*

      9,647        420,995  

Scholastic Corp.

      7,147        240,211  

Sinclair Broadcast Group, Inc., Class A

      11,644        329,409  

TechTarget, Inc.*

      5,619        410,637  

TEGNA, Inc.

      52,480        929,946  
     

 

 

  
        5,502,399  
     

 

 

  

Metals & Mining — 1.3%

 

Allegheny Technologies, Inc.*

      30,241        620,848  

Arconic Corp.*

      23,275        836,503  

Carpenter Technology Corp.

      11,419        435,635  

Century Aluminum Co.*

      11,992        174,603  

Coeur Mining, Inc.*

      61,122        460,860  

Commercial Metals Co.

      28,650        939,720  

Hecla Mining Co.

      127,314        851,731  

Kaiser Aluminum Corp.

      3,766        458,247  

Materion Corp.

      4,847        345,882  

Schnitzer Steel Industries, Inc., Class A

      6,479        339,629  

Warrior Met Coal, Inc.

      12,221        228,166  
     

 

 

  
        5,691,824  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 1.3%

 

Apollo Commercial Real Estate Finance, Inc.

      30,593        465,625  

Arbor Realty Trust, Inc.

      29,419        537,779  

ARMOUR Residential REIT, Inc.

      16,939        176,166  

Brightspire Capital, Inc.

      19,126        181,888  

Broadmark Realty Capital, Inc.

      29,621        307,170  

Capstead Mortgage Corp.

      23,026        146,676  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

      18,699        1,062,103  

Invesco Mortgage Capital, Inc.

      67,527        232,293  

KKR Real Estate Finance Trust, Inc.

      6,478        138,046  

Ladder Capital Corp.

      30,035        343,000  

MFA Financial, Inc.

      104,899        489,878  

New York Mortgage Trust, Inc.

      90,161        394,004  

PennyMac Mortgage Investment Trust

      23,278        459,042  

Redwood Trust, Inc.

      26,865        318,888  

TPG RE Finance Trust, Inc.

      14,262        187,688  
     

 

 

  
        5,440,246  
     

 

 

  

Multiline Retail — 0.5%

 

Big Lots, Inc.

      7,589        437,202  

Dillard’s, Inc., Class A

      1,698        311,193  

Franchise Group, Inc.

      6,397        217,242  

Macy’s, Inc.*

      74,104        1,259,768  
     

 

 

  
        2,225,405  
     

 

 

  

Multi-Utilities — 0.2%

 

NorthWestern Corp.

      12,044        746,608  
     

 

 

  

Oil, Gas & Consumable Fuels — 3.5%

 

Antero Midstream Corp.

      68,087        646,826  

Antero Resources Corp.*

      66,025        897,940  

Arch Resources, Inc.*

      3,638        239,089  

Bonanza Creek Energy, Inc.

      4,529        174,231  

California Resources Corp.*

      18,218        512,108  

Callon Petroleum Co.*

      10,995        432,763  

Centennial Resource Development, Inc., Class A*

      43,808        228,240  

Clean Energy Fuels Corp.*

      27,567        207,028  

Comstock Resources, Inc.*

      13,261        80,627  

CVR Energy, Inc.

      6,930        94,664  

Delek US Holdings, Inc.

      17,213        299,162  

Denbury, Inc.*

      11,890        781,292  

EQT Corp.*

      66,345        1,220,085  

Extraction Oil & Gas, Inc.*

      6,123        272,412  

Gevo, Inc.*

      44,747        272,509  

Kosmos Energy Ltd. (Ghana)*

      97,004        224,079  

Magnolia Oil & Gas Corp., Class A*

      34,631        484,834  

Matador Resources Co.

      26,095        806,335  

Murphy Oil Corp.

      34,504        749,082  

Oasis Petroleum, Inc.

      4,777        438,099  

Ovintiv, Inc.

      62,053        1,592,280  

PBF Energy, Inc., Class A*

      22,856        209,590  

PDC Energy, Inc.

      23,611        933,815  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Range Resources Corp.*

      61,711        939,859  

Renewable Energy Group, Inc.*

      11,333        694,146  

SM Energy Co.

      26,043        487,004  

Southwestern Energy Co.*

      154,500        727,695  

Whiting Petroleum Corp.*

      9,285        435,466  
     

 

 

  
        15,081,260  
     

 

 

  

Paper & Forest Products — 0.2%

 

Glatfelter Corp.

      10,569        160,966  

Mercer International, Inc. (Germany)

      9,409        109,426  

Neenah, Inc.

      4,003        201,231  

Resolute Forest Products, Inc.

      18,804        224,520  

Schweitzer-Mauduit International, Inc.

      7,466        293,638  
     

 

 

  
        989,781  
     

 

 

  

Personal Products — 0.5%

 

Edgewell Personal Care Co.

      12,926        531,000  

elf Beauty, Inc.*

      9,212        254,343  

Inter Parfums, Inc.

      4,215        324,007  

Medifast, Inc.

      2,792        797,144  

USANA Health Sciences, Inc.*

      2,740        261,040  
     

 

 

  
        2,167,534  
     

 

 

  

Pharmaceuticals — 1.4%

 

Aclaris Therapeutics, Inc.*

      10,284        153,540  

Aerie Pharmaceuticals, Inc.*

      11,148        175,915  

Amneal Pharmaceuticals, Inc.*

      27,220        134,195  

Arvinas, Inc.*

      7,800        788,580  

Atea Pharmaceuticals, Inc.*

      2,950        73,868  

Cassava Sciences, Inc.*

      8,751        608,457  

Corcept Therapeutics, Inc.*

      24,954        518,295  

Edgewise Therapeutics, Inc.*

      2,692        47,137  

Endo International plc*

      55,457        280,612  

Innoviva, Inc.*

      14,945        211,920  

Intra-Cellular Therapies, Inc.*

      16,988        583,198  

Nektar Therapeutics*

      43,339        684,323  

NGM Biopharmaceuticals, Inc.*

      5,673        115,672  

Nuvation Bio, Inc.*

      15,001        129,609  

Phathom Pharmaceuticals, Inc.*

      3,130        100,473  

Pliant Therapeutics, Inc.*

      2,216        44,763  

Relmada Therapeutics, Inc.*

      3,357        87,282  

Revance Therapeutics, Inc.*

      15,810        459,755  

Supernus Pharmaceuticals, Inc.*

      12,601        331,784  

Theravance Biopharma, Inc.*

      12,100        157,058  

Zogenix, Inc.*

      13,269        215,091  
     

 

 

  
        5,901,527  
     

 

 

  

Professional Services — 1.3%

 

CBIZ, Inc.*

      12,637        408,681  

Exponent, Inc.

      12,394        1,327,273  

Forrester Research, Inc.*

      2,638        123,590  

Huron Consulting Group, Inc.*

      5,366        263,632  

ICF International, Inc.

      4,029        368,936  

Kelly Services, Inc., Class A*

      7,962        174,527  

Korn Ferry

      12,836        882,347  

ManTech International Corp., Class A

      6,515        569,802  

Skillsoft Corp.*(a)

      16,405        142,723  

TrueBlue, Inc.*

      8,435        229,348  

Upwork, Inc.*

      21,888        1,133,579  
     

 

 

  
        5,624,438  
     

 

 

  

Real Estate Management & Development — 0.5%

 

Forestar Group, Inc.*

      3,971        81,286  

Kennedy-Wilson Holdings, Inc.

      29,110        587,731  

Marcus & Millichap, Inc.*

      5,736        228,235  

Newmark Group, Inc., Class A

      38,777        499,448  

RE/MAX Holdings, Inc., Class A

      4,492        154,076  

Realogy Holdings Corp.*

      27,676        490,419  

St. Joe Co. (The)

      7,420        335,903  
     

 

 

  
        2,377,098  
     

 

 

  

Road & Rail — 0.6%

 

Heartland Express, Inc.

      11,591        197,395  

Marten Transport Ltd.

      13,967        220,958  

Saia, Inc.*

      6,256        1,413,856  

Schneider National, Inc., Class B

      8,765        196,686  

Werner Enterprises, Inc.

      13,562        619,919  
     

 

 

  
        2,648,814  
     

 

 

  

Semiconductors & Semiconductor Equipment — 2.6%

 

ACM Research, Inc., Class A*

      2,461        228,529  

Ambarella, Inc.*

      8,617        848,688  

Amkor Technology, Inc.

      25,541        629,330  

Diodes, Inc.*

      10,077        826,314  

FormFactor, Inc.*

      18,450        687,447  

Ichor Holdings Ltd.*

      6,674        344,178  

Kulicke & Soffa Industries, Inc. (Singapore)

      14,748        801,701  

MACOM Technology Solutions Holdings, Inc.*

      11,102        685,215  

MaxLinear, Inc.*

      16,304        786,342  

Onto Innovation, Inc.*

      11,659        817,063  

Power Integrations, Inc.

      14,417        1,398,305  

Rambus, Inc.*

      26,740        632,668  

Semtech Corp.*

      15,434        955,519  

SiTime Corp.*

      2,998        406,649  

SunPower Corp.*

      19,272        477,368  

Ultra Clean Holdings, Inc.*

      10,411        562,298  

Veeco Instruments, Inc.*

      11,931        276,799  
     

 

 

  
        11,364,413  
     

 

 

  

Software — 7.4%

 

8x8, Inc.*

      26,122        667,678  

Alarm.com Holdings, Inc.*

      10,760        895,447  

Altair Engineering, Inc., Class A*

      10,868        758,152  

Appfolio, Inc., Class A*

      4,181        592,030  

Appian Corp.*(a)

      9,352        1,088,853  

Asana, Inc., Class A*

      6,542        464,875  

Avaya Holdings Corp.*

      18,094        438,237  

Bottomline Technologies DE, Inc.*

      9,349        377,326  

Box, Inc., Class A*

      33,210        794,383  

BTRS Holdings, Inc.*

      15,293        179,081  

Cerence, Inc.*

      8,992        966,730  

Cloudera, Inc.*

      53,115        842,935  

Cornerstone OnDemand, Inc.*

      14,796        709,320  

E2open Parent Holdings, Inc.*(a)

      29,792        299,410  

Ebix, Inc.

      5,590        168,930  

Envestnet, Inc.*

      12,940        973,476  

Everbridge, Inc.*

      8,955        1,264,625  

Ideanomics, Inc.*(a)

      71,882        170,360  

InterDigital, Inc.

      7,311        481,722  

LivePerson, Inc.*

      15,242        970,763  

Medallia, Inc.*

      20,540        695,690  

MicroStrategy, Inc., Class A*

      1,850        1,158,119  

Mimecast Ltd.*

      14,098        783,144  

Momentive Global, Inc.*

      29,080        610,680  

ON24, Inc.*(a)

      2,095        76,509  

PagerDuty, Inc.*

      13,902        564,282  

Ping Identity Holding Corp.*

      8,775        193,664  

Progress Software Corp.

      10,458        476,780  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

PROS Holdings, Inc.*

      9,471        411,231  

Q2 Holdings, Inc.*

      12,579        1,299,537  

Qualys, Inc.*

      8,001        812,582  

Rapid7, Inc.*

      13,103        1,490,466  

Riot Blockchain, Inc.*(a)

      20,001        659,033  

SailPoint Technologies Holding, Inc.*

      21,943        1,096,931  

Sprout Social, Inc., Class A*

      6,768        601,269  

SPS Commerce, Inc.*

      8,525        928,799  

Sumo Logic, Inc.*

      3,785        78,160  

Telos Corp.*

      5,869        164,449  

Tenable Holdings, Inc.*

      16,313        698,196  

Teradata Corp.*

      26,055        1,293,891  

Varonis Systems, Inc.*

      25,236        1,544,443  

Vonage Holdings Corp.*

      56,173        801,027  

Workiva, Inc.*

      10,036        1,302,372  

Xperi Holding Corp.

      24,940        518,004  

Yext, Inc.*

      23,682        308,576  

Zuora, Inc., Class A*

      25,121        434,342  
     

 

 

  
        32,106,509  
     

 

 

  

Specialty Retail — 3.3%

 

Aaron’s Co., Inc. (The)

      8,119        234,396  

Abercrombie & Fitch Co., Class A*

      14,720        556,563  

Academy Sports & Outdoors, Inc.*

      9,380        347,529  

Arko Corp.*

      15,382        127,671  

Asbury Automotive Group, Inc.*

      4,595        944,089  

Bed Bath & Beyond, Inc.*

      25,346        723,375  

Blink Charging Co.*(a)

      7,283        251,482  

Boot Barn Holdings, Inc.*

      6,953        600,878  

Buckle, Inc. (The)

      6,866        288,921  

Camping World Holdings, Inc., Class A

      9,372        368,882  

Children’s Place, Inc. (The)*

      3,486        293,974  

Citi Trends, Inc.*

      2,236        178,321  

Designer Brands, Inc., Class A*

      14,091        205,306  

Dick’s Sporting Goods, Inc.

      15,582        1,622,709  

Group 1 Automotive, Inc.

      4,057        704,863  

GrowGeneration Corp.*

      12,169        494,913  

Guess?, Inc.

      9,104        203,201  

Monro, Inc.

      7,962        461,796  

Murphy USA, Inc.

      5,949        877,537  

National Vision Holdings, Inc.*

      19,358        1,044,945  

ODP Corp. (The)*

      12,725        602,274  

Rent-A-Center, Inc.

      14,184        811,609  

Sally Beauty Holdings, Inc.*

      26,852        508,040  

Signet Jewelers Ltd.

      12,450        801,033  

Sleep Number Corp.*

      5,817        577,105  

Sonic Automotive, Inc., Class A

      5,553        302,916  

Zumiez, Inc.*

      5,020        219,123  
     

 

 

  
        14,353,451  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.6%

 

3D Systems Corp.*

      29,729        818,737  

Corsair Gaming, Inc.*(a)

      5,041        147,147  

NCR Corp.*

      31,118        1,381,639  

Super Micro Computer, Inc.*

      10,090        383,823  
     

 

 

  
        2,731,346  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.6%

 

G-III Apparel Group Ltd.*

      10,351        309,081  

Kontoor Brands, Inc.

      11,232        622,028  

Levi Strauss & Co., Class A

      19,790        544,621  

Oxford Industries, Inc.

      4,016        349,111  

PLBY Group, Inc.*

      4,853        136,758  

Steven Madden Ltd.

      18,298        802,001  
     

 

 

  
        2,763,600  
     

 

 

  

Thrifts & Mortgage Finance — 1.7%

 

Axos Financial, Inc.*

      12,251        586,210  

Capitol Federal Financial, Inc.

      30,685        340,297  

Columbia Financial, Inc.*

      10,846        195,662  

Flagstar Bancorp, Inc.

      11,283        516,310  

Kearny Financial Corp.

      16,203        194,922  

Merchants Bancorp

      3,828        140,258  

Meridian Bancorp, Inc.

      12,470        238,302  

Mr. Cooper Group, Inc.*

      16,178        601,498  

NMI Holdings, Inc., Class A*

      20,345        447,997  

Northfield Bancorp, Inc.

      10,974        180,522  

Northwest Bancshares, Inc.

      30,253        402,667  

PennyMac Financial Services, Inc.

      9,043        568,714  

Provident Financial Services, Inc.

      17,238        372,341  

Rocket Cos., Inc., Class A(a)

      32,443        559,317  

TrustCo Bank Corp.

      4,582        154,093  

Walker & Dunlop, Inc.

      7,026        727,051  

Washington Federal, Inc.

      17,214        555,496  

WSFS Financial Corp.

      11,295        494,495  
     

 

 

  
        7,276,152  
     

 

 

  

Tobacco — 0.1%

 

Turning Point Brands, Inc.

      2,813        149,145  

Universal Corp.

      5,828        303,989  
     

 

 

  
        453,134  
     

 

 

  

Trading Companies & Distributors — 1.4%

 

Applied Industrial Technologies, Inc.

      9,240        828,828  

Boise Cascade Co.

      9,349        478,201  

Global Industrial Co.

      3,765        148,793  

GMS, Inc.*

      10,183        500,291  

H&E Equipment Services, Inc.

      7,554        257,063  

Herc Holdings, Inc.*

      5,910        733,076  

McGrath RentCorp

      5,760        451,699  

NOW, Inc.*

      26,206        258,653  

Rush Enterprises, Inc., Class A

      10,206        479,580  

Triton International Ltd. (Bermuda)

      15,859        837,197  

WESCO International, Inc.*

      10,494        1,117,086  
     

 

 

  
        6,090,467  
     

 

 

  

Water Utilities — 0.5%

 

American States Water Co.

      8,775        775,008  

California Water Service Group

      12,081        757,237  

SJW Group

      6,511        448,803  
     

 

 

  
        1,981,048  
     

 

 

  

Wireless Telecommunication Services — 0.1%

 

Shenandoah Telecommunications Co.

      11,875        626,881  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $416,534,630)

 

      426,182,819  
  

 

 

  

SHORT-TERM INVESTMENTS — 3.4%

 

INVESTMENT COMPANIES — 1.6%

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(c)(d)
(Cost $7,094,776)

      7,094,776        7,094,776  
     

 

 

  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 1.8%

      

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(c)(d)
(Cost $7,723,461)

      7,723,461        7,723,461  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(COST $14,818,237)

         14,818,237  
     

 

 

  

Total Investments — 101.6%
(Cost $431,352,867)

 

      441,001,056  

Liabilities in Excess of Other Assets — (1.6)%

 

      (7,021,421 ) 
  

 

 

  

Net Assets — 100.0%

 

      433,979,635  
  

 

 

  

 

Percentages indicated are based on net assets.

Abbreviations

 

REIT    Real Estate Investment Trust
(a)    The security or a portion of this security is on loan at July 31, 2021. The total value of securities on loan at July 31, 2021 is $7,479,555.
(b)    Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)    Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)    The rate shown is the current yield as of July 31, 2021.
*    Non-income producing security.

Futures contracts outstanding as of July 31, 2021:

 

Description

    Number of
Contracts		      Expiration
Date		      Trading
Currency		      Notional
Amount ($)		      Value and
Unrealized
Appreciation
(Depreciation) ($)		  

Long Contracts

 

Russell 2000 E-Mini Index

      67        09/2021        USD        7,442,695        (258,464 ) 
              

 

 

  

Abbreviations

 

USD    United States Dollar

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 values (“NAV”) of the Fund are calculated on a valuation date.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

 

•  

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

 

•  

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

 

•  

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

 

     Level 1
Quoted prices		     Level 2
Other significant observable
inputs 		     Level 3
Significant unobservable
inputs		      Total  

Total Investments in Securities(a)

    $ 441,001,056     $ —        $ —        $ 441,001,056  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

 

Futures Contracts(a)

    $ (258,464 )    $ —        $ —        $ (258,464 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are 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. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

For the period ended July 31, 2021

  

Security Description

    Value at
November 16,
2020 (a)		      Purchases at
Cost		      Proceeds
from Sales		      Net
Realized
Gain
(Loss)		      Change in
Unrealized
Appreciation/
(Depreciation)		      Value at
July 31,
2021		      Shares at
July 31,
2021		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan U.S. Government Money Market Fund Class IM Shares,
0.03%(b)(c)

    $ —        $ 16,252,698      $ 9,157,922      $ —        $ —        $ 7,094,776        7,094,776      $ 487      $ —    

JPMorgan U.S. Government Money Market Fund Class IM Shares,
0.03%(b)(c)

      —          41,392,419        33,668,958        —          —          7,723,461        7,723,461        544        —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

Total

    $ —        $ 57,645,117      $ 42,826,880      $ —        $ —        $ 14,818,237         $ 1,031      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

(a)

Commencement of operations was November 16, 2020.

(b)

Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c)

The rate shown is the current yield as of July 31, 2021.